by Alopecia, also known as hair loss, affects people of all ages and can have significant psychological impacts. Current treatment options include topical creams, supplements, and hair transplant surgeries. Topical minoxidil is a commonly prescribed cream that may help stimulate hair growth in some cases of alopecia areata or androgenic alopecia. Supplements aim to nourish hair follicles from the inside out through nutrients like vitamins, minerals and natural extracts. Surgical hair transplants involve extracting hair follicles from the back and sides of the scalp and implanting them into balding areas. Advancements in minimally-invasive procedures and techniques are expanding the pool of candidates that may benefit from surgical hair restoration.
The global alopecia treatment market is estimated to be valued at US$ 9.65 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Advancements in Hair Transplant Techniques
One of the main drivers of growth in the alopecia treatment market is the progression of hair transplant methods. The traditional follicular unit transplantation method, involving individual grafts, is giving way to newer techniques such as follicular unit extraction and the DHI method of direct hair implantation. These allow for higher graft densities, more natural results, and are less painful and messy for patients. The speed and precision of newer technologies makes surgical hair restoration a viable option for more people regardless of hair type or level of hair loss. As advancements continue, the pool of treatable patients will expand significantly.
Segment Analysis
The Global Alopecia Treatment Market Size is dominated by the alopecia areata sub-segment. The alopecia areata is an autoimmune disorder which results in unpredictable hair loss from scalp, face or sometimes all over the body. It affects around 3.8 million people in the US alone and has no permanent cure. Presently available generic as well as branded therapies provide temporary relief for this type of alopecia but do not treat the root cause. Hence, it holds the largest share in the alopecia treatment market currently.
PEST Analysis
Political: Regulations around the approval and marketing of newer alopecia therapies are stringent. However, tax benefits and funding support for research on autoimmune disorders can boost innovation.
Economic: Rising disposable incomes and growth of medical insurance coverage are increasing patient access to sophisticated and costly alopecia treatments like stem cell therapy.
Social: Alopecia is a psychologically distressing condition and impacts self-esteem significantly. Hence, patients are open to considering advanced treatment options.
Technological: Stem cell therapy and gene therapy hold promise for permanently treating alopecia areata by attacking its root cause. Many innovative biologics and devices are in clinical trials.
Key Takeaways
The global alopecia treatment market is expected to witness high growth at a CAGR of 24% during the forecast period of 2023 to 2030 to reach a market size of US$ 9.65 Bn by 2024.
Regional analysis comprises: North America leads currently due to high awareness, favorable insurance coverage for aesthetic dermatology therapies, and presence of leading innovator companies like Stemson Therapeutics.
Key players operating in the alopecia treatment market are Stemson Therapeutics, Phytoceane Biotech Pvt. Ltd., Aclaris Therapeutics Inc, Concert Pharmaceuticals, Daiichi-Sankyo, Histogen, RepliCel and others. Key players like Stemson Therapeutics are developing innovative stem-cell based therapies after successful clinical trials to offer permanent cure for alopecia areata.
The global alopecia treatment market holds tremendous opportunity for companies developing advanced treatment mechanisms to cure the root cause instead of just providing temporary relief. R&D on efficacy and safety of cell and gene therapies can help fulfill this unmet need.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
