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The Alopecia Treatment Market, estimated to be valued at US$ 10.2 Bn in 2023, is projected to exhibit a CAGR of 6.1% over the forecast period of 2024-2031.
Alopecia or hair loss involves partial or complete baldness on the scalp and other parts of the body. It may occur due to genetic predisposition, stress, medical conditions, hormonal changes, nutritional deficiencies, or the side effects of certain medications and treatments. The rising incidence of genetic disorders like alopecia areata induced by autoimmune diseases and the growing geriatric population who are more prone to various types of alopecia are fueling the alopecia treatment market growth.
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 rising prevalence of alopecia induced by autoimmune conditions like alopecia areata and increased awareness about aesthetic appearance among youth are boosting the demand for alopecia treatment drugs and products globally. Rapid advancements in hair transplant procedures and technological developments in drug development are further fueling the market growth.
With the growing geriatric population and the increased penetration of key players in developing regions, the alopecia treatment market is expected to witness robust expansion opportunities across Asia Pacific, Latin America, and Middle East & Africa over the forecast period.
Market Key Trends
Development of novel treatment targets that can induce hair follicle regeneration by activating biological pathways is one of the key trends observed in the alopecia treatment market. Stemson Therapeutics is developing its lead candidate, STMN-505, a stem cell-derived therapeutic product intended for the treatment of alopecia. If approved, STMN-505 has the potential to revolutionize care for people living with hair loss conditions by promoting regrowth of functional hair follicles.
Porter’s Analysis
Threat of new entrants: The alopecia treatment market has moderate threat of new entrants due to high R&D costs associated with development of new therapies and treatments.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of existing treatment options and patents associated with new drugs.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of several ingredient suppliers and manufacturers in the market.
Threat of new substitutes: Threat of new substitutes is low as there are limited treatment options available for alopecia currently.
Competitive rivalry: The market witnesses high competitive rivalry due to presence of many global and local players focusing on development of novel therapies.
Geographical Regions
North America accounts for the largest share of the alopecia treatment market in terms of value as the region has presence of major players and higher adoption rates of treatment options such as drugs and medical devices.
Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing awareness, rising disposable incomes, and growing incidence of alopecia in countries like India and China.
Geographical Regions
North America accounts for the largest share of the alopecia treatment market in terms of value as the region has presence of major players and higher adoption rates of treatment options such as drugs and medical devices.
Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing awareness, rising disposable incomes, and growing incidence of alopecia in countries like India and China.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
