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The alopecia treatment market is experiencing increasing demand owing to the rising prevalence of alopecia diseases globally. The alopecia treatment market includes various medications prescribed for a range of causes of hair loss including alopecia areata, androgenic alopecia, alopecia totalis and alopecia universalis. The medications consumed under alopecia treatment target various causes of hair loss and promote hair growth.
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 between 2024 to 2031.
Key Takeaways
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’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 dominate the market with their wide product portfolio and robust distribution network across various countries globally.
The increasing hair transplant procedures and the advent of novel drugs in the pipeline present significant growth opportunities in the alopecia treatment market. Further, the rising awareness regarding treatments and hair loss management also support the market expansion.
The global expansion of key players into developing regions presents lucrative business prospects. The industry players are focusing on expansion strategies in Asian and Latin American countries experiencing increasing hair loss cases. Partnerships with local distributors help strengthen regional presence.
Market drivers
The increasing prevalence of alopecia diseases such as androgenic alopecia and alopecia areata owing to changing lifestyle and rising stress levels are driving the alopecia treatment market. According to estimates, over 50 million people in the US are impacted by androgenic alopecia. The growing aging population prone to male-pattern baldness further supports market growth.
PEST Analysis
Political: The alopecia treatment market is regulated by government policies regarding drug approvals and clinical trials. Changes in healthcare policies may impact market growth.
Economic: Rising disposable income and medical insurance coverage are increasing patient spending on advanced treatments. High R&D costs for new drug development may pose a challenge.
Social: Growing public awareness about available treatment options and changing cultural norms are reducing the social stigma around hair loss, driving greater treatment seeking.
Technological: Advances in stem cell research, gene therapy and other novel targets are expanding treatment options beyond existing medications. This is accelerating the development of more effective drugs.
Geographical Regions of Concentration
North America currently accounts for the largest market share in terms of value, driven by high healthcare expenditure and awareness levels in countries like the US. The approval of newer drugs is also boosting the regional market.
Fastest Growing Region
Asia Pacific is expected to be the fastest growing region during the forecast period. This can be attributed to factors like rising consciousness about appearance, increasing disposable incomes and growing medical tourism in key markets like India, China and Japan. Expanding healthcare infrastructure and growing generic drug markets are further supporting regional growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
