by Alopecia refers to hair loss or baldness. It affects people of both sexes and all ages. Alopecia treatment products like topical and oral medications, hair transplant services help halt hair fall and encourage hair growth. The demand for alopecia treatment is rising with increasing cases of hair fall problems caused by stress, aging, changes in hormones or other medical conditions.
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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Mounting psychological and emotional stress associated with hair fall and baldness is prompting more people to opt for hair restoration treatments. Advancements in hair transplant surgery techniques involving follicular unit extraction (FUE) and artificial intelligence are making hair transplantation a more effective and safer procedure. This is boosting the adoption of these procedures for alopecia treatment worldwide.
SWOT Analysis
Strength: Drugs such as topical and oral medications are effective in treating hair loss caused by alopecia. These drugs help stimulate hair growth.
Weakness: Side effects associated with long term usage of alopecia treatment drugs. Availability of alternative treatment options like hair transplants can hamper the growth of the market.
Opportunity: Rising awareness about alopecia treatment options presents an opportunity for key players. Introduction of novel treatment formulations can further aid market growth.
Threats: High development and manufacturing costs associated with alopecia treatment drugs is a major challenge. Stringent regulatory guidelines for approval of new drugs also acts as a barrier.
Key Takeaways
The Global Alopecia Treatment Market Size is expected to witness high growth.
Regional analysis: North America currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to the high adoption of alopecia treatment drugs and presence of key players in the region.
Key players operating in the alopecia treatment market are Concert Pharmaceuticals, Cipla,HCell Inc.,Merck,Johnson & Johnson, Sun Pharmaceutical Industries Ltd, GlaxoSmithKline plc. The market is witnessing increasing mergers and acquisitions as companies look to strengthen their product portfolios. For instance, Concert Pharmaceuticals acquired Dermira in 2020 to gain access to early stage alopecia treatment pipeline assets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
