Alopecia Treatment Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Vikas Kumar
- January 4, 2022
- HEALTHCARE, NEWS
- Alopecia Treatment Market growth, Alopecia Treatment Market news, Alopecia Treatment Market Share, Alopecia Treatment Market Size, Alopecia Treatment Market trend
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Alopecia Treatment Market is expected to grow at a CAGR of around 6% during the forecast period 2021-2027. The market stood at around US$ 9 billion in 2020. The global Alopecia Treatment market is expected to witness robust growth mainly due to the aging and hormonal imbalance coupled with increasing chronic diseases like arthritis, cancer, hypertension, depression that also leads to hair loss, especially among the middle-aged population. Alopecia is an autoimmune disease that targets hair follicles in the anagen phase and causes non-scarring alopecia. The Rochester Epidemiology Project estimates the lifetime risk of developing Alopecia at 2%. Furthermore, in a survey conducted by the Brazilian Society of Dermatology in 2020, Alopecia areata accounted for 1.2% of all dermatological consultations. Among the causes of hair loss, it was only less frequent than androgenetic alopecia and telogen effluvium. Many therapies are available for the treatment of alopecia areata, including topical, systemic, and injectable modalities.
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Diabetes is a chronic condition that can have a wide range of effects on a person’s body. In some people, diabetes can cause hair thinning or hair loss. As per International Diabetes Federation, 63 million adults around the world between the ages of 18 and 79 suffer from type 2 diabetes (T2D). By 2045, this figure is set to reach 700 million people. In Europe, 60 million people are living with type 2 diabetes. This figure will rise to 68 million in 2045. However, these figures do not fully reflect the significance of this condition, as around 40% of people in Europe are unaware that they have type 2 diabetes. Anyone with type 1 or type 2 diabetes should have their thyroid levels checked once per year to ensure they are not developing hypo- or hyperthyroid disease. Especially common in patients with type 1 diabetes, hypothyroidism is an autoimmune disease that can cause significant hair loss.
The COVID-19 pandemic has had an unparalleled impact on the socio-economic and healthcare structure across various countries. During COVID -19 period, people have seen their daily lifestyles change drastically. In addition, the COVID-19 outbreak spread to almost every country, due to which the number of infected patients inflated, which strained countries’ healthcare ecosystem and resources. This is mainly because of the intensifying demand for healthcare facilities, workers, medical equipment, devices, drugs, and research studies. Furthermore, By June 2020, because of concerns about COVID-19, an estimated 41% of U.S. adults had delayed or avoided medical care including urgent or emergency care (12%) and routine care (32%). Avoidance of urgent or emergency care was more prevalent among unpaid caregivers for adults, persons with underlying medical conditions, young adults, and persons with disabilities. Thus, restraining market growth to some extent in the year 2020.
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Based on disease type, the Alopecia Treatment Market is segmented into Alopecia Areata, Androgenic Alopecia, and others. In 2020, Androgenic Alopecia category dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the rising geriatric population coupled with unhealthy lifestyle and hormonal imbalance across the globe. Androgenic alopecia is a genetic condition and is characterized by a receding hairline and gradual disappearance of hair from the crown and frontal scalp among men. Moreover, the increasing prevalence of diseases such as cancer, Polycystic Ovary Syndrome, and rheumatoid arthritis, which are associated with hair loss, is also expected to boost the treatment rate of hair loss in the near future.
Based on route of administration, the market is bifurcated into topical, oral, and injectable. Among these, topical category accounted for the major share in the global Alopecia Treatment. However, oral category is also expected to witness strong growth in the market. Major pharma companies in the market are continuously working on developing and conduction clinical trials of new drugs for the treatment of alopecia. For instance, in April 2021, Eli Lilly and Company and its partner Incyte Corporation announced that its autoimmune disease drug baricitinib spurred hair regrowth in patients with a severe form of alopecia areata in a second Phase 3 study, positioning the drug to become the first treatment specifically approved for the disease. Thus, market is expected to witness significant during the forecast period.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. North America will dominate the market on account of the rising research and development initiatives, increasing incidents of chronic diseases coupled with rising geriatric population. In addition, increasing presence of major pharmaceutical companies in the region coupled with their increasing focus on the research and development of new drugs, is further expected to propel the market growth.
Alopecia Treatment Market Segmentation
Market Insight, by Disease Type
- Alopecia Areata
- Androgenic Alopecia
Market Insight, by Route of Administration
Market Insight, by Distribution Channel
- Hospitals and Clinics
- Drug Stores and Retail Pharmacies
- Online Pharmacies
Market Insight, by Region
- North America Alopecia Treatment Market
- Rest of North America
- Europe Alopecia Treatment Market
- Rest of Europe
- Asia-Pacific Alopecia Treatment Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Alopecia Treatment Market
Top Company Profiles
- Dr. Reddy’s Laboratories Ltd.
- Eli Lilly and Company
- Teva Pharmaceutical Industries Ltd.
- Johnson & Johnson Inc.
- Cipla Inc.
- Cassiopea S.p.A.
- Follicum AB
- Arcutis Biotherapeutics
- Concert Pharmaceuticals Inc.