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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Alopecia treatment products are used to treat hair loss and promote hair regrowth by using medicines and supplements. The treatment options help to slow down or stop the progression of hair loss and stimulate hair follicles for new hair growth.
Market key trends:
One of the key trends in the alopecia treatment market is the increasing adoption of topical drug therapies. Topical drugs such as minoxidil, finasteride, and dutasteride are widely used as the first line of treatment for alopecia as they are easily accessible over-the-counter drugs. They work by stimulating hair follicles and prolonging the growing phase of hair development. They are safe to use and have minimal side effects. Hence, they are preferred initially before recommending other invasive treatments.
SWOT Analysis
Strength: The alopecia treatment market has a large patient population suffering from various forms of alopecia. Advancements in stem cell therapy and gene therapy offer new treatment options.
Weakness: High costs associated with stem cell therapy and gene therapy treatments pose affordability challenges. Lack of approved drugs for treating alopecia areata.
Opportunity: Rising awareness about new treatment options drives market growth. Developing drugs for untreated indications like alopecia areata provides scope.
Threats: Strong competition among existing players pressures pricing. Stringent regulations for approval of new drugs increases costs and timelines.
Key Takeaways
The Global Alopecia Treatment Market Share is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing awareness about treatment options and new product approvals.
Regional analysis
Europe is the second largest market for alopecia treatments due to increasing research on novel drugs. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising disposable incomes, growing medical tourism and improving access to treatments.
Key players
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€TMs 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.
