The global alopecia market size is expected to reach USD 14.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2021 to 2028. The strong presence of pipeline products and increasing approval for laser-based therapy to treat hair loss conditions are major factors anticipated to drive growth. Moreover, rising awareness among patients about alopecia and its treatments, increasing government initiatives, supportive regulations & laws, and improvements in healthcare infrastructure are factors expected to propel market growth over the forecast period.
Technological
advancements in alopecia treatment are among the key drivers of this market.
There are two FDA-approved therapeutics for alopecia-Rogaine and Propecia.
There has been an increase in market penetration of generics after patent
expiries of both drugs. However, the launch of several promising pipeline
candidates over the forecast years such as Xeljanz (tofacitinib), Breezula
(clascoterone), Jakafi (ruxolitinib), SM04554, and Lumigan (Bimatoprost) is
expected to substantially drive the growth of the market in the near future.
The
introduction of low-level laser therapy that helps stimulate hair growth is
expected to increase the treatment rate among patients facing hair loss. In
addition, the launch of laser caps, helmets, combs, and bands is also
anticipated to boost the market growth. For instance, Capillus Laser Cap, iGrow
Laser Helmet, iRestore Hair Growth System, and Hairmax Laser devices are some
of the technologically advanced products available in the market.
Moreover,
the increasing prevalence of diseases such as cancer, Polycystic Ovary
Syndrome, and rheumatoid arthritis which are associated with hair loss is also
expected to boost the treatment rate of hair loss in the near future. For
instance, as per the U.S. Department of Health and Human Services, nearly 5
million women in the U.S. are affected by PCOS. Furthermore, according to the
GBD database, the prevalence of PCOS in European countries, such as France,
increased from 872,351 to 882,322 in 2018 & 2019, respectively, and in the
U.K., the prevalence was found to be 1,134,082 to 1,142,498.
Market
players are increasingly forming partnerships and licensing agreements to
enhance their product capabilities and promote the outreach of their products.
For instance, the iGrow laser system has a partnership with China Central
Pharmaceuticals in China. China Central Pharmaceuticals holds exclusive
distribution rights over Aspira in the country. Moreover, Capillus, LLC has collaborated
with Svenson, a hair loss treatment clinic to expand the distribution of laser
therapy caps in Europe and Asia Pacific region. The partnership with local
players and service providers is expected to increase the adoption of
innovative therapy for hair loss treatment.
Additionally,
companies are actively participating in scientific conferences and conducting
awareness campaigns for creating brand awareness. For instance, in February
2021, Hairmax welcomed Mary Brunetti as the brand ambassador to increase brand
awareness about dealing with COVID-19-induced hair loss, as well as hereditary
loss. Moreover, it plans to leverage the popularity of the brand ambassador to
showcase its target market as to how its products can help regrow and
revitalize their hair.
However,
reimbursement remains one of the major challenges in this market. Since most of
the treatment modalities are considered as not medically essential and are
categorized as cosmetic procedures, the treatment for hair loss is generally
not covered under insurance plans. Out-of-pocket expenses for alopecia
treatment usually include prescription drug copays, frequent doctor visits, and
co-insurance for procedures. Moreover, increasing adoption of substitutes, such
as traditional medicines-Ayurvedic, Chinese, and herbal medications may hamper
the growth of the market. Based on results from the GlaxoSmithKline plc
sponsored survey, around 22.7% of the patients took Chinese medications for
treating male androgenetic alopecia in South Korea followed by Taiwan with
22.0% patients.
Full Research Report On Alopecia Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/alopecia-market
Alopecia Market
Report Highlights
- In 2020, the alopecia areata
segment accounted for the largest revenue share and is anticipated to
maintain its dominance over the forecast period
- Key late-stage pipeline
candidates in the treatment of hair loss include: Xeljanz (tofacitinib),
Breezula (clascoterone), and SM04554 are expected to fuel the growth in
the coming years
- Alopecia universalis is
anticipated to witness the fastest growth during the forecast period owing
to the potential pipeline products, such as BNZ-1 (Bioniz Therapeutics),
and stem cell educator therapy with minoxidil (Tianhe Stem Cell
Biotechnologies, Inc.)
- North America was the
largest market in 2020 mainly due to a high disease prevalence, rising
consumer awareness, proactive government measures, technological
advancements, and improved healthcare infrastructure
- Europe held the
second-largest market share in 2020 given the high prevalence of AGA i.e.,
80% and 50% in both the men and women of the region, respectively
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
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