July 12, 2024

Alopecia Treatment Market driven by Rising Prevalence of Alopecia is estimated to reach US$10.2 Billion by 2024

Alopecia, also known as hair loss, is a common condition that affects millions of people worldwide. It occurs either due to genetic predisposition or medical conditions and can cause significant psychological distress. Various treatments are available in the market for treating different types of alopecia that include topical solutions, oral medications, laser therapy, micro needling, and hair transplant surgery. Topical solutions containing minoxidil, corticosteroids, and herbal extracts are commonly prescribed for alopecia areata and androgenetic alopecia. Oral medications such as finasteride, dutasteride, spironolactone, and angiotensin receptor blockers are primarily used to stimulate hair growth and reduce hair fall in alopecia conditions.

The global alopecia treatment market is estimated to be valued at US$10.2 Billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The growing prevalence of various forms of alopecia such as androgenetic alopecia, alopecia areata, and central centrifugal alopecia due to genetic predisposition and increasing levels of stress is a major factor driving the alopecia treatment market growth. According to the National Alopecia Areata Foundation, alopecia areata affects approximately 6.8 million people in the U.S. The rising psychological impact of alopecia on self-esteem and quality of life is further propelling people to seek effective treatment options. Moreover, the availability of various FDA-approved prescription drugs, medical devices, hair transplants procedures, and awareness programs is supporting the market expansion. However, high treatment costs and lack of permanent cure for some types of alopecia may restrain the market to a certain extent.

Market key trends:
One of the key trends in the alopecia treatment market is the increasing popularity of anti-androgen drugs such as finasteride and dutasteride. These drugs help reduce dihydrotestosterone (DHT) levels in the scalp, which is one of the major factors responsible for hair loss. Finasteride has demonstrated excellent efficacy and safety profile in androgenetic alopecia treatment and is regarded as the gold standard therapy.

Porter’s Analysis
Threat of new entrants: Low barriers to entry in the alopecia treatment market, however new entrants face high capital requirement for R&D of new drugs and product development.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and treatments.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources and suppliers.
Threat of new substitutes: Threat of substitutes is low as there are limited treatment options available for alopecia.
Competitive rivalry: The market is competitive with major global players focusing on new product launches and expansion.

Key Takeaways
The global alopecia treatment market is expected to witness high growth. The global alopecia treatment market is estimated to be valued at US$10.2 Billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.

The alopecia treatment market in North America is currently largest owing to increasing product launches, rapid adoption of new drugs, and high awareness levels regarding treatment options. Europe is second largest market led by Germany, U.K, and France. Asia Pacific market is expected to grow at fastest CAGR over the forecast period. Increasing healthcare expenditure and growing middle class population are some of the key factors expected to propel market growth in countries like India and China.

Key players operating in the alopecia treatment market are Stemson Therapeutics, Cipla, Johnson & Johnson, Merck, Stiefel Laboratories (GlaxoSmithKline), Ranbaxy Laboratories, Vitabiotics, Nanogen, Alpecin, Histogen, Viviscal, and Dr. Reddy’s Laboratories Ltd. Stemson Therapeutics is focusing on developing revolutionary stem cell therapies for hair loss disorders. Cipla and Dr. Reddy’s Laboratories are investing in generic drugs for alopecia.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it