07.29.19
The global hair restoration services market is projected to reach $12.12 billion globally by 2026, according to this report by Allied Market Research.
The market garnered $8.45 billion in 2018, and is forecasted to grow at a CAGR of 4.6% from 2019 to 2026.
Men dominate the market segment over women, as the graph above shows, and this is expected to continue throughout the forecast period.
What's Driving Market Growth?
Key factors driving market growth is an increase in the influence of celebrities, a constant self-consciousness about facial appearance, and societal influence on growing full hair.
However, the report states, "forgery in services and low penetration in untapped geographies hinder the market growth. On the other hand, surge in bald population in emerging economies and the trend of premiumization across the world create new opportunities in the market."
Key Areas
North America accounted for more than one-third of the total market share in 2018, and is estimated to continue to account for dominant share throughout the forecast period. This is due to rise in prevalence of alopecia areata and surge in hair loss problems for people aged between 30 and 60.
However, Asia-Pacific would grow at the highest rate with a CAGR of 5.7% from 2019 to 2026, owing to increase in bald population and expansion of market players in the region with rise in demand for hair transplantation.
