The hair transplant market is estimated to grow to USD 560 million by 2032, a steep rise from USD 180 million last year, amid growing popularity, especially among celebrities, a top expert said.
"The global hair transplant market is massive and growing at a rapid pace, "Dr Pradeep Sethi Scientific Director of World Follicular Unit Extraction Institute told PTI.
To put into perspective how fast the industry is growing in India, in 2022 it was estimated at USD 180 million and is expected to reach around USD 560 million by 2032, he added.
Sethi, who runs Eugenix Hair Sciences in Gurugram, said he has over 40 per cent patients annually either from the US, or Europe.
He said a research by Custom Market Index suggests that the hair transplant market is likely to grow at a CAGR of about 12 per cent between 2023 and 2032 and is also the fastest-growing vertical in the medical tourism structure across the globe.
India accounts for a majority of all hair transplant operations and has surpassed the market in Turkey, he pointed out.
In India, more than half of the patients are attended by Trichology Clinics, followed by hospitals and dermatology clinics, he said.
Several studies suggest that men have been more concerned about hair loss than women and such researches have made it possible for marketers to meet the rising demand among male population due to lifestyle issues and daily necessities, he noted.
Figures suggest that Delhi-NCR, Jaipur, and Mumbai are at the top spots with the highest successful transplants which also see overseas patients from Australia, the US, Africa, and EU countries, he stated.
Some prominent international celebrities who got hair treatment from Eugenix Hair Sciences include Andrew Leipus, physiotherapist of the Indian cricket team during the 2000s, English cricketer Nick Compton, South African cricketer Morne Van Wyk, Ravi Shastri, Mohammad Azharuddin and World Cup sensation Mohammed Shami.
Bhajan Samrat Anup Jalota, Arun Govil, Amir Bashir are some of the other prominent names who got their hair transplant done at Eugenix Hair Sciences.
Dr Sethi is regarded among the top hair surgeons in the world and has over 14 years of experience.