Description
The global alopecia market is projected to reach around $5.3 billion by 2026 at a CAGR of approximately 9.4%, from 2018 to 2026, according to the WGR market research company.
Alopecia is a term used to describe excessive hair damage under certain medical conditions or dietary issues. A sedentary lifestyle and unhealthy diets are leading to loss of hair among masses. Furthermore, aging and hormonal imbalance, increasing chronic disease like arthritis, cancer, hypertension, depression also leads to hair loss, especially among the middle aged population. According to the American Hair Loss Association, androgenetic alopecia accounts for over 95% of hair loss in men. Over 800 thousand patients are seeking some kind of treatment for hair loss worldwide. American Hair Loss Association recommends the use of minoxidil in patients who have not responded to finasteride treatment. Prevalence rate of alopecia is high among working age population.
This market is further driven by increase in disease prevalence, technological advancements, and rise in per-capita healthcare expenditures across the globe. The disease prevalence is increasing due to changing lifestyle patterns, such as increased consumption of alcohol and tobacco, changing food habits, high level of stress, and rising geriatric population. These factors are expected to boost the market over the forecast period. In addition, rising incidences of chronic diseases such as Polycystic Ovary Syndrome (PCOS), cancer, and rheumatoid arthritis are likely to fuel market growth.
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Market Dynamics: Drivers, Restraints, Opportunities Challenges
• Increasing inclination of women towards alopecia treatment: Growing patient awareness especially in women about the disease and its treatment is anticipated to contribute to alopecia market growth. Hair loss in women often has a greater impact than hair loss does on men, because it’s less socially acceptable for them. About one-third of women experience hair loss (alopecia) at some time in their lives. Alopecia can severely affect a woman’s emotional well-being and quality of life. Although Alopecia is more common in male than female, the female has the largest share in the market owing to the factors such as high awareness levels coupled with increased frequency of Polycystic Ovary Syndrome (PCOS) causing hormonal imbalance that leads to androgenetic alopecia.
• Increasing approval for new product launches: In recent years, many novel drugs have been approved by the regulatory bodies for treatment of alopecia and many drugs are in pipeline, which are expected to receive approval in the near future. For instance, in 2017, Perrigo Company PLC launched over-the-counter Women’s Rogaine, which helps to regrow hair on top of the scalp.
Key Segments
Alopecia Market by Type
• Alopecia Areata
• Cicatricial Alopecia
• Traction Alopecia
• Alopecia Totalis
• Alopecia Universalis
• Androgenetic Alopecia
• Others
Alopecia Market by End Users
• Homecare Settings
• Dermatology Clinics
Alopecia Market by Distribution Channel
• Hospitals
• Retail Pharmacies
• Online Pharmacies
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Geographic Landscape
• North America dominates the global alopecia market followed by Europe.
In 2018, North America accounted for the largest share in global alopecia market due to the strong presence of technologically advanced healthcare infrastructure, high disposable income, high prevalence and the proportionally high treatment rates, and availability of novel therapeutics options pertaining to the treatments. However, Asia-pacific is presumed to grow at a highest CAGR during the forecast period. Factors such as increasing population along with urbanization, increasing per capote expenditure on personal care, expansion of international players in the emerging Asian countries are expected to fuel the growth of alopecia market in Asia-Pacific.
Competitive Landscape:
Alopecia market is growing at a significant rate and more and more treatment providers are emerging to mark their position in the market. The established as well as emerging players are implementing various strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. Regulatory approvals along with increased focus on R&D are other ways the leading players improve their market presence. Such developments enable the companies to enhance their market presence and also increase the competitive scenario in the global alopecia market.
Some of the major players in the global alopecia market include Johnson and Johnson AG, Sun Pharmaceuticals Industries Ltd., Lexington International LLC, Aclaris Therapeutics Inc., Cipla Inc., Concert Pharmaceuticals Inc., Daiichi Sankyo Inc., GlaxoSmithKline PLC, HCell Inc., Histogen Inc., Cirrus Hair Centers, and Merck & Co. Inc.
Conclusion:
Thus, with the large population suffering from hair related problems and the rising awareness levels pertaining to the available therapeutic options as well as economic development coupled with the constantly rising disposable income across the globe present high growth opportunities for alopecia market in near future.
Continued…
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