The onset of the novel Coronavirus (COVID-19) has affected industries and markets all over the globe. The pandemic has majorly impacted the supply and demand curve of several sectors and caused huge scales of unemployment in others. While some businesses expect a huge extent of losses, there are others whose demand has increased and is thriving.
The Hair transplant industry, which deals with the surgical procedure used to treat baldness in men and women, is expecting changes in industry trends as well. According to the Hair Transplant Market report published by 360marketupdates.com, the industry is predicted to grow by millions in 2025, specifically in the American and Chinese markets. The International Society of Hair Restoration Surgery (ISHRS) has predicted a 60% growth in the market as well.
Before we delve deeper into the impact of the pandemic on the global market trends, let us try to understand what Hair transplant surgery is and how the Hair transplant market is segmented.
Hair transplant surgery is a medical procedure where a dermatologist plastic surgeon removes hair from an area, usually from the back of a person’s head, and moves to a bald patch. This is generally used to treat pattern baldness.
There are two ways this procedure is generally performed. One is FUT or Follicular Unit Transplantation, and the other is FUE or Follicular Unit Extraction.
In FUT, a patch of skin is usually removed from a section of the head where there is hair growth and is distributed throughout the areas of baldness to increase hair growth. In FUE, the hair follicles are removed and placed in the bald patches.
The Hair transplant market depends on the demand for the surgery, which was predicted to rise by 60% in 2014 by the ISHRS due to an increasing number of alopecia cases. Other reasons for this may also be changing lifestyle trends leading to an increase in stress, immoderate use of hair products, genetics, etc.
The market is segmented in three ways, based on the surgical method, end-user, and the type of surgery used.
The first segmentation, as previously mentioned, consists of the two surgical methods used: FUT and FUE. The second consists of end-users, which is usually for dermatological research, in hospitals, or by a trichology clinic. The third segmentation is based on which area the surgery is to be performed i.e., the head, eyebrows, or whether it is frontline hair lowering or reconstruction.
According to the business report by Fortune Business Insights, there are three major long and short term impact predictions to be noted, which are:
- The report predicts that improvements in medical technology might lead to easier and faster methods to perform hair transplant surgery, which may affect demand in developing countries.
- There are forecasts about an increase in the non-surgical segments of the hair transplant market as well. Due to the rising number of non-surgical procedures and techniques, a lot of people prefer them over surgery due to the speed of recovery and a decrease in the number of side effects.
The impact of the COVID-19 pandemic has been witnessed across the world, with the prices of several goods decreasing due to a reduction in sales, forcing people to sell some of their goods at a lesser cost. There could be a similar trend in the hair transplant industry as well.
One of the major drawbacks of Hair transplant surgery is its cost, which is why many people are turning towards non-surgical procedures. But the latter isn’t cheap either. With a decrease in the cost of the procedures, the industry can expect a rise in demand, especially because of the increase in the number of people with pattern baldness or alopecia.
Since many people prefer to travel to other countries to get the complicated procedure done, the decrease in medical tourism levels might impact the industry. While flight costs are currently down, they may increase once the pandemic dies down, leading to a lesser number of people opting to travel for the surgery.
While most of the research reports give a good idea of the trends that can be expected in the future of the Hair transplant industry, it is difficult to give a completely accurate picture of current trends and those in the immediate future. It is difficult to expect any precise information about market trends and growth until there is a specific breakthrough in terms of the pandemic.