With an estimated $8.1 billion, the hair transplantation market is one of the fastest developing sectors with a CAGR of 25.8% between the years 2020 and 2026. Despite the global demand for such surgeries, two AIIMS postgraduates found themselves unemployed. Dr Arika Bansal completed her studies in Dermatology and Dr Pradeep Kumar Sethi in Venerology.
The duo were unable to find suitable jobs due to the lack of skincare clinic in Rishikesh. In fact, the surrounding area, Badrinath, Kedarnath, and Gangotri, too lacked such clinics. Instead of searching for jobs, the duo decided to change this situation. The scarcity prompted the skincare specialists to start their own venture. In 2008, they opened National Skin Clinic in Rishikesh. Around the same time, hair transplant treatments were slowly catching demand in India.
Dr Bansal was able to publish her paper ‘Direct Hair Transplant (DHT)’ in the highly reputed journal ‘Journal of Cutaneous and Aesthetic Surgery’ which helped them gain more credibility. Soon the demand for surgeries bloomed. For this, they shifted their base to Gurugram in 2014 and launched Eugenix Hair Sciences.
Eugenix was able to provide quality hair transplants to those Indians who had to previously go to the USA for getting the surgery done. Through the state-of-the-art infrastructure in Gurugram, they were offering the best in hair restoration. They gained endorsements from various prestigious organisations and institutions like the American Hair Loss Association and the International Alliance of Hair Restoration Surgeons.
In 2017, Dr Sethi was awared as the 'Pride of Odisha' by National Culture Mission and Dr Bansal was awarded as the best hair transplant surgeon of India at CIMS Healthcare Excellence Awards. Since the inception, Eugenix has catered to over 7000 patients including singer Anup Jalota, Kings 11 Punjab CEO Satish Menon, leaders and more. Now the company is attracting customers from countries like the UK, Australia, Africa, Japan and more. 60% of its patients are from abroad who are seeking affordable alternatives.
South Korea, another Asian country is dominating the world in cosmetic surgeries. It has triumphed over other advanced countries like the USA, Germany and Japan in the field of cosmetic surgery. Will such ventures help India seek a bigger share in global health trends?