The past year has been difficult for many industries, due to the Covid-19 pandemic which has swept across the globe. However, the hair transplant industry made a significant exception. Due to social distancing measures, governmental lockdowns and health anxiety experienced by the general public, elective surgeries were – to a great extent – postponed until the end of the crisis. However, in spite of all this, business has been booming for plastic surgeons in this field, as patients found the lockdowns to be a perfect opportunity to take it slow, set time aside for self care and schedule in more time to recover from cosmetic procedures. To what extent – if any – did Covid-19 impact the forecast hair transplant market expansion? Here is some data to give you a better idea:

Hair Transplant Market Overview and Trends (2020)

In 2019, the global value of the hair transplant market was estimated by economists to be over $8 billion, for over 735.000 procedures performed worldwide. Moreover, in spite of the negative impact of the pandemic, the industry continued to grow by 4,5% in 2020 and is currently booming. It Moreover, it is expected to have a significant annual growth rate of over 25% by 2026, when it is projected to reach the vicinity of 40 billion.

Drivers of Growth for the Hair Transplant Market

Cutting edge techniques such as Follicular Unit Extraction (FUE) are expected to become widely adopted, especially on the background of accelerated population aging
The female segment of the hair transplant industry is expected to see a significant rise, as more and more women seem to become open to the idea of getting hair restoration treatment.
Covid-related restrictions and isolation themselves have increased stress and led to higher sedentarism and poor dietary choices, which accentuated hair loss in predisposed individuals.
Advances in transplantation techniques, such as the launch of the Biograft, in 2019, will offer a wider variety of transplantation methods to choose from
The rise in demand for hair restoration medication will improve the outcomes of hair transplants for those who take such medicine complementary to the surgery.
As the body of scientific evidence rises, people are growing gradually more aware of the existence, accessibility and efficiency of hair transplants and more trusting of these procedures.

Challenges to the Hair Transplant Industry

Hair transplants are likely going to remain uncovered by insurance in most parts of the world, leaving the costs rather high for out-of-pocket payment.
Post-covid economic crisis has left many unemployed or with depleted savings, making them likely to postpone non-essential interventions, such as hair transplants.
Alternatives to hair transplant, such as hair restoration medication or PRP will be increasingly used for milder cases of hair loss, often instead of transplants rather than alongside them.

The Hair Transplant Market in the Post Covid-19 Era

In the upcoming months, or even years, depending on the progression of the pandemic, hair transplant clinics will have to maintain additional precautions in their practice. Depending on their geographic area and public health situation, these may include:

Performing Covid-19 screenings on patients
Conducting preliminary appointments online, through video conference technology
Reducing the number of appointments they can schedule in one day
Restricting the number of people who are allowed to accompany the patient to the procedure.
Maintaining an intensive sanitizing regimen and installing HEPA filters in the operation rooms.

Source: https://wimpoleclinic.com/