A new report by Report Ocean asserts that the global alopecia treatment market is witnessing significant growth due to increasing cases of baldness among men and women across the world. The report is tiltled as “Global Alopecia Treatment Market Size study, by Disease Type (Alopecia Areata, Cicatricial Alopecia, Traction Alopecia, Alopecia Totalis, Alopecia Universalis, Androgenetic Alopecia, Others), by End-use (Homecare Settings, Dermatology Clinics), by Sales Channel (Prescriptions, OTC), by Gender (Male, Female) and Regional Forecasts 2020-2027.”
The report further states that the global alopecia treatment market stood at US$2.6 bn in 2019. It is projected to propel at a promising CAGR of more than 9.50% over the forecast period from 2020 to 2027.
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Rising Demand for Hair Loss Treatment Boost Global Alopecia Market
The global alopecia treatment market is largely driven by the rising demand for hair loss treatments and medications with improved efficiency and lesser side effects. The fast-paced lifestyle and hectic schedules have increased the stress level of consumers across the world, resulting in hypertension. Since consumers have no room in their tight schedule for a proper meal, they are increasingly inclined towards easy-to-have on the go junk food, resulting in obesity and related conditions. These and many more lifestyle issues are leading to hair loss in consumers, which is opening the way for the alopecia treatment may, worldwide.
Apart from this, technological advancements in treatment methods and increase in per-capita healthcare spending are also boosting the global alopecia treatment market and are expected to continue doing so in the near future. However, the side effects associated with the existing hair loss treatment therapies and the expiry of the patent of many blockbuster drugs may hamper the market’s growth over the forecast period.
Key players in the global alopecia market have taken up various strategies, including partnerships and agreements, mergers and acquisition, innovations, product launches, and investments, to gain a competitive edge over their peers. The leading strategic tactics in this market is to develop and launch technologically advanced products.
The latest developments in this market are:
- In 2018, HCell Inc. secured orphan drug designation (ODD) from the FDA for its medication.
- In 2017, Perrigo Company Plc. rolled out Women’s Rogaine over the counter.
Continued Dominance of North America
In terms of the regional markets for alopecia treatment, North America has been leading worldwide. The extensive disease prevalence together with technological advancements in treatment methods, ongoing research and development for new medications, and high disposable income of consumers, which enables them to afford expensive treatment, are some of the key factors behind the dominance of North America on the global alopecia treatment market.
Asia Pacific is also projected to report a high growth rate over the forecast period of 2020-2027. Factors, such as the rising awareness among consumers toward available treatment options, are expected to drive the alopecia market across Asia Pacific.
Impact of Covid 19 on Global Alopecia Treatment Market
The coronavirus pandemic has indirectly impacted the global alopecia treatment market. Due to the disruption in supply chain systems, the delivery of devices and medicines required for this treatment faced delays, hampering the overall market. Also, the current economic disturbance has forced consumers to reconsider their expenses, leading to lesser expenditure on less necessary things, including the treatment of alopecia.
Key Findings:
- North America is leading the global alopecia treatment market.
- Males are more affected by alopecia than females. However, the female patient base is also reporting a rapid rise.
The global alopecia treatment market is segmented into:
By Disease Type
- Alopecia Areata
- Cicatricial Alopecia
- Traction Alopecia
- Alopecia Totalis
- Alopecia Universalis
- Androgenetic Alopecia
- Others
By End-use
- Homecare Settings
- Dermatology Clinics
- By Sales Channel
- Prescriptions
- OTC
By Gender
- Male
- Female
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Johnson and Johnson Services Inc.
- Sun Pharmaceutical Industries Ltd.
- Cipla Inc.
- Lexington International LLC
- Merck & Co., Inc.
- Vita-Cos-Med Klett-Loch GmbH
- Cirrus Hair Center
- Transitions Hair Pty Ltd.
- Capillus
- Ollica Inc.
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