Alopecia Global Market Report 2024

The global alopecia market has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to growing awareness of diagnosis, increasing consumer demand, increasing number of international medical tourism centers, improved reimbursement scenarios.

The global alopecia market is expected to see strong growth in the next few years. It will grow to $7.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing aging population, rising cosmetic concerns, increasing lifestyle factors, rising healthcare expenditure. Major trends in the forecast period include advancements in treatment options, biotechnological innovations, the growing use of artificial intelligence (AI) and machine learning (ML) in alopecia research.

The anticipated rise in the prevalence of hair loss is expected to drive the growth of the alopecia market in the coming years. Hair loss, characterized by the partial or complete loss of hair from its typical growth areas, is a condition that affects many individuals. Alopecia treatments play a crucial role in addressing various aspects of hair loss, including promoting hair regrowth, devising personalized treatment strategies, utilizing combination therapies, and managing the physical manifestations of hair loss. These interventions can significantly enhance an individual's emotional well-being and overall quality of life. For example, as of April 2023, data from the China-based National Health Commission indicates that over 250 million Chinese people have experienced hair loss, with 42% of them falling within the age range of 26 to 30. Additionally, data from the US-based Statistic Brain Research Institute in February 2023 reveals that approximately 40% of men will experience noticeable hair loss by the age of 35, and this percentage will increase to 65% by the age of 60. Hence, the growing prevalence of hair loss is a key driver behind the expansion of the alopecia market.

The substantial increase in government initiatives is poised to drive the growth of the alopecia market in the future. Government initiatives encompass specific actions, policies, programs, or projects undertaken by government authorities at various levels to address particular issues, achieve specific objectives, or enhance the overall well-being of their constituents and society as a whole. Government initiatives can significantly contribute to the advancement of alopecia treatment through various means, such as allocating funds for research, expediting the approval process for new drugs and therapies, and launching public awareness campaigns to educate both the public and healthcare professionals about alopecia. As an illustration, in June 2022, the Government of Ireland, as reported by gov.ie, introduced a new grant of $525.36 (€500) to assist individuals experiencing hair loss due to illness in covering the costs of wigs, hairpieces, or other hair replacements. Such initiatives can notably enhance the quality of life for those dealing with alopecia and related conditions. Consequently, the upsurge in government initiatives is a driving force behind the growth of the alopecia market.

The elevated expenses associated with treatment pose a challenge and have the potential to impede the market's growth throughout the forecast period. Alopecia treatment can be financially burdensome, encompassing costs for hair replacement products, medical consultations, and hospital procedures. This financial burden may significantly impact individuals dealing with alopecia. For example, in September 2022, Healthline, a US-based online health information platform, reported that the cost of topical alopecia treatments like minoxidil can range from $40 to $1,000. Hence, the high treatment costs are a restraining factor affecting the expansion of the alopecia market.

Major companies operating in the alopecia market are focused on developing an innovative treatments to gain competitive advantages in the market. For instance, in June 2022, Eli Lilly and Company, a US-based pharmaceutical company and Incyte, a US-based pharmaceutical company, unveiled their approval for is luminant oral tablets by the United States Food and Drug Administration (FDA), a US-based federal agency. It is the first FDA-approved systemic treatment for treating severe alopecia areata in adults. Olumiant is also indicated for treating adult patients with moderately to severely active rheumatoid arthritis who have had an inadequate response to one or more tumor necrosis factor (TNF) blockers.

In March 2023, Sun Pharmaceutical Industries Limited, an India-based pharmaceutical company, acquired Concert Pharmaceuticals for $576 million. With this acquisition, Sun Pharmaceutical aims to improve and enhance its alopecia treatment offerings and expand its product portfolio. Concert Pharmaceuticals Inc. is a US-based biopharmaceutical company involved in developing oral inhibitors of Janus kinases as a treatment for alopecia areata.

Major players in the alopecia market are Pfizer Inc., Johnson and Johnson Ltd., Merck and Co. Inc., Bayer AG, Novartis AG, Sanofi SA, GlaxoSmithKline PLC, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Allergan PLC, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Perrigo Company PLC, Intertek Group PLC, Dr. Reddy's Laboratories Ltd., Cipla Limited, Almirall S.A., Aclaris Therapeutics Inc., Curallux LLC, Theradome Inc., Lexington International LLC, Histogen Inc., Apira Science Inc.

North America was the largest region in the alopecia market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alopecia report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the alopecia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of alopecia include alopecia areata, androgenetic alopecia, alopecia totalis, traction alopecia, cicatricial alopecia, and others. Alopecia areata is an autoimmune condition characterized by sudden hair loss resulting in circular or oval patches on the scalp or other body areas. Various treatment options encompass pharmaceuticals, low-level laser therapy devices, hair transplants, regenerative medicine, and more. These treatments are available through diverse distribution channels like hospital pharmacies, retail pharmacies, online pharmacies, and others, catering to a wide range of end-users including dermatology clinics, home care settings, and more.

This report provides alopecia market statistics, including alopecia industry global market size, regional shares, competitors with an alopecia market share, detailed alopecia market segments, market trends and opportunities and any further data you may need to thrive in the alopecia industry. This alopecia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The alopecia market consists of revenues earned by entities by providing anagen effluvium, telogen effluvium, and alopecia universalis treatments. The market value includes the value of related goods sold by the service provider or included within the service offering. The alopecia market also includes the sales of shampoos, drugs, and hair regrowth supplements. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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