Alopecia market size is show casing compounded growth rate of 5.4% through 2026
The Alopecia market growth is driven by strong prevalence of Alopecia due to changing lifestyle patterns of people. According to studies of National Alopecia Areata Foundation (NAAF), about 147 million people are affected by alopecia areata worldwide.
In addition, rising awareness about alopecia and its treatment through awareness programs is contributing towards market growth. For instance, NAAF has conducted “Treatment Development Program (TDP)”, for research studies and awareness about alopecia treatment.
The demand for alopecia drugs and treatment is increasing rapidly owing to the rising prevalence of different alopecia diseases. Some of the related diseases include alopecia areata, traction alopecia, alopecia universalis, cicatricial alopecia, alopecia totalis, and rogenetic alopecia and others.
Ongoing burden of lifestyle diseases such as diabetes, polycystic ovary syndrome (PCOS), thyroid, and metabolism complications is increasing the patient pool of alopecia, resulting in high use of alopecia drugs.
Increasing R&D efforts to develop new methods for promoting hair growth using human pluripotent stem cells and development of FDA approved PRP treatment are key competitive strategies paving way for market growth.
However, high cost of medication, side effects associated with the alopecia treatment therapies and patent expiry of several hit drugs pose negative impact on the market size. In addition, the availability of alternative treatment option for hair-loss such as laser & light-based therapies and hair transplant surgery is hampering market growth in the estimation period.
Prevalence of Alopecia areata significantly impacts market growth
The unhealthy lifestyle patterns such as alcohol consumption, smoking and physical stress results in high prevalence of Alopecia areata. WHO study estimates approximately 1.1 billion smokers and about 6.2 litres of alcohol consumption worldwide per annum.
Americas show cases strong market growth over technology advancement and pipeline products
North America is the major revenue contributor largely driven by increase in technological advancements and new product developments. Products like follinex massager comb, hair growth renewing lasers and lifemax infrared hair brush are some of the alopecia products trending across the alopecia market.
Strong presence of pipeline of alopecia drugs with majority in first-in-class phase are in line for U.S. FDA approvals. Commercialization of these premium drugs with high prices positively impacts the market growth.
R&D investments and innovative product portfolio across key market players is boosting the market growth
The major players in the Alopecia industry are seeking intense R&D investments to develop high potential oral & topical agents to treat alopecia. For instance, Sun Pharmaceutical Industries Ltd invests around 7-8% of its total revenue on R&D activities annually to build its business.
The industry manufacturers are developing new drugs and treatment methods in order to maintain competitive edge in the market and enhance the product portfolio of key vendors. Some of the upcoming drugs for the treatment of alopecia pipelined in development phase include RCH-01 and P3074, followed by the new JAK inhibitor in Phase II.
Cipla Inc., Capillus, Cirrus Hair Centers, Follica, Inc., Johnson and Johnson AG, Lexington International LLC, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Transitions Hair Pty Ltd., and Vita-Cos-Med Klett-Loch GmbH are key companies holding major market share,