July 16, 2024

Alopecia Treatment Market Dynamics: Emerging Opportunities

Alopecia Treatment Market

The alopecia treatment market has been witnessing significant growth in recent years. Alopecia refers to hair loss or baldness which has a considerable impact on self-image and quality of life. Rising awareness regarding treatment options and increasing prevalence of alopecia are major factors driving more people to opt for treatment. Various treatment options are available including topical and oral medications, laser therapy, and hair transplants. Topical solutions comprising minoxidil and/or corticosteroids are commonly prescribed for treating alopecia areata. Oral treatments involve JAK inhibitors or immunosuppressants that help reduce inflammation leading to hair regrowth.

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 from 2024 to 2031.

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. The key players are focused on product innovation and geographic expansion to strengthen their market presence.

The alopecia treatment market provides numerous opportunities for players in the form of unmet needs, especially for androgenetic alopecia. Emerging technologies for hair transplant coupled with rising disposable income in developing nations will support market growth over the forecast period.

Increasing generic availability of treatment products and rising awareness campaigns by hair loss foundations are expected to aid the global expansion of the alopecia treatment market during the forecast period.

Market drivers
The increasing prevalence of alopecia owing to changing lifestyles and rising stress levels is a key driver for the alopecia treatment market. According to the National Alopecia Areata Foundation, approximately 6.8 million people in the U.S. have alopecia areata. This huge patient base experiencing the psychological impact of hair loss is driving the demand for effective treatment options.

PEST Analysis

Political: The alopecia treatment market is regulated by various government bodies that influence research and drug approvals. Changes in healthcare policies may affect market growth positively or negatively.

Economic: Rising disposable incomes and growing awareness about hair loss treatments are increasing patient spending on therapeutics. However, high R&D costs pose challenges for industry players.

Social: Alopecia is more commonly seen as a medical condition now than a cosmetic issue. Reducing the social stigma around hair loss encourages more people to seek treatment.

Technological: Advancements in drug development techniques and stem cell research are helping discover new mechanisms to treat alopecia. 3D bioprinting shows promise to generate customized hair follicle structures.

The North American region accounted for the largest alopecia treatment market share in terms of value in 2024 owing to the high adoption of advanced drugs and products for hair regrowth in countries like the US and Canada.

The Asia Pacific region is projected to be the fastest growing market between 2024 to 2031. This can be attributed to factors like rising disposable incomes, growing medical tourism industry and increasing penetration of key players in emerging countries of China, India and South Korea.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it