by Alopecia refers to a medical condition involving hair loss on the scalp or other areas of the body. The most common forms of alopecia include androgenetic alopecia (male- and female-pattern baldness), alopecia areata, and telogen effluvium. Some commonly used treatment options include topical creams or solutions, injections, surgery, and drugs. The topical treatment segment dominated the global alopecia treatment market in 2022 with products like minoxidil and corticosteroids. These treatments help stimulate hair growth or reduce inflammation and swelling. The demand for alopecia treatment options is rising steadily owing to increasing awareness regarding treatment availability and growing social acceptance of baldness.
The global alopecia treatment market is estimated to be valued at US$ 9.65 billion 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 Dynamics
One of the major drivers fueling the alopecia treatment market growth is the growing awareness regarding various treatment options available for hair loss conditions like alopecia. Rising social acceptance of baldness and discussions on social media platforms are helping remove the stigma around alopecia. This is encouraging more people to seek professional medical help rather than considering it normal aging process. Additionally, rising personal care expenditure, especially in emerging economies is supporting the market expansion. As disposable income is increasing, more people are willing to spend on hair care and treatment products and services to boost self-confidence. Also, growing geriatric population globally prone to age-related hair loss like androgenic alopecia is providing new opportunities to players in this market.
Segment Analysis
The global alopecia treatment market is dominated by the androgenetic alopecia sub segment. Androgenetic alopecia, also known as male/female pattern baldness, accounts for over 95% of all types of alopecia. It is a hereditary hair loss condition that primarily affects the scalp. High prevalence of androgenetic alopecia across the world has made it the dominating sub segment.
PEST Analysis
Political: Government regulations around the usage of drugs and medical therapies for alopecia treatment differ across countries. Some therapies are still awaiting regulatory approvals in certain markets.
Economic: Rising disposable income levels have increased patient willingness to spend on advanced treatment options like hair transplants. Growing cosmetic industry promotional activities have also boosted market demand.
Social: Alopecia can negatively impact self-esteem and confidence levels. Changing social attitudes have decreased stigma around hair loss treatment seeking behavior over the years.
Technological: Development of novel drug molecules, advanced hair transplant techniques, and low-level light therapy devices have expanded the alopecia treatment landscape. Computer-assisted FUE transplant procedures offer improved outcomes.
Key Takeaways
The global Alopecia Treatment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
North America currently dominates the market due to high alopecia prevalence rates and strong demand for appearance-altering procedures. Rising research funding and increasing FDA approvals are also propelling the regional market.
Key players operating in the alopecia treatment market are Pfizer, Merck, GlaxoSmithKline, Johnson and Johnson, Lexington International, Cirrus Hair Centers, Vitabiotics, Histogen, Aclaris Therapeutics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
