SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Laser Hair Loss Treatment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: July 2021
Executive Pool: 356
Companies: 38 - Players covered include Apira Science, Inc.; Capillus LLC; Eclipse Aesthetics LLC; HairMax; iRestore Hair Growth System; NutraStim and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Male, Female)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Laser Hair Loss Treatment Market to Reach $318.4 Million by 2026
Treatments such as hair transplant surgery, medications like finasteride (Propecia) and minoxidil (Rogaine), and laser therapy, stops or reverses the hair loss. Laser therapy constitutes a sophisticated medical therapy involving use of high precision focused lasers for treating specific areas with abnormal growths or tumors. The precision of laser ensures that damage due to therapy is minimal, far lesser than conventional surgery methods. However, laser therapy is expensive. Despite this, laser technology gained considerable traction over the past few years, for treating hair loss. Lasers are being used for removing blockages at hair roots which prevent blood circulation. Treatment with laser is also known to fortify hair and enhance hair shine and elasticity. Both low- and medium-level lasers are used for laser treatment for alopecia, with low-level lasers accounting for major share in the overall market. Low-level laser light treatment (LLLT) which is otherwise known as cold laser treatment or red light treatment radiates photons within the scalp tissues and the weak cells present inside the scalp soak up the photons and promote hair growth. Therefore the low-level laser treatment is a broadly approved hair growth procedure that is tolerable, less invasive, and safe compared to other hair transplant surgeries.
Amid the COVID-19 crisis, the global market for Laser Hair Loss Treatment estimated at US$248.8 Million in the year 2020, is projected to reach a revised size of US$318.4 Million by 2026, growing at a CAGR of 4.3% over the analysis period. Male, one of the segments analyzed in the report, is projected to grow at a 4.5% CAGR to reach US$254.2 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Female segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 24.9% share of the global Laser Hair Loss Treatment market.
The U.S. Market is Estimated at $90.9 Million in 2021, While China is Forecast to Reach $31.3 Million by 2026
The Laser Hair Loss Treatment market in the U.S. is estimated at US$90.9 Million in the year 2021. The country currently accounts for a 35.73% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$31.3 Million in the year 2026 trailing a CAGR of 5.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$33.2 Million by the close of the analysis period.
The market is anticipated to witness a steady rise over the coming years driven by the factors such as increasing prevalence of hair loss, including alopecia, and rise in prevalence of chronic diseases that trigger hair loss and technological advancements in treatments. Pattern hair loss constitutes the common hair loss type among both females and males. Lifestyles becoming busier, ageing population, and growing demand for solutions that are easy-to-use are some of the factors promoting growth for laser hair loss treatments market. Laser offers a quicker and more effective impact on new hair follicles growth. Another major factor driving market growth is the growing number of initiatives of organizations like the American Hair loss Association and the National Alopecia Areata Foundation among others, for increasing awareness about the available options for hair regrowth. Demand for non-invasive and pain-less treatment options is also fuelling demand for treatments like laser hair loss treatment. Other growth drivers include more and more companies entering the field, increased market availability of advanced products, and growing disposable incomes of people. The number of clinics for specialty hair care, offering laser therapies, has increased in almost all countries worldwide. Consumers have also been showing much confidence in some of the technologically advanced laser options developed recently for laser hair loss treatment.
Visibility of laser hair loss treatment products had also increased in the recent years. They are now easily available at all supermarkets and hypermarkets in developed as well as developing countries, which also significantly improved market growth prospects. Growing preference among consumers towards treating hair loss issues at home to the expensive treatments offered at specialized hair loss clinics also promotes market growth for home laser therapy devices. Increasing proliferation of alternatives to laser hair loss treatment however, hold the potential to hinder anticipated growth for the market. Laser technology based treatments are also not prescribed for people already on medicines for skin conditions and people with light sensitive skin, which is another barrier to market growth. More
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