Alopecia Treatment Market is Estimated to Witness High Growth Owing...

Alopecia Treatment Market is Estimated to Witness High Growth Owing to Rising Prevalence of Alopecia

Posted 2023-12-28 09:53:41

Alopecia treatment market consists of treatments for various types of alopecia or hair loss conditions such as androgenic alopecia, alopecia areata, telogen effluvium etc. The treatments mainly include topical drugs, oral drugs, stem cell therapy and hair transplant surgery. Topical drugs such as minoxidil and corticosteroids are commonly used to treat alopecia areata while oral finasteride and dutasteride are prescribed for androgenic alopecia.

The global alopecia treatment market is estimated to be valued at US$ 9.65 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising prevalence of alopecia and increasing adoption of stem cell therapy are the major drivers of growth of the alopecia treatment market. As per the National Alopecia Areata Foundation, alopecia areata affects approximately 6.8 million people in the U.S. The condition is diagnosed mostly in young adults and children. The risk of recurrence is also high with more than 50% of people experiencing 2 or more episodes. Stem cell therapy is an emerging treatment approach for various types of alopecia including androgenic alopecia and alopecia areata. In stem cell therapy, bone marrow derived mesenchymal stem cells are injected into the scalp to trigger hair follicle regeneration. Clinical studies have shown stem cell therapy to be an effective and safe treatment with high patient satisfaction rates. This is boosting its adoption among consumers and driving the market growth.

SWOT Analysis

Strength: The Global Alopecia Treatment Market Size has seen steady growth over the past few years owing to the rising awareness about the condition and growingpipeline of novel therapies. Established market players are continuously investing in R&D to develop more effective drugs and treatments. Furthermore, the increasing social acceptance and open discussion around hair loss issues has encouraged more patients to seek medical help.

Weakness: However, high treatment costs remain a major barrier for many patients to afford prescribed medications. Genetic alopecia conditions are also difficult to treat completely due to their inherent nature. Furthermore, the approval process for new treatments is often long and stringent, delaying patient access to innovative solutions.

Opportunity: Rising disposable incomes in developing regions are expected to boost the uptake of expensive branded drugs. Moreover, technology advances like robotic hair transplant procedures offer minimally invasive solutions. Stem cell therapy is an emerging area that holds promise to potentially cure certain alopecia types. Increasing online connectivity has also enabled more virtual consultations and convenient care delivery models.

Threats: Patent expiries of blockbuster drugs will intensify price competition and possibly reduce average selling prices over time. Furthermore, alternative treatment options like hair systems, wigs, and covers reduce the overall addressable patient population for pharmaceutical therapies. The ongoing COVID-19 pandemic has also disrupted clinical trials and delayed new product launches.

Key Takeaways

The global alopecia treatment market is expected to witness high growth over the forecast period supported by innovative pipeline drugs, rising awareness, and greater treatment seeking behaviour. The market size is estimated to reach nearly US$ 16 Bn by 2030 from US$ 9.65 Bn in 2023, exhibiting a CAGR of around 7.9%.

Regional analysis: North America currently dominates the alopecia treatment market owing to high adoption of modern medicines and established healthcare infrastructure. However, Asia Pacific is poised to emerge as the fastest growing regional market supported by developing medical technologies, large patient pools, and increasing spending capacity. Key regional markets include the United States, China, Japan, and India.

Key players: Key players operating in the alopecia treatment market are Merck & Co., Inc., Johnson and Johnson, Cipla Ltd., Lexington International LLC, Cirrus Hair Centers, Follica, Inc., Aclaris Therapeutics, Inc., Concert Pharmaceuticals, Inc., Dermaclara, Inc., and Daiichi Sankyo Co., Ltd.