Prescription Hair Loss Hair Removal Drugs refer drugs that help in preventing hair loss and hair shedding, and also aid in regrowth of lost hair. These drugs include topical and oral prescription drugs like Minoxidil, Finasteride, and Bimatoprost that treat androgenic alopecia induced hair loss by blocking dihydrotestosterone pathway.
Prescription Hair Loss And Removal Drugs Market Size And Trends causing male pattern baldness or female pattern baldness, affecting majority of men and women. Rising prevalence of androgenic alopecia worldwide is fueling the demand for prescription hair loss drugs.
The Global Prescription Hair Loss Hair Removal Drugs Market is estimated to be valued at US$ 30.10 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Prescription Hair Loss Hair Removal Drugs are Pfizer Inc., Merck & Co., Inc., Johnson & Johnson, Bausch Health Companies Inc., L'Oreal S.A., Galderma S.A., Revivogen, Hims, Inc., Evolus, Inc., Aclaris Therapeutics, Inc., Amgen Inc., Sientra, Inc., Dr. Reddy's Laboratories Ltd., Boehringer Ingelheim, Bristol-Myers Squibb, Sun Pharmaceutical Industries Ltd., Cipla Limited, Mylan N.V., Zynerba Pharmaceuticals, Inc., Apex Therapeutics, LLC.
The Prescription Hair Loss Hair Removal Drugs Market Size more clinical trials to reduce side effects of existing drugs, and rising expenditure on hair loss treatment. Geographically, the North America region dominates the global prescription hair loss drugs market due to high awareness levels and easy availability of branded drugs. Asia Pacific region is expected to witness highest growth rate during the forecast period owing to huge target population base and rising healthcare expenditure in the region
Market Drivers
The major driver which is responsible for growth of Prescription Hair Loss Hair Removal Drugs market is rising prevalence of androgenic alopecia due to increasing stress levels and changing lifestyles. The condition is highly prevalent among people aging between 30-60 years. Moreover, rising social acceptance of hair loss treatments over hair transplants and awareness campaigns by pharmaceutical companies are also fueling the market growth. With increasing cosmetic consciousness among youth and middle-aged population, demand for effective hair loss drugs is growing consistently.
PEST Analysis:
Political: Regulatory agencies play an important role in approving the drugs used for hair loss treatment. Approval of new drugs and monitoring of older drugs impacts demand.
Economic: Rising disposable incomes have increased spending on appearance and beauty products including prescription hair loss drugs. Currency fluctuations can impact import and export of drugs.
Social: Growing concern about hair loss and desire to maintain a youthful look is driving the market. Social media is increasing awareness and acceptance of medical treatments for hair loss.
Technological: Advanced research in hair follicle biology and stem cell therapy is expanding treatment options beyond traditional drugs. 3D printing technologies may enable customized hair replacement in the future.
The market is currently concentrated in North America and Western Europe in terms of value due to higher consumer spending. The Asia Pacific region excluding Japan is expected to be the fastest growing market during the forecast period, driven by growing medical tourism and increasing disposable incomes in markets like India and China.
The male pattern baldness segment currently holds the largest share of the prescription hair loss drugs market in terms of value. This is attributed to higher prevalence of the condition in males compared to females. Statistics indicate nearly 80 percent of males begin to lose their hair by age 35. Consequently, the majority of new product development and innovations are focused on providing effective treatment options for male pattern baldness.
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