The Hair Loss Industry: What it is and How it’s Changing
Are you surprised by the fact that the hair loss industry – 90% of which focuses on men – is a billion dollar per year industry? If you are, well, you shouldn’t be- there’s no other topic that creates the same emotional response in men (besides erectile dysfunction, of course) and there is also no other subject that has as much misinformation (besides penis enlargement, of course). The makers of products that help stop or even reverse hair loss are making hundreds of millions of dollars as a result of this trend.
As you can imagine, some products are garbage and do not (and would not) work. Other products, such as Rogaine or Propecia, have a great success rate and a cult following among those who use it. The success of Rogaine and Propecia has prompted a surge in the industry, with millions of dollars being invested and billions of dollars being absorbed from customers.
What is the “Hair Loss” Industry?
Every major consumer trend, from cosmetics to hair loss, has some kind of consumer action behind it. As a result, companies are quick to offer products and solutions that appeal to the market that has been created by the trend. Hair loss is one such example that has experienced relatively steady growth since the 1950s, with spikes of interest in the ‘70s and ‘90s when new products were successfully introduced into the market.
The hair loss industry represents everything from manufacturers of hair loss products, surgeons that provide hair transplant surgeries, distributors of said hair loss products, advertising firms dealing with hair loss products, and so on. Because of the high demand of the products and the desperation of the customers, this industry remains one with a steady revenue stream and thus steady growth.
Changes in the Hair Loss Industry
In the 1950s there were a series of discoveries made by scientists regarding products that could be used for the treatment of hair loss. The first products were released several years later, and the hair loss industry was born. In its infancy it was a relatively new “science” that was trusted by the consumer base simply because no one knew any better.
As time passed it became apparent that many products that were designed to treat hair loss were laughable solutions. Consumers became more aware, and hence the growth of the hair loss industry stagnated to a relatively steady growth as opposed to the exponential growth that you’d expect from that kind of industry. In the 1970s new products were discovered that could be used for hair loss treatments, and in the 1980s the first of these products was released.
The real changes weren’t made until the 1990s, however, when Rogaine was skyrocketed to international fame (to the point where it is now a household name). It was the first product that has shown positive results across a wide range of men. In the mid-1990s Propecia would also become quite popular, and today the same two products dominate the hair loss industry.
The Future of the Hair Loss Industry
Growth. New surgical procedures, products, and scientific discoveries are making hair loss treatments more effective and more permanent. The industry is also undergoing a regulatory shakedown, per say, as consumers become more aware of products and their effectiveness (thanks largely to the ability to openly send and receive information).
Without question, a lot of changes are coming.