Alopecia Market Outlook 2031
The global alopecia market size was valued at USD 3.41 billion in 2022 and is projected to reach USD 7.72 billion by 2031 expand at a CAGR of 9.5 % during the forecast period, 2023–2031. The growth of the market is attributed to the increasing prevalence of androgenetic alopecia and alopecia areata diseases around the world.
The medical word for hair loss is alopecia. Hair loss can be caused by a variety of factors, including genetics, illness, or the use of certain drugs. Alopecia symptoms range from a little bald spot to the entire loss of all body hair, depending on the etiology of the disorder. Alopecia areata, male or female pattern hair loss, and telogen effluvium, or hair thinning, are all common types of alopecia.
Alopecia areata is a disorder in which hair falls out in tiny spots that might be difficult to notice. However, these patches may join and become visible. This disorder occurs when the immune system destroys hair follicles which results in hair fall. Hair loss may occur anywhere on the body, including the scalp, eyebrows, eyelashes, and face, as well as other regions of the body. It might also take a long time to develop and reoccur after a long period of time.
Although there is no known cure for alopecia, there are therapies that may be able to help hair regrow more rapidly or slow down future hair loss. Male-pattern baldness is a natural component of aging and does not require treatment because it poses no health risks. Hair loss, on the other hand, may be stressful, and there are some therapeutic options for those who are distressed or losing self-confidence.
Finasteride and minoxidil are drugs that can be used to treat male-pattern baldness, while the latter can also be used to treat female-pattern baldness. These medications do not promise that they will stop hair loss, and any favorable results will only continue as long as you take them. Steroids or immunotherapy can be used to treat alopecia areata. Immunotherapy involves purposely triggering an allergic reaction that causes hair to grow in bald spots.
Alopecia can also be treated surgically, with hair transplants or implants being two options. A person may also choose to wear a wig, which can be synthetic or composed of actual hair. The technique of hair transplantation is mostly used to treat male-pattern baldness. Hair follicles from the back of the head are harvested and implanted into bald spots.
In scalp reduction surgery, a section of the bald scalp at the crown of the head is removed, and surrounding areas of skin with hair development are stitched together to hide the bald patch. This are available treatment options for various Alopecia disorders.
Alopecia Market Trends, Drivers, Restraints, and Opportunities
- Changing lifestyle, such as excessive tobacco and alcohol consumption, and rising stress levels are anticipated to fuel the market growth during the forecast period.
- Increasing expenditure by people on aesthetics is expected to propel the market growth during the forecast period.
- Increasing ageing population and population with hormonal imbalance are factors propelling the market growth during the forecast period.
- Increased prevalence of chronic disorders such as acute stress disorder, Polycystic Ovary Disease (PCOD), hyperthyroidism, hypothyroidism, cancer, lupus, and hypopituitarism are projected to boost the market growth.
- Increasing awareness amongst the people regarding the treatment options available is anticipated to drive the market growth in the coming years.
- High cost of treatment and no assurity to completely treat alopecia are some the challenges that can restrict the market growth during the forecast period.
- Increased emphasis on R&D for new product and technology development is expected to offer lucrative opportunities for the market players.
Scope of The Alopecia Market Report
The report on the global alopecia market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Alopecia Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Disease Types (Alopecia Areata, Cicatricial Alopecia, Traction Alopecia, Alopecia Totalis, Alopecia Universalis, Androgenetic Alopecia, and Others), End-use (Homecare Settings and Dermatology Clinics), Sales Channel (Prescriptions and Over the Counter), Gender (Male and Female)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Johnson and Johnson Services, Inc.; Sun Pharmaceutical Industries Ltd.; Cipla Inc.; Lexington International LLC; Merck & Co., Inc.; Vita-Cos-Med Klett-Loch GmbH; Cirrus Hair Centers; Transitions Hair Pty Ltd.; Capillus; and Follica, Inc.
Alopecia Market Segment Insights
Alopecia areata segment is expected to account for a key share of the market
Based on disease types, the alopecia market is segmented into androgenetic, areata, cicatricial, totalis, universalis, traction, and others The alopecia areata segment is expected to account for a key share of the market during the forecast period owing to the increasing prevalence of the disease and rising awareness. People with autoimmune disorders, such as Down's syndrome, diabetes, and hyperthyroidism, are more likely to develop the disease. Alopecia areata can develop to alopecia universalis and totalis.
On the other hand, the androgenetic alopecia segment is anticipated to expand at a rapid pace during the forecast period due to its increasing incidence and many players anticipated to enter the market. Androgens cause alopecia in people who have a hereditary susceptibility to it. For androgenetic alopecia, there are a variety of treatment options available, including approved oral, topical, and surgical treatments.
Dermatology clinics segment is expected to constitute a key share of the market
Based on end use, the alopecia market is bifurcated into homecare settings and dermatology clinics. The dermatology clinics segment is expected to constitute a key share of the market during the forecast period owing to increasing number of transplantation and restoration procedures, combined with the extensive use of prescription drugs.
On the other hand, the homecare settings segment is anticipated to expand at a rapid pace during the forecast period owing to increasing prevalence of laser treatments and increasing approvals by authorities for home use products. In addition, technological advancement, a growing emphasis on convenience, patient compliance, and the availability of modern equipment like as helmets, laser combs, and laser caps are expected to drive the homecare segment's growth.
Lexington International's hair max advanced laser comb & HairMax laser band 82, Freedom Laser Therapy, Inc.'s iRestore laser hair growth system, and theradome, Inc.'s hair grow helmet are among the FDA-approved home-use products.
Prescription segment is expected to hold a key share of the market
Based on sales channel, the alopecia market is bifurcated into prescriptions and over the counter. The prescription segment is expected to hold a key share of the market during the forecast period due to increased prescription of products like finasteride and corticosteroids. On the other hand, the over the counter segment is anticipated to expand at a rapid pace during the forecast period due to increasing demand for cost-effective treatments and convenient access to treatments.
Women segment is expected to account for a key share of the market
Based on gender, the alopecia market is bifurcated into male and female. The women segment is expected to account for a key share of the market during the forecast period owing to increasing prevalence of alopecia. Hair loss in women happens at any age. Female alopecia is being fueled by an increased incidence of Polycystic Ovary Syndrome (PCOS), an increasing number of cosmetic procedures, and unhealthy lifestyle choices. The industry is predicted to grow due to an increase in women's health awareness.
On the other hand, the men segment is anticipated to expand at a rapid pace during the forecast period due to increasing prevalence of androgenetic alopecia in men which is caused majorly by androgen. Furthermore, the growing geriatric population and rising tobacco consumption are two other factors expected to boost the alopecia market's growth.
North America is anticipated to dominate the market
On the basis of regions, the alopecia market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to Increasing disease incidence, technological innovations, new product development, and rising disposable income.
On the other hand, Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to large population base and increased consumer awareness of available treatment alternatives. In developing countries like India, China, and Singapore, economic growth and higher per capita healthcare expenditures are predicted to provide significant commercial opportunities.
The global alopecia market has been segmented on the basis of
- Alopecia Areata
- Cicatricial Alopecia
- Traction Alopecia
- Alopecia Totalis
- Alopecia Universalis
- Androgenetic Alopecia
- Homecare Settings
- Dermatology Clinics
- Over the Counter
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Johnson and Johnson Services, Inc.
- Sun Pharmaceutical Industries Ltd.
- Cipla Inc.
- Lexington International LLC
- Merck & Co., Inc.
- Vita-Cos-Med Klett-Loch GmbH
- Cirrus Hair Centers
- Transitions Hair Pty Ltd.
- Follica, Inc.
Key players competing in the alopecia market include/are Johnson and Johnson Services, Inc.; Sun Pharmaceutical Industries Ltd.; Cipla Inc.; Lexington International LLC; Merck & Co., Inc.; Vita-Cos-Med Klett-Loch GmbH; Cirrus Hair Centers; Transitions Hair Pty Ltd.; Capillus; and Follica, Inc.
Some of the key business strategies employed by companies includes mergers, acquisitions, partnerships, collaborations, capacity expansion, new product & technology development and product launches to increase/enhance their market shares.