The alopecia treatment market has been growing at a steady pace backed by the rising global incidence of alopecia and growing awareness regarding various treatment options available. Alopecia refers to hair loss or baldness condition where hair is lost from some or all areas of the body, most often from the scalp. Some common alopecia conditions include androgenic alopecia, alopecia totalis, alopecia areata, telogen effluvium, and traction alopecia. The rising cases of these alopecia conditions worldwide have generated increasing demand for effective treatment options. Various treatment approaches include drugs, surgical hair replacement systems, hair transplants, low-level laser therapy and others.
Globally, the alopecia treatment market is estimated to be valued at US$ 10.2 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the alopecia treatment market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. These players are actively engaging in various strategic initiatives such as new product launches, partnerships, acquisitions and research activities to strengthen their market position.
The alopecia treatments market provides numerous opportunities for players in areas such as alopecia therapeutics development powered by stem cell technology which holds promise for scalp hair regrowth. Developing topical as well as non-invasive and minimally-invasive treatment options offer opportunities given the larger unmet needs. Global expansion especially in emerging markets of Asia Pacific and Latin America through partnerships and collaborations could help companies achieve scale and accelerate revenue growth.
Market drivers
One of the major drivers for the alopecia treatment market is the rising global prevalence of alopecia conditions. According to estimates, androgenic alopecia affects over 50 million men and 30 million women in the US alone. The increasing psychological and social impact of alopecia such as low self-esteem and poor quality of life has boosted the demand for effective treatment regimens. Furthermore, the launch of novel drugs and treatment modalities, and greater awareness about these options through social media and patient support communities are propelling the market growth.
Market restraints
However, the market potential is currently limited by certain challenges. The high cost of alopecia therapeutics such as hair loss treatments and hair transplant surgeries poses affordability issues. Moreover, the lack of definite cure and possibility of regrowth relapse act as hindrances. Also, stringent regulatory norms for approval of new treatments increases the clinical development timelines and costs for players.
Segment Analysis
The alopecia treatment market is segmented into types and application. By types, the market is divided into alopecia areata, cicatricial alopecia, traction alopecia, androgenic alopecia and alopecia totalis. Androgenic alopecia dominates the market as it accounts for over 70% of alopecia cases. Commonly known as male/female pattern baldness, androgenic alopecia is mainly caused due to hereditary factors where hair follicles become miniaturized over time in specific parts of scalp.
Global Analysis
North America dominates the alopecia treatment market owing to high prevalence of alopecia areata conditions, better access to advanced therapeutics and strong presence of key market players. The Asia Pacific region is expected to witness fastest growth during the forecast period due to large patient pool, rising hair fall problem among kids and adults and growing investments in research and development to develop new therapeutics.
No comments:
Post a Comment