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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Alopecia Treatment Market comprises products that are used to treat alopecia or hair loss. Hair loss treatments available in the market include drugs, therapies, hair transplantation, and scalp exercises. Drugs used for alopecia treatment include minoxidil, finasteride, and other generics. Therapies include platelet-rich plasma injections, stem cell therapy, and low-level light therapy. Hair transplantation involves removing hair follicles from a hair-bearing area of the scalp and transplanting them into the balding areas. Scalp exercises involve massaging and manipulating the scalp to stimulate blood circulation and hair growth. These treatments address different types and severity of hair loss conditions such as androgenic alopecia, alopecia areata, central centrifugal cicatricial alopecia, and telogen effluvium, among others. The advances in hair transplant procedures and growing awareness regarding hair loss treatment options are expected to drive the alopecia treatment market growth over the forecast period.
Market key trends:
The key trend observed in the alopecia treatment market is the growing adoption of hair transplantation procedures. Hair transplantation involves removing hair follicles from the permanent zones of the scalp and transplanting them into the balding or thinning areas. Technological advancements have made hair transplantation a more effective and less invasive procedure. For instance, techniques such as follicular unit extraction (FUE) and tissue expansion transplant enable harvesting large numbers of follicular units safely in a single session. The emergence of robotic systems for the automation of FUE procedures has further improved precision, efficiency, and outcomes. Rising consumer preference for non-drug therapies has augmented the demand for hair transplants. An increasing number of people view hair transplants as a onetime solutions compared to long-term dependence on medications. Moreover, the availability of affordable transplant packages and financing options at clinics has increased accessibility for the treatment worldwide. These factors are expected to drive the adoption of hair transplant procedures significantly over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the alopecia treatment market requires high R&D investment for developing novel drugs.
Bargaining power of buyers: Buyer bargaining power is high as alopecia is not life threatening and patients can switch to alternative treatment options.
Bargaining power of suppliers: Supplier bargaining power is moderate as raw material suppliers are fragmented.
Threat of new substitutes: Threat of new substitutes is low as there are limited treatment options available for alopecia.
Competitive rivalry: Strong due to presence of key global players.
The Global Alopecia Treatment Market Share is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing awareness and adoption of hair transplant procedures.
The North America region currently dominates the alopecia treatment market owing to increasing prevalence of alopecia areata and technological advancements in hair loss treatment. Europe is also expected to register high growth in the alopecia treatment market during the forecast period owing to growing cosmetic consciousness.
Key players operating in the alopecia treatment market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy€TMs 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.