The alopecia treatment market consists of drugs and treatment products that help in hair regrowth or halt further hair loss in people suffering from alopecia. Alopecia is a medical term for baldness that refers to partial or complete lack of hair from areas of the body where it normally grows. Some common types of alopecia include androgenetic alopecia, alopecia areata, and telogen effluvium.
The global 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 2024 to 2031.
This is attributed to the rising prevalence of alopecia disorders worldwide as well as the increasing availability of novel treatment options for hair regrowth.
Key Takeaways
Key players operating in the alopecia treatment 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 focusing on developing advanced treatment products such as topical and oral drugs to target different alopecia disorders effectively.
The rising healthcare expenditure and growing middle-class population globally are creating new market opportunities for alopecia treatment products and hair regrowth therapies. With increasing awareness, there is greater acceptance of novel medical treatments for alopecia compared to traditional remedies. Key players are expanding their geographical presence in emerging markets through strategic collaborations and partnerships.
Market Drivers
The rising prevalence of various types of alopecia disorders globally due to genetic factors and changing lifestyles is a major driver for this market. It is estimated that over 50 million men and 30 million women in the US are affected by alopecia. Moreover, the increasing public awareness about available medical treatment options and greater acceptance of aesthetic procedures are prompting more patients to seek treatment.
Market Restraints
However, the high cost of alopecia treatment products especially biologics and lack of insurance coverage for aesthetic procedures continues to restrain the market growth. Also, limited understanding about the different types of alopecia remains a challenge. Furthermore, side effects associated with drugs required for long-term therapy act as a deterrent for wider adoption.
Segment Analysis
The alopecia treatment market is dominated by alopecia areata segment, which accounts for more than 40% of the market share. Alopecia areata is an autoimmune disorder that causes hair loss on the scalp, face, or other areas of the body. It is considered one of the most common types of alopecia, and can affect both children and adults. The segment witnesses high demand due to increasing prevalence of alopecia areata across the globe. According to the National Alopecia Areata Foundation, alopecia areata affects approximately 6.8 million people in the US.
Global Analysis
Geographically, North America dominates the global alopecia treatment market and is expected to witness the highest CAGR over the forecast period. This is attributed to the growing prevalence of hair loss disorders like alopecia areata and androgenetic alopecia in the region. According to the National Alopecia Areata Foundation, alopecia areata affects around 4.7% of the American population at some point in their lives. Availability of advanced treatment options and rising healthcare expenditure in the region positively impacts the market growth. Asia Pacific region also presents lucrative opportunities and is expected emerge as the fastest growing regional market owing to improving access to healthcare facilities in developing countries like China and India.
No comments:
Post a Comment