According to a new report published by Allied Market Research, titled, “Beard Transplant Market,” The beard transplant market was valued at $189.00 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 21.1% from 2022 to 2031.
Innovation in services provided is the key to the sales growth in the global beard transplant market. Companies have been strategizing on adopting upgraded technologies in the already existing services that are being provided. For instance, Direct Head Implantation (DHI) International Global Medical Group has developed a modified form of follicular unit extraction (FUE) technique, called as Direct Hair Implantation (DHI). It involves a use of a specialized pen-shaped tool that allows the surgeons to extract and implant the hair follicles at the same time.
Moreover, the adoption of robotics technology in the surgeries is emerging as a prominent trend in the market. Companies that provide robotic FUE and robotic FUT beard transplant surgeries, claim 100% success rate as adoption of robotics eliminates risk of manual errors and offers precision extraction and harvesting. Rise in technological advances and its rapid adoption in the minimally-invasive surgical procedures is gaining a rapid traction among consumers as well as service providers.
Rise in rate of internet penetration around the major parts of the globe makes way for service providers to initiate several key online marketing programs, as online platforms are one of the easiest ways to create awareness about the specifications and features of the facial hair restoration services among the target customers.
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Key findings of the study
- The follicular unit transplantation segment is estimated to witness the fastest growth, registering a CAGR of 22.6% during the forecast period.
- The masculine segment was valued at $176.5 million in 2021, accounting for 93.4% of the global market share.
- The U.S. was the most prominent market in North America in 2021, and is projected to reach $290.3 million by 2031, growing at a CAGR of 20.6% during the forecast period.
The rise in penetration of various beauty clinics and multispecialty hospitals and surge in consumer awareness regarding cosmetics surgeries is expected to boost the beard transplant market growth. Moreover, the demand for robotics assisted beard transplant surgeries is expected to foster in the developed markets of Europe and North America owing to the rise in focus on the adoption of advanced technologies in the healthcare sector. The presence of strong healthcare infrastructure and the rise in popularity of minimally invasive surgeries among the population are major contributors to the growth of the beard transplant market.
According to the beard transplant market forecast, by approach, the follicular unit extraction segment is expected to sustain its dominance during the forecast period. This segment accounted for 53.3% of the beard transplant market share in 2021.
Depending on end user, the transmasculine segment is anticipated to be the fastest-growing segment owing to the rising transgender population and rising number of gender-affirming surgeries across the globe. According to the Shandong University sponsored journal, Current Urology, around 9,000 transgender surgeries are performed in the U.S. annually.
By service provider, the clinics segment accounted for the largest market share in terms of revenue in 2021. There are several clinics, which specialize only in the hair restoration services and urge to get specialized treatment services. Thus, majority of consumers opt for the clinics to get beard transplantation services.
Region-wise, North America dominated the global beard transplant market in 2021. The higher awareness regarding the availability of facial hair restoration services among the people along with the presence of huge number of multispecialty hospitals and clinics in the region has led to the generation of higher revenues from the beard transplant market in North America.
The global beard transplant industry is moderately fragmented owing to the presence of several local and global service providers, who constantly seeks to exploit the prevailing beard transplant market opportunity.
The key market players profiled in this report include, Ashlin Alexander Facial Cosmetic Surgery, Bain Clinic, Bosley, CapilClinic, Dezire Clinic, DHI Global Medical Group, iGraft Global Hair Services Pvt. Ltd., Maxim Hair Restoration, Smile Hair Clinic, and Wimpole Clinic.
