The global alopecia drugs market is projected to reach a value of over US$ 10,000 Mn in 2026 at a CAGR of 4.8% over the forecast period.
Alopecia is a hair loss condition which affects scalp of individuals. It causes clumps of hair to fall out resulting in hairless patches on scalp or other areas of the body. In some cases, individuals affected by alopecia may have thinner hair leading to unnoticeable patches of baldness, leaving short snubs called exclamation point hair. Alopecia drugs have proven useful in treating hair loss conditions to a significant extent in both males and females. The drugs are prescribed by healthcare professionals depending on the type of alopecia, age and extent of hair loss.
Global Alopecia Drugs Market: Market Dynamics
Increasing incidence of hair loss in both males and females across the globe is a key factor driving growth of the global market over the forecast period. For instance, the American Academy of Dermatology stated that around 80 million people suffered from hair loss problems in US alone in 2016. Another factor fueling global market is increasing awareness among individuals pertaining to availability of various treatments in the market, which can be attributed to the initiatives taken by several regulatory bodies such as the National Alopecia Areata Foundation (NAAF) and the American Hair Loss Association (AHLA). Rapunzel Project is an initiative by AHLA which works to prevent hair loss in chemotherapy patients. Furthermore, approval of janus kinase inhibitors (JAK) drugs with minimal side effects by FDA is other factor expected to impel growth of target market in the near future.
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Introduction and innovative new drugs to eradicate the side effects of conventional drugs to treat alopecia can generate high revenue opportunities for various players in the global alopecia drugs market. Moreover, development of novel and innovative topical forms of inhibitors for hair fall treatment resulting from infection, tuberculosis, and cancer treatment is projected to create new and beneficial opportunities for various players in the alopecia drugs market. Prominent players need to focus on development of drugs that cause less side effects and offer positive results.
Global Alopecia Drugs Market: Segmental Snapshot
The market report has been segmented on the basis of route of administration, gender, and region. The route of administration segment includes oral, injectable, and topical. Gender segments include men and women. The regions covered in the analysis are The Americas, Europe, Asia Pacific, and Rest of the World.
By route of administration:
On the basis of route of administration, topical segment is expected to account for major share in terms of revenue in the global market and is projected to register a CAGR of over 5% over the forecast period, owing to its easy application, high absorbability on scalp, and non-invasive nature. Topical treatment involves topical corticosteroids that are available in various forms such as lotions, gels, and liquids. Moreover, the topical segment is projected to maintain its dominant revenue contribution in the global market over the forecast period.
By gender:
Male segment dominated the global alopecia drugs market in revenue terms, accounting for highest revenue share and registering a CAGR of over 4.5% during the forecast period 2017 & 2026. It is further projected to maintain its dominant revenue contribution over the forecast period, owing to higher smoking and drinking habits of men as compared to women.
In women, the major cause of hair loss can be hormonal imbalances caused by disorders such as polycystic ovary syndrome (PCOS), which leads to androgenetic alopecia. Traction alopecia is also commonly observed in women due to the rising stress levels on hair follicles by factors such as hairstyles and changing sedentary lifestyle.
By region:
The market in Asia Pacific is projected to register a significant growth of around 7%, which is relatively higher than that of markets in other regions. Increasing incidence of hair loss in both males and females, rising awareness levels among individuals about available treatment options and rising disposable income in emerging economies such as China, India and Singapore are factors expected to create high potential growth opportunities in the Asia Pacific market over the forecast period. Product expansion by the key players in the emerging economies is another major factor boosting growth in the Asia Pacific region. For instance, AVODART was approved for treatment of alopecia in South Korea in 2010 and in Japan in September 2015.
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Global Alopecia Drugs Market: Competitive Analysis
The research report on the global alopecia drugs market includes detailed competitive analysis on major companies such as Taisho Pharmaceutical Holdings Co. Ltd., The Himalaya Drug Company, Johnson & Johnson Services, Inc., GlaxoSmithKline Plc., Cipla Inc., Dr. Reddy's Laboratories Ltd., MERCK, Vitabiotic Ltd., and Sun Pharmaceutical Industries Ltd.
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