Hair transplant industry is witnessing a rise in demand despite challenges

Accelerated socio-economic development and the burgeoning effect of social media, increased awareness to take care of one’s appearance, e-commerce and other grooming standards are all turning out to be potential drivers for the hair transplant market. The fusion of different cultures, thoughts, practices and beliefs through New Age media platforms have made consumers self-aware and vocal about personal health and wellness challenges.

In India, where hair loss is a major concern for those who see baldness starting at a young age, a new survey has found that a significant portion of customers of hair transplant services are in the age group of 25-45. This market is growing at a compound annual growth rate (CAGR) of 25–30% in select metros and Tier-I cities like Mumbai, Delhi NCR, Chennai, Hyderabad, Bengaluru, etc.
The number of companies venturing into the industry has augmented significantly with the increase in consumer demand hinting at the growth potential of this sector in the future. Appearance has taken an important aspect of one’s social identity; wanting to look good is no longer conditioned to festivals or special occasions but has become synonymous to self-confidence.

Despite being broadly affected by the pandemic, the global hair transplant industry is booming on an exponential rate and is expected to reach $30.13 billion by 2031. According to Frost & Sullivan research, higher wages and a stronger emphasis on personal appearance are fueling the industry’s rise.

Following are the key reasons that have led to the rise of hair restoration industry in India:

Boom in technological advancement

Availability of state-of-the-art technology and evaluated medical solutions have been a key driver in the growth of hair care/ restoration industry in India. A wide range of services, assuring positive impact is made affordable and accessible to the Indian audience. Market players are heavily investing in research and product innovation to develop tailor-made solutions in combating growing hair-fall challenges to sustain business growth. With a positive industry growth trajectory, India is attracting global brands to invest, leading to healthy competition with increased options for consumers and the responsibility for brands to be dynamic with their offerings. Few of the procedures, which have become popular in the last few years, are hair transplant and extensions.

Lifestyle

A rise in demand for grooming treatments has been caused by the need to maintain a respectable appearance owing to professional requirements and personal desire. With greater awareness, consumers are becoming cautious of their haircare routine hair and are willing to make lifestyle changes in addition to seeking expert assistance. The availability of a plethora of services and personal grooming products has spurred the development of this business, and with innovation and efficient service delivery, the industry is poised to grow even more soon.

Rise of the male grooming industry

Men have traditionally been more concerned about hair loss than women are. Due to lifestyle challenges and daily needs, study research and real-time analytics have allowed marketers to respond to the growing demand among the male population. According to surveys, men are starting to value innovative personal care and grooming products made exclusively for them more than women due to the changing dynamics in the country.

Hair transplant surgery has become increasingly popular, and the results that we are able to create today are quite remarkable, providing a natural appearance when the procedure is performed well.

Given the popularity, the hair transplant industry has its own set of challenges:

Unlicensed individuals performing surgeries

The operations are frequently conducted by unlicensed technicians rather than by doctors. In order to keep expenses down, several underground clinics employ surgical procedures from people who are not qualified. Because these technicians lack the same level of training as doctors, they frequently perform procedures that leave behind noticeable scars, odd hairlines, and hair that grows in the wrong direction. If a person has their hair transplant performed by someone other than a medical practitioner with sufficient competence in the field of surgery, as hair transplantation is a surgical treatment, they could endure anything from major infection to hair loss.

Lack of trust

One of the biggest challenges in this industry is lack of trust among audience. People often get confused by hearing the risk and side effects involved in these treatments. However, with proper guidance and expert supervision, the treatments are absolutely safe. The reason behind the growing popularity of hair restoration treatment is its success rate.

Common misconceptions

From the pool of information available, there is a large amount of false and misleading data that raises misconceptions and doubts among people. Even though hair transplant is performed with absolutely minimal invasive techniques and offers amazing benefits, there are numerous myths such as the treatment is suited for men only, it being a costly affair, painful, gives one visible scars, affecting the brain, because of which various hair problems like hair thinning, receding hairline, hair loss is often considered normal and ignored.

The key factors propelling the growth of the hair restoration market are the increasing popularity of hair transplants and the increasing prevalence of various forms of dermatological disorders leading to hair loss. In addition, technological advancements in hair transplant devices are also increasing the success rate of these procedures and boosting the demand for these procedures.