The Total Addressable Market (TAM) for Alopecia was valued at USD 8.35 billion in 2022 and is projected to reach a value of USD 16.28 billion by 2031, registering a CAGR of 7.7% during the forecast period 2023-2031.
Globally, the prevalence of alopecia, such as androgenetic alopecia and alopecia areata, is increasing at a concerning rate. This can be attributed to the rising consumption of unhealthy food, sedentary lifestyle, genetic factors, hormonal imbalance, rising healthcare expenditure, increasing chronic diseases, surging geriatric population, rising disposable incomes, and high focus on aesthetic appearance. According to the American Hair Loss Association, globally, around 95% of men face hair loss, and over 8 00,000 people seek treatment. For the record, alopecia is also common in women, and about one-third of women across are suffering from androgenetic alopecia across the globe. Moreover, women suffering from postmenopausal and Polycystic Ovary Syndrome (PCOS) are more likely to develop hair thinning and bald spots adopting surgical hair transplants and scalp treatments. To attend to the situation, several leading players are actively working to develop novel therapeutic drugs and are heavily investing in R&D activities for the same. For instance, introducing fast-acting JAK inhibitors and PRP treatment drives market growth.
In 2018, the American Academy of Dermatology Association (AAD) projected that 30 million women and 50 million men in the United States each have alopecia of some kind. Data from the Journal of Clinical and Diagnostic Research (JCDR) show that pattern hair loss affects both men and women equally, with about 60% of the population experiencing hair thinning. Additionally, 2% of the world's population, regardless of gender, has a lifetime chance of getting alopecia areata.
The clearance procedure for products must go through several processes and requirements. Before sending their sample for the earliest steps of product approval and presenting their actual data to the relevant agency, drug makers and manufacturers must undertake testing on animals, humans, or in laboratories. An OTC monograph must be followed by any product or drug since Over-The-Counter (OTC) products are crucial to the product approval process. An unapproved new medicine is being marketed without receiving approval.
For the treatment of alopecia illnesses, there are many medicines and medications on the market, but only a select handful pass the lengthy approval procedure. Additionally, compounded pharmaceuticals are not approved because new drugs are only approved after thorough testing and data transfer. However, neither listing nor registration meets the threshold requirement to denote FDA approval of their product establishments. Manufacturers of drug establishments must register with the FDA or another legitimate agency, depending on the region, to provide the list and ingredients of their products as well as product specifications. This product has several changes due to recent breakthroughs and technical advancements, and each change or variation requires clearance.
Treatment is advancing technologically, providing a more significant market growth opportunity. Two FDA-approved treatments for hair loss include Rogaine and Propecia. Generic medication became more commonly accessible once patents lapsed. Drug candidates like Xeljanz, Breezula, Jakafi, SM04554, and Lumigan are anticipated to boost competitiveness in the market during the next few years.
Additionally, the use of low-level laser treatment therapies has dramatically increased the number of treatment procedures greatly aided by laser combs, headgear, helmets, and bands. For instance, there are many branded items for alopecia, including iGrow helmets, hair-growing supplements, laser devices, and growth systems.
The alopecia market is segmented by disease type, sales channel, end-user, and region.
The market is further segmented by disease type into cicatricial alopecia, alopecia totalis, areata, androgenetic alopecia, and Universalis, among others.
The alopecia areata segment is expected to witness significant growth during the forecast period due to the surging prevalence of several diseases, such as diabetes, hyperthyroidism, and Down's syndrome. Moreover, alopecia totalis and Universalis are the advanced stages of alopecia areata.
Androgenetic alopecia is the fastest-growing segment. The launch of pipeline drugs and the increasing prevalence of diseases drive it. It is majorly caused among individuals with a genetic predisposition to hair loss. The leading players have developed several treatment options to attend to the situation, including finasteride and minoxidil, licensed topical treatment, and surgical treatments like hair transplants.
The market is segmented by the end-user: dermatology, clinics, home care settings, and others.
The dermatology clinics segment dominates the alopecia market and will remain the same during the forecast period. This can be attributed to the rising number of hair restoration and transplantation surgeries across the globe. The clinic segment is expected to hold a significant market share because of the rising availability of technologically advanced therapies, robust healthcare infrastructure, and growing demand for single-session hair restoration procedures across the globe. On 13th May 2019, Bosley and Hair Club announced the launch of BioGraft. The groundbreaking treatment incorporates surgical and non-surgical hair restoration for rapid transformation and is now available to patients across the globe.
The home care settings segment is driven by the rising number of approvals for home-use devices, increasing adoption of laser therapy for hair loss treatment, technological advancements, and availability of innovative devices. The laser combs segment is grabbing the highest shares in the home care setting segment as it reduces pain, aids in fast healing, removes the blockage, improves blood circulation, ensures oxygen supply to the scalp, aids in cell replacement, and increases the strength, shine, and elasticity of hair.
Sales channels bifurcate the market into prescription-based and over-the-counter (OTC) products.
The over-the-counter products segment is leading the alopecia market. This can be accredited to the growing demand for low-cost treatment and the availability of alternatives. Additionally, the surge in the number of FDA approval for OTC hair loss treatment products is fueling the market growth. For instance, recently, the FDA approved 'Keranique hair regrowth serum and 'Oscar Blandi hair lift serum for instant thickening and strengthening of hair.
According to the American Hair Loss Association and the U.S. National Library of Medicine, around 50% of men experience hair fall at 50. Moreover, the surge in the geriatric population and high tobacco intake among men is driving market growth. Some men also experience hair loss in their teens and early twenties due to fluctuating hormones. At the same time, around 40% of women experience hair loss at 50. Women with menopause are more likely to suffer from hair loss due to a drop in hormone levels. However, alopecia is not permanent in women and can be caused due to stress.
Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North-America dominates the market.
North America is dominating the alopecia market because of increasing advancements in the healthcare infrastructure, availability of novel therapeutics treatment options, rising healthcare expenditure, and high disposable income. As per the U.S. National Library of Health Medicine, 1 out of 1000 Americans suffers from alopecia. According to IMS Health, currently, around 9,600 dermatologists and about 7,800 dermatology clinics across the U.S. are arduously working to attend to the situation.
Asia Pacific is the fastest-growing alopecia market and is expected to grow at a CAGR of 6.9% during the forecast period. This can be attributed to the availability of advanced treatment options and increasing spending power in emerging economies, such as Singapore, India, and China. Moreover, the consumer base in the region prefers traditional alopecia therapy, which includes oil massage and hair masks. In South Korea, China, Japan, and India, aesthetic drugs are witnessing colossal popularity and are anticipated to drive market growth to some extent. Other factors driving the market include the rising prevalence of alopecia areata and several skin-related disorders, increasing population, rising incidence of chronic diseases, and changing lifestyle.
South America's alopecia market is anticipated to reach USD 34.7 million by 2023. Argentina is the fastest growing market in South America on account of the rising geriatric population and sedentary lifestyle. The country is also adopting hair loss treatment and has surpassed a volume of around 52,000 hair loss treatment products in 2017. The region is backed by the presence of leading players actively working in the field to sustain the raging competition. Currently, the players are focusing on developing herbal and natural ingredients to promote hair growth. Furthermore, Brazil is expected to witness significant growth during the forecast period. This can be attributed to the increasing demand for hair care products containing both active and medicinal ingredients.
The Middle East and Africa will offer lucrative growth opportunities in the alopecia market during the forecast period owing to increasing technological advancements, rising healthcare expenditures, growing support by the government, and advancement in healthcare facilities.
The major players in the market are:
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