by The global Alopecia Treatment Market is set to experience substantial growth in the short-term, driven by an increasing prevalence of alopecia cases and a growing consumer inclination towards investing in hair reinstatement solutions. A recent report provides valuable insights into the anticipated trajectory of market expansion over the next few years.
Rising Alopecia Cases Fuel Market Growth
Alopecia, characterized by hair loss, is on the rise globally due to factors such as unhealthy dietary habits, heavy smoking, elevated stress levels, and sedentary lifestyles. For example, statistics from the International Society of Hair Restoration Surgery (ISHRS) reveal that approximately 35 million men in the United States are affected by alopecia each year. Similarly, in the UK, around 15 per 10,000 individuals were affected by alopecia in 2020, according to the National Institute of Health and Care Excellence (NICE). The American Hair Loss Association reports that androgenic alopecia, a common cause of hair loss, primarily affects men, accounting for approximately 95% of cases. This growing prevalence is driving individuals to seek hair reinstatement solutions, thus boosting the alopecia treatment market.
Advanced Treatments Gain Popularity
To combat hair loss and preserve scalp health, individuals are increasingly turning to advanced treatments, leading to a surge in demand for alopecia treatment products like Minoxidil and Finasteride. The ISHRS reports that hair restoration procedures have grown by over 60% in the past decade and are expected to continue growing. This trend, coupled with the expanding patient pool affected by alopecia, presents significant growth opportunities for the alopecia treatment market.
Growing Drug Pipeline
Pharmaceutical companies are investing in research and development to introduce advanced drugs for alopecia treatment. In 2020, the FDA approved the use of the baricitinib drug for treating alopecia areata, a joint effort by Incyte Corporation and Eli Lilly and Company. In 2021, Follicum AB completed a Phase 2a study for FOL-005, a potential hair loss treatment. Additionally, Concert Pharmaceuticals Inc initiated phase 3 trials for CTP-543 to study its efficacy in treating alopecia. The expanding drug pipeline is expected to significantly contribute to the growth of the alopecia treatment market in the coming years.
Regional Dominance and Growth
North America is poised to dominate the global alopecia treatment market, driven by the increasing prevalence of alopecia areata in the region. In the United States alone, over 6.8 million individuals are affected by this autoimmune skin disorder, with a 2.1% lifetime risk, as reported by the National Alopecia Areata Foundation. The favorable healthcare infrastructure, availability of new treatment therapies, and a rising GDP per capita further enhance the markets growth prospects.
Meanwhile, the Asia Pacific region is expected to witness substantial growth in demand for alopecia treatment due to factors like increasing population rates, lifestyle changes, and hair loss caused by unhealthy habits such as smoking. This growth has led to opportunities for dermatologists, hair care clinicians, and the establishment of dermatology clinics, driving sales of alopecia treatment products in the region.
Competitive Landscape
The alopecia treatment market features a highly fragmented competitive landscape, with a wide array of products available globally. Key players in the market include Aclaris Therapeutics Inc., Fagron, Cipla Inc., Merck & Co. Inc., Follicum AB, Sun Pharmaceutical Industries Ltd., Johnson & Johnson, Daiichi Sankyo, GlaxoSmithKline Plc, and Concert Pharmaceuticals Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/alopecia-treatment-market
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This press release first seen on Brilad
COMTEX_442430671/2840/2023-10-25T09:54:58
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.