Impact of COVID-19 on the Global Hair Transplant Market
Hair Transplant procedures have been on high demand owing to increasing awareness and availability of disposable income in the past 5 years. However, the COVID-19 pandemic has shown a negative impact on the hair transplant market in the year 2020. Hair transplant procedures are elective and the clinics performing were shut down by many governments to curb the spread of the virus. The decrease in the number of transplant procedures can also be attributed to the government’s prioritization of the health & safety of its citizens.
The year 2020 also has a negative impact on the sales of hair transplant companies. Owing to closure of the transplant centers and a very low number of walk-in clients, many hair transplant service providers are proving their consultation services through online videos. In addition, these companies have also been providing services such as, appointment booking through email or telephone and virtual assistance for hair maintenance at home during the lockdown in many countries.
Furthermore, these transplant centers are expected to abide by strict measures to ensure the safety of their customers after the lockdown as well. These safety measures include maintaining safety distance in the transplant centers, thorough sanitation after every patient visit, maintaining the patient information, and checking the health of the employees in the center, among others.
COVID-19 impact on medical tourism has also affected the hair transplant market. The medical tourism market has been booming from the past few years, with people traveling across the globe to get low-cost treatment. Turkey is the country offering the cheapest hair transplant across the globe. There has been a significant rise in the number of medical tourists in the country in the past decade. In 2007 about 75,000 tourists visited Turkey to seek medical treatment which has increased to about 890,000 tourists in 2019. Turkey is followed by UAE for the cheapest hair transplant cost, in 2016 about 326,649 tourists visited the UAE for medical treatment and the country has generated more than 381.05 USD million. Moreover, the number of medical tourists as increased to 337,000 in the year 2018.
Thus, the negative impact on medical tourism is also expected to challenge the growth of the hair transplant market particularly in the countries dependent on the tourism industry. However, the market is expected to witness substantial growth after 2021 once the pandemic is over and travel for medical tourism normalizes.