The global alopecia treatment market is poised to experience a promising growth trajectory in the short-term, with a positive outlook for the upcoming years. Insights from recent reports shed light on the unfolding market dynamics and trends that will shape its growth.
The surging prevalence of alopecia areata is a key factor influencing the adoption of alopecia products worldwide. Unhealthy dietary habits, excessive smoking, heightened stress levels, and sedentary lifestyles contribute to the development of this autoimmune disease, resulting in hair loss. Disturbingly, statistics from the International Society of Hair Restoration Surgery (ISHRS) reveal that approximately 35 million men in the United States are impacted by alopecia each year. Correspondingly, the National Institute of Health and Care Excellence (NICE) in the UK reported that around 15 per 10,000 individuals in the UK were affected by alopecia in 2020. The American Hair Loss Association further highlighted that male androgenic alopecia accounts for a substantial 95% of hair loss cases. This escalating trend is anticipated to drive investments in hair reinstatement solutions, consequently fostering the growth of the alopecia treatment market.
To counteract hair loss, individuals are increasingly turning to advanced treatment methods to maintain scalp health. This has fueled demand for various alopecia treatment products, including Minoxidil and Finasteride. Moreover, the growing emphasis on self-aesthetics among the general population has led to a rise in the utilization of alopecia treatment products to mitigate hair fall. Notably, ISHRS reports a remarkable 60% growth in hair restoration procedures over the last decade, with this trend poised to continue. The expanding patient pool grappling with alopecia is projected to create substantial opportunities in the alopecia treatment market.
The markets growth trajectory is further bolstered by a robust drug pipeline aimed at addressing hair loss. As the prevalence of alopecia increases, pharmaceutical companies are investing in research and development to introduce advanced drugs for treatment. In recent developments, the FDA approved the baricitinib drug for alopecia areata treatment, a collaboration between Incyte Corporation and Eli Lilly and Company. Similarly, Follicum AB completed its Phase 2a study for FOL-005, a potential hair loss treatment. Concert Pharmaceuticals Inc. initiated Phase 3 trials for CTP-543 to study its efficacy. This flourishing drug pipeline is expected to significantly contribute to the growth of the alopecia treatment market in the years to come.
Regional Outlook: North America Leads, Asia Pacific Follows
North America is projected to dominate the demand for alopecia treatment products in developed nations. The prevalence of alopecia areata, the most common autoimmune skin disorder causing scalp hair loss, is a driving force in this region. The National Alopecia Areata Foundation reports that over 6.8 million individuals in the United States alone are affected by this autoimmune skin disease, with a lifetime risk of 2.1%. Favorable healthcare infrastructure, availability of novel treatment options, and a rising GDP per capita further stimulate the alopecia treatment market in North America.
In parallel, the Asia Pacific region is poised for substantial growth in alopecia treatment demand. Rising hair loss cases, coupled with increasing populations in countries such as China and India, are propelling manufacturers of alopecia treatment products. Unhealthy lifestyles including binge eating, sedentary habits, and smoking are contributing to increased alopecia cases. This scenario is creating opportunities for dermatologists and hair care professionals, spurring investments in dermatology clinics and driving sales of alopecia treatment products.
Market Competition and Key Players
The competitive landscape of the alopecia treatment market is characterized by its fragmentation. A wide array of products, including topical and oral treatments, restorative hair solutions, and scalp injectables, are gaining commercial traction across global regions. Leading players in the market include Aclaris Therapeutics Inc., Fagron, Cipla Inc., Merck & Co. Inc., Follicum AB, Sun Pharmaceutical Industries Ltd., Johnson & Johnson, Daiichi Sankyo, GlaxoSmithKline Plc, and Concert Pharmaceuticals Inc.
As the alopecia treatment market continues to evolve, these insights underscore the potential growth opportunities and trends that will shape the industry in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/alopecia-treatment-market
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