Planning to initiate your own enterprise? Well, targeting the hair loss business can be the simplest and fastest-growing option for you. Since a lot of folks are facing the problem of baldness, it doesn’t come as a surprise that the demand for hair treatment options is on the rise. Besides, with only two FDA approved treatments, you won’t need to gather diverse resources for the purpose.
Read the full article to learn more about this big business idea. Covering the rapid growth of the hair loss industry, to highlighting the current status, we have cover every nook and cranny to give you a deeper insight.
The Backdrop of Hair Loss Business
Baldness, one of the rare flaws openly made fun of, can have a strong influence on the psychological state of humans. As research suggests, around 50 million men and 30 million women are suffering from androgenic alopecia in the USA. The disease is one of the major causes of hair loss.
With that said, men appear as the chief target of androgenic alopecia. Which results in a growing number of men using self-care remedies and treatments for hair loss.
After the FDA gave approval for Minoxidil and Finasteride as a reliable treatment for baldness, all the desperate sufferers turned toward trying this new solution. Both products can have a significant impact on baldness, but behind the smoke and mirrors lurks the untold truth.
The reality is that these treatments are not beneficial for everyone. Additionally, the results only last while the products are consumed or applied. Besides, some serious side effects accompany ‘Finasteride’. You simply can’t ignore these.
But who cares if you have a bunch of customers on hand? In the past years, several brands offering solutions to hair loss emerged. Although some side products and online consultations have been a part of their marketing strategy, the basic agenda remains the same for all. Thus, by using the same products, i.e., Finasteride and Minoxidil, these businesses are managing to earn a small fortune.
The Wealth Earned by Hair Transplant Industry
Hair transplants are apparently the soundest treatment for baldness if performed by a skilled surgeon. In fact, it has secured the title for being one of the most popular cosmetic treatments around the world. It involves moving hair follicles from other parts of the body to the required side. However, as the industry grew, the revenue generated by it skyrocketed.
The data shared predicts that the industry will possibly earn a revenue of around $25B. This is far more than the revenue generated in 2019 ($5B approx.). The rise is mainly due to the high cost of hair transplants taken worldwide.
On researching the average hair transplant cost per country, we were surprised that developed countries like Canada, the USA, or Australia charge thousands of dollars per 25,000 grafts. Nonetheless, you can go with the cheaper options like Turkey, Hungary, or Mexico, but still, the wealth earnings are working out for the industry to grow.
The Long-Term Outlook
In spite of the efficiency of the current treatments to baldness, there is still the need of finding out better solutions. As minoxidil is the only topical treatment with no potential side effects and limited benefits, relying on it alone cannot work out for long.
On the contrary, Finasteride is exclusive only to men. That too with alarming aftereffects due to the hormonal changes occurring on consumption. Lastly, owing to the high cost of hair transplants, not everyone can afford to get the treatment.
Hence, a better and affordable solution to hair fall is crucial. Lately, research on Follicum is underway. The remedy is said to be beneficial for both genders but with no approval date, we have to wait until the results come out.
However, there’s one thing for sure – whoever conquers in finding a better solution will be welcoming a king’s ransom. So, if you’re short on business ideas, then hair loss treatment isn’t a bad proposition.
Read more: mikegingerich.com