U.S. Hair Transplant Procedure Market Volume, Share & COVID-19 Impact Analysis, By Type (Follicular Hair Transplantation (FUT) & Follicular Unit Extraction (FUE)) By Age Group (20-29, 30-39, 40-54, & 55 and Above), By Gender (Male, & Female), and Forecast, 2020-2027

The U.S. hair transplant procedure market volume was 170,510 in 2019 and is expected to grow from 153,101 in 2020 to 231,720 in 2027, growing at a CAGR of 6.1% in the 2020-2027 period. The impact of COVID-19 has been unprecedented and staggering, with hair transplant procedure witnessing a negative demand shock across the U.S. amid the pandemic. Based on our analysis, the market will exhibit a decline of 10.2% in 2020. The sudden rise in CAGR after 2020 is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. 

The growing prevalence of hair loss, coupled with growth in spending on cosmetic surgery is one of the major supporting factors. Moreover, advancements in hair implant, and growing awareness & acceptability are driving the growth in the number of procedures across the U.S. As per the International Society of Hair Restoration Surgery, approximately 35 million men in the United States suffer from some type of hair loss, while approximately 21 million women are affected by hair loss. Hence, the growing incidence of hair loss will significantly boost the transplant procedure demand during the forecast period, thereby augmenting the market growth.

Reduced transplant procedure amid COVID-19 to Hamper Growth Prospects   

COVID-19 impact on the market is estimated to reflect a decline in the year 2020. Demand for hair transplant procedure is expected to drop drastically in 2020 compared to 2019. The outbreak of the COVID-19 pandemic has resulted in the cancellation of all elective/aesthetic surgeries in the U.S., thus limiting the market growth. For instance, on March 18^th, 2020, the Centers for Medicare & Medicaid Services (CMS) announced that all elective and non-essential medical, surgical and dental procedures would be delayed to preserve the healthcare resources for treating COVID-19 patients. Hence, the reason mentioned above is one of the major factors responsible for the decline in the total number of procedures performed in 2020.  

LATEST TRENDS

Adoption of Novel Technology-Based transplant Techniques is Latest market Trend

The incorporation of novel technologies is one of the latest trends. For instance, robotic hair transplant is considered the most significant technology in the U.S. The technology is associated with the Follicular Unit Extraction procedure wherein the robotic system automates two steps - recipient site creation and follicular unit graft harvesting. The automation helps surgeons to perform further procedure with precision and allows the preservation of maximum follicles. It is a minimally invasive solution that leverages robotic precision and digital imaging to harvest healthy grafts. Such technological advancements will augment hair transplant procedure market growth.

DRIVING FACTORS

Advancements in Hair Transplant will Boost Procedure Demand

Various advancements, capable of giving permanent and natural-looking results, are among the major factors in the growing adoption of hair transplant procedure. Follicular Unit Extraction (FUE) and Follicular Unit Transplantation (FUT), are two common types of procedures. Specifically, FUE causes less intense scarring, less patient discomfort, and a quicker return to normal activities. In 2011, FDA approved the ARTAS Hair Restoration System developed by Restoration Robotics for transplant procedures in men with androgenetic alopecia. The robotic system assists physicians in overcoming the technical challenges faced by them in performing the FUE procedure. In 2018, Restoration Robotics launched the Next Generation ARTAS iX Robotic Hair Restoration System, which offers a higher degree of accuracy and clinical workflow efficiency.

RESTRAINING FACTORS

High Cost of Procedures Might Restrain Market Growth

One of the biggest factors that discourage people from undergo hair transplantation procedures, is the overall cost of the procedure. The cost of the procedure depends on many factors such as the cost of living in the area, number of surgeons in the area, type of procedures (FUE versus FUT), surgeon’s skill, and amount of hair to be transplanted. Based on these factors, the cost of the procedure in the U.S. can vary between USD 4,000 – USD 15,000.  Hence, the high cost associated with this procedures will limit the U.S. hair transplant procedure market growth.

SEGMENTATION

By Type Analysis

Follicular Unit Extraction (FUE) Segment to Dominate the Market Due to ITS Less Invasive Nature

Based on type, the market is segmented into follicular hair transplantation (FUT) and follicular unit extraction (FUE).

The follicular unit extraction (FUE) segment is poised to hold a significant market share during the forecast period. FUE is a technique used for transplantation to provide patients thinning hair to get a natural-looking thicker appearance to hair. In the case of highly invasive techniques such as follicular unit transplantation (FUT), follicular unit extraction (FUE) procedures do not require removal of a donor strip of the scalp in order to remove individual follicles. Novel methods such as the ARTAS system or Neograft automated parts of the FUE procedure primarily for quicker treatments and lesser errors. Hence, the factors mentioned above are responsible for the dominant share of the segment.  

The FUT segment is poised to showcase considerable growth during the forecast period. This is attributable to the increasing number of hair transplant procedure. Moreover, growth in spending on cosmetic surgery in the U.S. is another significant factor boosting demand for such procedures. For instance, over USD 16.7 billion was spent on cosmetic plastic surgery and minimally invasive procedures in the U.S. in 2019, a 1.2% growth over 2018. Over 18.1 million surgical and minimally invasive cosmetic procedures were performed in the U.S. in 2019.

By Age Group Analysis

Increasing Prevalence of Hair loss among the 55 & above Population to Stimulate Growth

In terms of age, the 55 and above age group segment accounted for the maximum portion of the market in 2019. The increasing incidence of hair loss in both males and females at the age above 55 is the major growth-stimulating factor. For instance, as per an article published by Bosley - Hair Restoration & Transplant, by age 50, 50% of men experienced some noticeable hair loss by age 60, while about two-thirds of men were bald or suffered from a balding pattern.    

The 40-54 age group segment is estimated to hold considerable market share across the forecast period due to the growing awareness among novel hair transplant techniques. Furthermore, the increasing preference for aesthetic procedures is another important factor boosting demand for these procedures at such age groups.

By Gender Analysis

Increasing Prevalence of Alopecia in Male to Propel Growth

Based on gender, the market is classified into male & female.

The male segment is expected to dominate the market during the forecast period. Around 80-85 million people in the U.S. suffer from hair loss, and the prevalence is rising at a rapid rate. Pattern hair loss, also known as androgenic alopecia, is a key cause of hair loss, especially in men. In 2019, around 50 to 53 million males suffered from hair loss. Males account for the lion’s share in the total cases of hair loss in the U.S., attributed to the rising stress level and genetic factors. For instance, according to the American Academy of Dermatology (AAD), at the age of 85, around 80% of the male population experience noticeable hair loss. Hence, such factors are responsible for the dominant shares of the segment.

The female segment is expected to witness a stable growth rate. This is due to an increasing preference for aesthetic procedures among the population. Increased spending on cosmetic surgeries across the U.S. will stimulate segmental growth.

COUNTRY INSIGHTS

The total number of hair transplant procedure performed in the U.S. was 170,510 in 2019. Increased spending on cosmetic procedures is a key factor driving the growth of the market in the U.S. Moreover, advancements in hair transplant, growth in hair loss prevalence, and increased awareness and acceptability of hair transplant surgery are a few of the other significant factors stimulating country growth.    

KEY INDUSTRY PLAYERS

Novel Technology-Based Product Launches by Various Players to Augment Revenue Growth  

The U.S. hair transplant procedure market is nearly consolidated in nature, with major players such as Venus Concept, Restoration Robotics, Inc., and few others accounting for a major portion of the industry. Venus Concept is one of the dominant players operating in the industry. This can be attributable to several factors such as novel technology-based product launches and strong distribution channels in the U.S.

LIST OF KEY COMPANIES PROFILED:

• Cole Instruments Inc. (Georgia, United States)


• CAPILLUS Inc. (Florida, United States)


• LaserCap Company (Ohio, United States)


• Apira Science (Florida, United States)


• Venus Concept (Toronto, Canada)


• THERADOME (California, United States)


• Restoration Robotics, Inc. (California, United States)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• June 2020 - Follica, Inc. announced positive feedback from a meeting with the U.S. Food and Drug Administration (FDA) as the company prepares to advance its lead program into Phase 3 development following a successful safety and efficacy optimization study for the treatment of hair loss in male androgenetic alopecia announced in December 2019.


• May 2019 – Bosley Inc. announced the launch of BioGraft, new technology in hair loss solutions. This new technology meets the needs of both women and men.


• November 2018 - Venus Concept, NeoGraft, announced a new on-demand hair implant technician scheduling app for their physician partners.

REPORT COVERAGE

The U.S. hair transplant procedure market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product type, age group, and gender. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation