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. As per the American Hair Loss Association, globally, around 95% of men face hair loss, and over 8, 00,000 people seek treatment for the same. For the record, alopecia is also common in women, and about one-third of women 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 spotsadoption of surgical hair transplant 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, the introduction of fast-acting JAK inhibitors, and PRP treatment is driving market growth.
The global alopecia market is segmented into disease type, end-user, sales channels, and by gender.
By disease type, the alopecia market is further segmented into cicatricial alopecia, alopecia totalis, areata, androgenetic alopecia, Universalis, and among others. The alopecia areata segment is expected to witness significant growth during the forecast period on account of the surging prevalence of a number of diseases, such as diabetes, hyperthyroidism, and Down’s syndrome. Moreover, alopecia totalis and Universalis are the advanced stages of alopecia areata.
The androgenetic alopecia is the fastest-growing segment. It is majorly driven by the launch of pipeline drugs and the increasing prevalence of diseases. It is majorly caused among the individuals associated with a genetic predisposition to hair loss. To attend to the situation, a number of treatment options have been developed by the leading players, including finasteride and minoxidil, licensed topical treatment, and surgical treatment like hair transplant.
By the end-user, the alopecia market is segmented into dermatology, clinics, home care settings, and others.
The dermatology clinics segment is dominating the alopecia market and will continue 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 share in the market on account 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 both surgical and non-surgical hair restoration for rapid transformation and is now available to patients across the globe.
The home care settings segment is majorly driven by the rising number of regulatory 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 blockage, improves blood circulation, ensures oxygen supply to the scalp, aids in cell replacement, and increases the strength, shine, and elasticity of hair.
By sales channel, the alopecia market is bifurcated 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, surge in the number of FDA approval for OTC hair loss treatment products is adding fuel to 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.
As per the American Hair Loss Association and the U.S. National Library of Medicine, around 50% of men experience hair fall at the age of 50. Moreover, the surge in the geriatric population and high tobacco intake among men is driving the market growth. For the record, some men also experience hair loss in the teens and early twenties due to fluctuating hormones. Whereas, around 40% of the women experience hair loss at the age of 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.
North America is dominating the alopecia market on account 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 Health Medicine, 1 out of 1000 Americans suffers from alopecia. According to IMS Health, currently, there are around 9,600 dermatologists and about 7,800 dermatology clinics across the U.S. that 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, the aesthetic drugs are witnessing huge popularity and are anticipated to drive the 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 with the presence of leading players that are actively working in the field to sustain in 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 the healthcare facilities.
The global alopecia market is highly fragmented in nature, with different market players operating in local regions. Some of the key players are engaging in acquisitions, collaborations, and partnerships to gain a competitive edge. For instance, Johnson & Johnson Consumer, Inc. collaborated with the University of Pennsylvania to design improved preclinical models for the study of human hair growth and androgenetic alopecia. On 6th July 2016, Alpecin has expanded its footprint in the China market. The alopecia market is consolidated with the presence of Kirkland Signature Vitabiotics, Sun Pharma, Merck & Co., Dr. Reddy’s Laboratories, Cipla, Johnson & Johnson, Alpecin, Phyto Ales Group, and Lifes2good.