As per our research report, in 2022, the global alopecia market was estimated to be worth USD 8.81 billion. Furthermore, the market is expected to grow at an annual rate of 8.8% from 2022 to 2027, reaching a value of USD 13.44 billion by 2027.
The healthcare community has focused all efforts and resources on treating the COVID-19 epidemic; therefore, non-essential medical treatments and procedures have been rescheduled. This will have a detrimental impact on the alopecia market in the short term. Furthermore, the reorientation of local government health resources to deal with COVID-19 is projected to stifle the alopecia market’s growth in the near future. However, due to the recovery of developed and emerging countries following the COVID-19 pandemic, the alopecia treatment market is likely to return to normalcy in the second half of 2021.
The global alopecia market is being driven by chronic diseases like cancer, rheumatoid arthritis, hypertension, hormonal imbalances like polycystic ovary syndrome (PCOS), depression, the growing geriatric population, high levels of stress, increasing consumption of alcohol and tobacco, changing eating habits, and chemotherapy-induced alopecia.
The recent market expansion is aided by the increased prevalence of PCOS among women. Because this disorder causes a hormonal imbalance that damages the hair follicles, it is expected to induce alopecia and drive market growth. In addition, increased alopecia treatment and management awareness programs and increased prevalence of alopecia conditions such as androgenic alopecia, alopecia areata, alopecia totalis, and others well as environmental factors such as sun damage and hard water damage, are expected to drive the global alopecia treatment market.
Hair loss is the most common sign of this disease, and it worsens with age, particularly in men. As a result, demand for older hair loss treatment procedures has skyrocketed. One of the most important drivers of growth is poor eating habits. Hair development is hampered by malnutrition and micronutrient deficiencies, connected to a lack of certain minerals such as vitamins and biotin in the body. A decrease in the body’s nutritional reservoir causes hair loss.
According to the American Hair Loss Association, androgenic alopecia is responsible for about 96 percent of hair loss cases in men. According to statistics, roughly 86 percent of males have significant hair thinning before fifty. According to the results of the International Society for Hair Restoration Surgery’s 2018 Census of Practice, more than 55 percent of men and women treated surgically by member physicians were between the ages of 30 and 50. According to World Bank data, current health expenditure climbed from 10% in 2010 to 12.2% in 2020. Furthermore, current health expenditure per capita has climbed from 495.77 dollars in 2010 to 1,200.55 dollars in 2019. The global alopecia market is predicted to rise because of an increase in healthcare spending, fueled by the population’s need for high-quality healthcare services.
During the forecast period, the worldwide alopecia market is likely to be restrained by factors such as expensive drugs, probable side effects produced by the medicine, such as acne at the application site, scalp burn, facial hair growth, hair loss, inflammation, or pain at the root of the skin.
Because alopecia therapy does not produce immediate benefits, consumers are sometimes discouraged from continuing treatment, posing a hurdle to the market’s development rate. Furthermore, due to weak healthcare infrastructure in developing nations, alopecia medications are less well-known, which is projected to hamper the global alopecia market’s growth.
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KEY MARKET INSIGHTS:
- Based on the disease type, the alopecia areata category is predicted to account for the highest proportion of the market throughout the forecast period, based on illness type. According to the estimate, alopecia areata had a substantial share of 35.2 percent in 2020. Market growth is fuelled by rising consumer awareness, disease prevalence, and technical breakthroughs in treatment. The category is likely to grow significantly throughout the forecast period, thanks to an increase in the development of innovative therapies and good efforts in the approval process. In March 2020, the US Food and Drug Administration approved Incyte Corporation and Eli Lilly and Company Breakthrough Therapy Designation for baricitinib to treat Alzheimer’s disease. The Breakthrough Therapy Designation will make it easier to get clearance.
- North America dominates the alopecia treatment (hair loss) industry because of its technologically advanced healthcare infrastructure, high disposable income, and availability of innovative treatment options, and North America dominates the alopecia treatment (hair loss) industry. According to the National Library of Medicine, alopecia areata affects one out of every 500 to 1,000 people in the United States. Following androgenetic alopecia, alopecia areata is the most frequent kind of alopecia. Both men and women are affected by alopecia areata, afflicting persons of any race. As a result, the United States’ high rate of hair loss and the high rate of treatment are key market drivers in the region.
- In 2019, sales of alopecia products in North America represented 44% of global sales. The market is predicted to be led by the United States, followed by Canada. According to the National Alopecia Areata Association, 7.2 million Americans were diagnosed with alopecia areata in 2018. Rising medical technology improvements and increased health-related research and development initiatives are expected to drive the market in North America. In addition, the increased approval of drugs by the US Food and Drug Administration is another factor that is predicted to drive market expansion in the region (FDA).
- The most common causes of alopecia are medical conditions such as hyperthyroidism and cancer. Every year, the number of people diagnosed with cancer in the United Kingdom climbs. German consumers are mainly concerned with their appearance and upkeep, and they spend a lot of money on items like hair care. On the other side, baldness is a significant issue in the country. According to the German Medical Group, men in Germany are opting for hair transplantation due to the escalating problem of baldness and hair loss. Because of these variables, the European alopecia (hair loss) industry is expected to experience significant changes in the near future. Some regions are experiencing an escalation in the prevalence of alopecia.
- Male pattern baldness is common in some countries, such as Germany and France. Consequently, male customers are especially interested in hair loss treatment options. In addition, a shift in lifestyle in the region, coupled with an aging population, is also driving the demand for hair loss treatment goods. As a result of increased demand and a desire to remain competitive, global industry leaders have expanded their facilities and product lines in Germany.
- Some notable companies in the global alopecia market include Johnson & Johnson, Inc., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Cellmid Ltd., The Himalaya Drug Company, Taisho Pharmaceutical Holdings Co., Ltd, Shiseido Co., Ltd, and Zhangguang 101 Science & Technology Co., Ltd.
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SEGMENTS COVERED UNDER THIS REPORT:
By Disease Type:
- Alopecia Areata
- Cicatricial Alopecia
- Traction Alopecia
- Alopecia Totalis
- Alopecia Universalis
- Androgenetic Alopecia
By Sales Channel:
By End Use:
- Homecare Settings
- Dermatology Clinics
- North America
- Latin America
- Middle East and Africa
Browse Regional Reports:
- North America Alopecia Market
- Europe Alopecia Market
- APAC Alopecia Market
- Latin America Alopecia Market
- Middle East and Africa
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