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Nowadays, hair loss treatment is demonstrating an escalating development as people are progressively aware of how the treatment can help prevent and regenerate hair loss and damage. The various positive characteristics of the usage of the product are providing cost-efficiency, reduce hair fall, and strengthen the health of the hair. The rising demand for treatment among people with androgenetic alopecia which is a hair disorder leading to baldness is helping to accelerate the need for the treatment. Additionally, the booming growth of the wellness industry assisting to attract more people for various types of hair treatment has a positive impact on the growing demand. For instance, according to the data issued by the Global Wellness Institute.Org, is stating that the wellness industry across the globe is projected to be worth USD 4.5 trillion.
The elderly population is more prone to dealing with various types of hair issues including hair loss is acting as a driving factor for the market growth. For instance, according to the data issued by the World Population Aging 2019 Report, is stating that in 2019 there is an estimation of 703 million people to be at the age of 65 years and above in the world. The rising growth of spending made on healthcare products by various countries around the world is likely to fuel the consumption rate. For instance, according to the data issued by Health Affairs.Org, March 2020, is declaring that the national health spending of the United States is estimated to rise at 5.4 percent on a yearly basis.
Nevertheless, the high cost of professional hair treatment repelling a large number of people especially from developing and underdeveloped countries is thus hampering the market growth.
Key Market Driver -
The aging population being more prone to hair loss act as a driving factor for the market growth.
Key Market Restraint -
The high cost of professional hair loss treatment for large number of people is restraining the market growth.
Sun Pharmaceutical Industries Ltd, Lexington International LLC, Johnson and Johnson Services, Inc, Vita-Cos-Med Klett-Loch GmbH, and others are the key companies operating in the hair loss treatment market.
The hair loss treatment market is segmented by end-use, gender, sales channel, and geography.
On the basis of end-use, the market is bifurcated into home care setting and dermatology. Dermatology clinic is projected to hold a large market share owing to people with hair loss issues possessing a higher preference of this segment due to being able to receive safe and effective professional care as compared to home care settings.
Based on gender, the market is divided into male and female. The male segment is estimated to have a dominant share on an account of the large number of men facing hair loss issues which even turn into bold hair is increasing the need for the treatment in this segment. For instance, according to the American Hair Loss Association, is declaring that androgenetic alopecia or common male pattern baldness (MPB) is responsible for over 95% of hair loss in men.
By sales channel, the market is grouped into online stores and retail stores. Retail stores are anticipated to be the leading segment as people have the ability to check whether the physical product is genuine or not as using counterfeit products can result to worsen hair loss and this thus helps to upsurge consumption from this channel.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is projected to be the prominent market shareholder and is expected to continue throughout the forecast period of 2020-2027. The rising growth of air and water population in this region resulting to increasing hair loss is upsurging the need and demand for the treatment. For instance, according to the data issued by the Climate and Clean Air Coalition 2019, is proclaiming that 92 percent of the Asia and the Pacific population which is 4 billion people are projected to be exposed to a level of air pollution which has a significant risk to health. Additionally, the intense competition among key companies such as The Himalaya Drug Company, Re'equil, Mamaearth, and others leading to affordable pricing of quality products has a vital contribution to the market growth.
North America is estimated to the prominent market shareholder in hair loss treatment owing to the large number of women in this region experiencing a noticeable hair loss has played a crucial role in the growing consumption rate. For instance, according to the article ‘Hair loss in Women’ released by Cleveland Clinic.Org, May 2018, there is an assessment of over 50% of women in the United States to experience noticeable hair loss. Furthermore, the increasing spending made on personal care products is estimated to help upsurge the growing usage of hair loss treatment. For instance, according to the data issued by Consumer Notice.Org, May 2020, is declaring that the United States expenditure made on personal care products in skin, hair, hygiene, and others is projected to be USD 10 billion on a yearly basis.
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