Alopecia Treatment (Hair Loss) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Alopecia Treatment (Hair Loss) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Alopecia is a term used to describe excessive hair damage under certain medical conditions or dietary issues. A sedentary lifestyle and unhealthy diets are leading to loss of hair among masses. Furthermore, aging and hormonal imbalance, increasing chronic diseases like arthritis, cancer, hypertension, depression also leads to hair loss, especially among the middle-aged population. According to the American Hair Loss Association, androgenetic alopecia accounts for over 95% of hair loss in men. Over 800 thousand patients are seeking some kind of treatment for hair loss worldwide.

In recent years, many novel drugs have been approved by the regulatory bodies for the treatment of alopecia and many drugs are in pipeline, which are expected to receive approval in the near future. Concert Pharmaceuticals Inc. received fast track designation from United States Food and Drug Administration, (FDA) for its novel product for the treatment of moderate-to-severe alopecia areata in January 2018. The launches of such novel products in the market is expected to drive the global alopecia treatment market growth in the near future.

About one-third of women experience hair loss (alopecia) at some time in their lives. Among postmenopausal women, as many as two-thirds suffer hair thinning or bald spots. Hair loss in women often has a greater impact than hair loss does on men, because it's less socially acceptable for them.

Androgenetic alopecia is the most common cause of hair loss in women. Alopecia can severely affect a woman's emotional well-being and quality of life. Although Alopecia is more common in male than female, the female has the largest share in the market owing to the factors such as high awareness levels coupled with increased frequency of Polycystic Ovary Syndrome (PCOS) causing a hormonal imbalance that leads to androgenetic alopecia.

North America dominates the Alopecia Treatment (Hair Loss) market due to the presence of technologically advanced healthcare infrastructure, high disposable income, and availability of novel therapeutics options pertaining to the treatments. According to United States National Library of Medicine, Alopecia areata affects 1 in every 500 to 1,000 people in United States. It is one of many recognized forms of alopecia, alopecia areata is the second most common form after androgenetic alopecia. Alopecia areata affects men and women equally, and it can occur in people of any ethnic background. Therefore, the high prevalence and the proportionally high treatment rates pertaining to hair loss in the U.S. are high major drivers for the North American market.

Some of the prominent industry players operating in total Alopecia Treatment (Hair Loss) market include Sun Pharmaceuticals Industries Ltd., Aclaris Therapeutics Inc., Cipla Inc., Concert Pharmaceuticals Inc., Daiichi Sankyo Inc. The development of advanced products for better outcomes and rigorous marketing is one of the competitive strategies adopted by the market players. In 2018, HCell Inc., a biotechnology company received orphan drug designation (ODD) for its product from the FDA. Furthermore, in 2017, Perrigo Company PLC. Launched over-the-counter Women's Rogaine, which helps to regrow hair on top of the scalp.

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