by 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 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Alopecia is a medical term for loss of hair from the scalp or other areas of the body. Alopecia areata is an autoimmune disease that causes hair loss. It occurs when the immune system attacks hair follicles, causing hair to fall out. It most often presents as patches of baldness on the scalp, beard area, or eyebrows. Other types of alopecia include androgenic alopecia, also known as male-pattern baldness or female-pattern baldness, which is caused by genetics and male or female hormones. The global prevalence of alopecia areata is around 0.1-0.2% of the world’s population, with an annual incidence of 0.2%. Alopecia areata has no clear cause but is considered an autoimmune disease. The chances of getting alopecia areata increase if someone has other autoimmune diseases such as thyroid disease, vitiligo, or lupus. Treatment of alopecia primarily involves medications aimed at slowing hair loss and promoting regrowth through immunomodulating agents or hair replacement options such as wigs, hair weaves, or hair transplants.
Market key trends:
One of the key trends in the alopecia treatment market is the increasing demand for dietary supplements as alternative treatment options. Many consumers prefer managing autoimmune conditions like alopecia naturally through dietary and lifestyle changes. Supplements containing ingredients like biotin, vitamin D, saw palmetto, cinnamon, and amino acids are gaining traction for their purported benefits in treating alopecia. Research indicates that nutritional deficiencies and gut health issues can exacerbate autoimmune diseases. Supplement formulators are introducing products focused on gut and immune health to address the root causes of alopecia from within. The popularity of naturopathic and holistic health approaches is expected to drive further innovation and consumer interest in herbal and supplement alternatives over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global Alopecia Treatment Market Size is moderate. Established players dominate the market and new product development requires significant capital investment and time for regulatory approval.
Bargaining power of buyers: The bargaining power of buyers is moderate. Treatment options are growing but patients still have limited choices based on severity and location of hair loss.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as key inputs like active pharmaceutical ingredients have few substitutes and requirements for quality and reliability.
Threat of new substitutes: The threat of new substitutes is moderate as new treatment areas like stem cell therapy hold promise but are still in development phases.
Competitive rivalry: Competition in the market is high among existing major players.
Key Takeaways
The global Alopecia Treatment market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America region currently dominates the alopecia treatment market and is expected to continue its dominance over the forecast period. Higher awareness regarding hair loss treatment availability coupled with well developed healthcare infrastructure are some of the major factors responsible for alopecia treatment market growth in the North America region.
Key players: Key players operating in the alopecia treatment market are Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Company, Kia Corporation, Nissan Motor Co., Ltd, BYD Auto Co., Ltd., SAIC Motor Corporation Limited, Geely Automobile Holdings Limited, Tata Motors Limited, Mahindra & Mahindra Ltd., Maruti Suzuki India Limited, Mitsubishi Motors Corporation, Proton Holdings Berhad, Perusahaan Otomobil Kedua Sendirian Berhad (Perodua), Groupe PSA. New product launches and strategic collaborations are some of the organic and inorganic strategies adopted by these key players to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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