Global Alopecia Market Size To Reach USD 13.80 Billion In 2028, Says Reports and Data
Advancements In Clinical Approaches And Diagnostic Tests To Evaluate Patients With Alopecia, Increasing Number Of R&D Activities To Develop Novel Therapeutic Approaches, And Increasing Investments To Accelerate Study Of Alopecia Are Some Key Factors Expected To Drive Market Growth
NEW YORK, March 10, 2022
NEW YORK, March 10, 2022 /PRNewswire/ -- The global alopecia market size is expected to reach USD 13.80 Billion in 2028 at a CAGR of 5.1% during the forecast period, according to the latest report by Reports and Data. Growing emphasis and focus on advancing study of alopecia to develop potential treatments, increasing global incidence of primary and secondary alopecia, advancements in clinical evaluation and management, and increasing number of research grants and funding available to accelerate alopecia research and development of robust therapeutic pipeline are major factors expected to fuel market revenue growth over the forecast period. Recent research has increased knowledge and understanding of the molecular mechanism of alopecia areata and androgenetic alopecia and, in turn, raised possibilities for the development of new treatments, and this is another key factor expected to contribute to revenue growth of the market.
Alopecia is referred to as hair loss wherein either the hair follicle is damaged or there is abnormality in hair cycle. The global prevalence rate of alopecia is nearly 1.7-2%, and according to statistical analysis, over 147 million people globally are suffering from or are likely to develop alopecia at some point in their lives. Alopecia can be scarring and non-scarring and has been associated with severe negative impact on body image, self-esteem, and mental health among affected individuals. Growing need for effective treatment of hair loss is leading to rising demand for well-designed clinical trials in alopecia and approved treatments. There is an urgent need to address the unmet clinical needs of alopecia and this, in turn, is accelerating discovery of new molecules and drugs to treat and prevent hair loss. Rising popularity of cosmetic procedures due to growing focus on improving aesthetic appearance is further boosting patients' interest in new and emerging treatment modalities, and this is expected to significantly contribute to revenue growth of the market.
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Increasing awareness regarding proper nutrition and its key role in maintaining and preserving hair health is driving demand for over-the-counter dietary supplements. Increasing popularity and affordability of OTC medications and dietary supplements is also expected to drive revenue growth. However, lack of awareness among individuals, high costs of treatment, adverse effects of therapies, and unavailability of established healthcare facilities in developing and underdeveloped countries are some key factors expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights from the Report:
- Increasing incidence of alopecia areata among men and women of all ages, growing demand for efficient treatment modalities, extensive R&D activities to understand etiology of alopecia areata, and clinical trials to establish efficacy and safety of drugs and therapies are key factors contributing to revenue growth of alopecia areata segment.
- Pharmaceuticals segment is expected to register significant revenue growth over the forecast period, attributable to growing preference for prescription drugs, availability of wide range of OTC drugs, and rapid development of robust programs and clinical trials to develop novel pharmacological treatments for alopecia.
- Female segment is expected to register rapid revenue CAGR over the forecast period attributable to increasing incidence of polycystic ovarian syndrome, rising consumption of oral contraceptives, rising focus on preventive measures to regulate hair loss, and growing adoption of cosmetic products and procedures.
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- Over-the-counter segment is expected to account for a significantly large revenue share over the forecast period, attributable to increasing popularity of off-label and OTC drugs, cost-effectiveness and availability of wide range of oral and topical medications, and growing introduction of generic drugs.
- Asia Pacific market revenue is expected to expand at a steady revenue CAGR over the forecast period, attributable to rising incidence of alopecia, development of advanced healthcare facilities, availability of wide range of therapeutic options, and growing presence of major market players in the region.
- Key companies profiled in the market report include Cipla Inc., Johnson and Johnson AG, Transitions Hair Pty Ltd., Sun Pharmaceutical Industries Ltd., Merck & Co., Inc., Cirrus Hair Centers, Lexington International LLC, Vita-Cos-Med Klett-Loch GmbH, Follica, Inc., and Capillus.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/alopecia-market
For the purpose of this report, Reports and Data has segmented the global alopecia market based on disease type, treatment, gender, distribution channel, and region:
Disease Type Outlook (Revenue, USD Billion; 2018-2028)
- Alopecia Areata
- Cicatricial Alopecia
- Traction Alopecia
- Alopecia Totalis
- Androgenetic Alopecia
Treatment Outlook (Revenue, USD Billion; 2018-2028)
Gender Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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