The Alopecia Treatment Market offers a variety of products such as drugs, devices, and surgery to treat hair loss conditions such as androgenetic alopecia and alopecia areata. The treatment options aim to slow down or stop hair loss, stimulate hair regrowth, and provide cosmetic coverings for baldness through products such as hair weaves, wigs, and hairpieces.
The global Alopecia Treatment Market is estimated to be valued at US$ 9.65 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the growth of the alopecia treatment market is the increasing awareness regarding various hair loss treatment options. Various factors contributing to this rising awareness include social media influence, patient education programs conducted by hospitals and dermatology clinics, and direct-to-consumer advertising by pharmaceutical companies. Additionally, reducing stigma around hair loss problems such as alopecia has encouraged more people to seek medical treatments. This has boosted demand for prescription medications and low-level laser therapies to stimulate hair regrowth. Moreover, growing product offerings catering to specific causes such as alopecia areata or pattern baldness further drive the market growth.
SWOT Analysis
Strength: The alopecia treatment market has significant growth opportunities due to high prevalence of alopecia disorders. Alopecia treatments such as corticosteroids, lasers, and hair transplants are effective options.
Weakness: Limited treatment options and high costs associated with some treatments like hair transplant surgery. Lack of permanent cure is also a challenge.
Opportunity: Growing geriatric population which is at higher risk of alopecia. Rising awareness drives the demand for cosmetic treatments. Increasing R&D investments by key players to develop innovative drugs and devices.
Threats: Stringent regulations for approval of new drugs and devices. Side effects associated with long-term use of corticosteroids and minoxidil solutions.
Key Takeaways
The Global Alopecia Treatment Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regionally, North America dominates the market currently due to large patient population and higher treatment rates. Asia Pacific is expected to grow at the fastest pace due to rapidly aging populations, rising incomes, and increasing awareness in countries like China and India.
Key players operating in the alopecia treatment market include Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia Corporation (South Korea), Nissan Motor Co., Ltd. (Japan), BYD Auto Co., Ltd. (China), SAIC Motor Corporation Limited (China), Geely Automobile Holdings Limited (China), Tata Motors Limited (India), Mahindra & Mahindra Ltd. (India), Maruti Suzuki India Limited (India), Mitsubishi Motors Corporation (Japan), Proton Holdings Berhad (Malaysia), Perusahaan Otomobil Kedua Sendirian Berhad (Perodua) (Malaysia), Groupe PSA (France).
The market size for alopecia treatment was US$ 9.65 Bn in 2023 and is expected to reach over US$ 16 Bn by 2030, registering a CAGR of 7.9% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it