Alopecia Treatment Market is Anticipated to Witness High Growth Owing to Rising Incidence of Alopecia

The alopecia treatment market consists of treatment options that are used to regrow hair and inhibit further hair loss. Hair loss or alopecia can have significant adverse psychological impacts. Both topical and oral treatment options like corticosteroids, hormones, vitamins, laser therapy, and medications are available to stop hair fall and promote regrowth.

The global alopecia treatment market is estimated to be valued at US$ 10.2 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031.

Key Takeaways
Key players operating in the alopecia treatment are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. These players are focusing on new product launches and approvals, partnerships and collaborations to strengthen their market position.

The rising incidence of alopecia presents significant opportunities for innovators to develop novel treatment options like stem cell therapy, topical solutions and oral drugs. There is immense potential in the Asia Pacific region owing to large patient pool and growing medical tourism. Key players are expanding their geographic footprint in countries like China, India and South Korea.

Market drivers and Restrain
The key driver for alopecia treatment market is the rising incidence of alopecia disorders globally. According to studies, over 50 million men and 30 million women worldwide suffer from androgenic alopecia which is the major cause of hair loss. The higher awareness and focus on aesthetic appearances is encouraging people to actively seek treatment. However, high treatment costs and lack of permanent cure present a major challenge to wider adoption of available treatment options.

Market drivers and Restrain
The rising incidence of alopecia disorders is a major market driver. However, presence of alternative treatment options like hair transplants, wigs etc. and lack of permanent cure act as key market restraints. Further research and approvals are required to develop cost-effective solutions that can prevent relapse and provide a permanent fix.
Segment Analysis

The alopecia treatment market can be segmented by type into alopecia areata, cicatricial alopecia, alopecia totalis, and traction alopecia. Alopecia areata dominates the market currently, occupying over one-third of the overall market share. This is because alopecia areata is the most common form of alopecia, affecting over 6.8 million people in the US alone. It causes patchy hair loss on the scalp and beard but overall hair on the scalp is spared making it more prevalent.

Global Analysis

North America currently dominates the alopecia treatment market owing to growing awareness and easy availability of treatment options in the region. Europe and Asia Pacific follow North America in terms of market share on account of high treatment seeking rate for cosmetic concerns related to hair loss. Within Asia Pacific, China and India are expected to be the fastest growing regional markets during the forecast period due to rising income levels, growing geriatric population and increasing medical tourism. Emerging markets of Latin America and Middle East & Africa are also projected to offer lucrative opportunities for market players because of expanding healthcare infrastructure and rising focus on aesthetics. However, high treatment costs may hamper market growth in developing regions.