The 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 Overview:
Alopecia is a medical condition characterized by hair loss or baldness on various parts of the body. The main products available for alopecia treatment are medications, devices, shampoos, and serums. Medications include Minoxidil, Finasteride, Corticosteroids, and others which help regrow hair or slow hair loss. Devices like lasers, LED lights and microneedling help increase hair follicles and promote hair growth.
Market Dynamics:
The alopecia treatment market is driven by the rising prevalence of hair loss diseases globally. According to the National Alopecia Areata Foundation, over 6.8 million people in the U.S. have alopecia areata which causes patches of baldness. The increasing number of cases is expected to boost the demand for effective treatment options. Another driver is the rising awareness about various treatments available through extensive marketing campaigns by key market players. Additionally, the focus of pharmaceutical companies on development of more efficacious drugs and devices for alopecia will support the market growth over the forecast period. For instance, Stemson Therapeutics is involved in development of autologous cell therapy to regrow natural hair in people with alopecia.
SWOT Analysis
Strength: Alopecia Treatment market has strong R&D investment from key players to develop innovative and effective treatment options. Increasing awareness among consumers about the available treatment choices is also fueling the market growth. Non-surgical treatments like topical drugs, hair transplants are less invasive compared to surgical treatment.
Weakness: High cost of surgical hair restoration treatments limits their adoption. Success rate of existing treatment options is not satisfactory which leads to repeat purchases. Treatment results vary from person to person.
Opportunity:untapped emerging markets of Asia Pacific and Latin America provide huge growth potential due to large patient population. New pipeline drugs in phase 3 clinical trials will drive the market if approved. Increasing adoption of non-invasive and minimally invasive treatment procedures also presents opportunities.
Threats: Stringent regulations for new product approvals is a challenge for fast market entry. Alternative treatment choices like wigs, hats limits complete reliance on existing medication therapies. Threat from generic versions once patent expires of blockbuster drugs.
Key Takeaways
The Global Alopecia Treatment Market Share is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing consumer awareness about treatment options and significant pipeline of novel drugs in clinical trials.
Regional analysis
North America dominates the global alopecia treatment market due to high adoption of expensive hair transplantation surgeries and technologically advanced treatment options. Asia Pacific is expected to grow at fastest pace due to rising disposable income, growing middle class population seeking cosmetic treatments and significant patient pool.
Key players
Key players operating in the alopecia treatment market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy€TMs 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.
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