The alopecia treatment market involves products used to treat hair loss disorders such as androgenic alopecia and alopecia areata. Some common treatment options include topical drugs, oral drugs, local implants, and devices to stimulate hair follicles. Minoxidil and finasteride are popular topical and oral drugs used to treat androgenic alopecia by blocking androgen activity. Stem cell therapy is an emerging treatment approach that involves extracting mesenchymal stem cells from the patient’s own fat or skin and injecting them into the scalp to regenerate hair follicles.
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 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 opportunities in the market include high prevalence of hair loss disorders globally and growing awareness about cosmetic treatments. However, social stigma around alopecia acts as a barrier.
Advancements in stem cell therapy have emerged as a promising approach for permanent hair regrowth. Several companies are conducting clinical trials for stem cell therapies for alopecia.
Market Drivers
The increasing social pressure and stigma associated with hair loss has pushed many patients to seek cosmetic treatments for alopecia. Rising awareness about treatment options and higher treatment seeking rate are expected to drive the alopecia treatment market over the forecast period.
Current Challenges in Alopecia Treatment Market
Some of the major current challenges faced by the alopecia treatment market include lack of effective and long-term treatment options, limited understanding of the underlying causes of hair loss, and social stigma associated with hair loss and baldness. While drugs like minoxidil and finasteride are used, they require long-term usage and may have side effects. Moreover, they are not effective for everyone. Hair transplant surgery can be an option but it is an expensive procedure and requires multiple sittings. The exact biological mechanisms that lead to alopecia are still not fully understood which hinders the development of novel treatment methods. There is also a perception that hair loss is a natural process of aging among people rather than a medical condition, limiting their willingness to seek treatment.
SWOT Analysis
Strengths: Rising awareness and reduction of social stigma, growing demand for cosmetic treatments, expanding availability of minimally invasive treatment procedures
Weaknesses: Lack of permanent cure, high cost of treatments, limitations of existing therapies
Opportunities: Extensive research on new drug targets and therapies like stem cell therapy, growth in e-commerce for OTC products, potential of laser therapy and low-level lasers
Threats: Expiry of patents of blockbuster drugs, risk of side effects from minoxidyl and finasteride, development of resistance to existing drugs
Geographical Regions
North America currently accounts for the largest share of the alopecia treatment market, driven by high per capita healthcare expenditure and presence of key players. The US market holds the majority share due to strong demand for hair transplant procedures and availability of advanced treatment options. The APAC region is poised to be the fastest growing regional market over the forecast period supported by rising disposable incomes, growing medical tourism industry and increasing importance given to aesthetic looks in countries like China and India.
Fastest Growing Region
The Asia Pacific region is expected to grow at the fastest pace in the alopecia treatment market over the forecast period of 2024 to 2031. This can be attributed to increasing patient pool affected by hair loss issues due to genetic predisposition as well as changing lifestyles in developing countries. Growing medical tourism, rising affordability of cosmetic treatments and improving healthcare infrastructure are also supporting the market growth in the Asia Pacific region. The presence of leading generic drug manufacturers in India and strategic investments by global players will further aid the regional market expansion.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it