Alopecia treatments help treat hair loss and promote hair regrowth. Alopecia treatments include topical creams and lotions, oral medications, steroids and PRP injections. These products provide nourishment to hair follicles and promote hair growth. The prevalence of alopecia and other hair loss conditions has been increasing significantly worldwide due to rising levels of mental stress, pollution and genetic factors.
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 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The key trend driving the growth of the alopecia treatment market is the rising prevalence of hair loss conditions. According to the National Alopecia Areata Foundation, alopecia areata affects approximately 6.8 million people in the U.S. yearly. Alopecia areata is an autoimmune disorder wherein the immune system attacks hair follicles, resulting in hair loss. The higher occurrence of other hair loss conditions such as androgenic alopecia and telogen effluvium is also pushing the demand for alopecia treatments. Genetic predisposition, environmental factors, and psychological stress are major contributors towards the increasing prevalence of alopecia globally.
Segment Analysis
The global alopecia treatment market is dominated by topical drugs segment. This segment accounts for over 35% market share in 2023. Topical drugs are preferred first line treatment option due to their localized action, minimal side effects and easy application. Within topical drugs, minoxidil based drugs dominate with over 70% share due to proven efficacy and leadership of brands like Rogaine. However, stem cell therapy segment is witnessing highest growth rate over 25% during 2023-2030. Increasing successes of stem cell therapies in restoration of hair follicles, greater researcher focus on this area and rising patient adoption are driving growth of stem cell therapy segment.
Key Takeaways
The global Alopecia Treatment Market Demand is expected to witness high growth during 2023-2030 on back of rising awareness, effective marketing by pharma companies and increasing prevalence of alopecia disorders worldwide.
North America is expected to remain the largest and fastest growing regional market owing to presence of major players, higher healthcare spending and patient awareness levels. Europe is second largest market driven by increasing research collaborations between pharma companies and research institutes.
Key players operating in the alopecia treatment market are Shiseido, Cipla, Merck, Johnson & Johnson, Sun Pharmaceuticals, Transitions Hair, Lexington International and Cirrus Hair Transplant.rising investments by these players to develop new treatment modalities like stem cell therapies, growth factors and drugs impacting hair follicles regeneration are expected to drive market growth during the forecast period.
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