Alopecia Industry Overview
The global alopecia market size was valued at USD 7.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028.
The increasing prevalence of hair loss, technological advancements in alopecia treatment, and the rise in prevalence of chronic diseases that are associated with hair loss are some of the major factors driving the market. According to data published by the American Hair Loss Association, it was stated that over 95.0% of hair loss in men is caused due to androgenetic alopecia. Similarly, data published by the International Society of Hair Restoration Surgery estimated that nearly 40.0% of men encounter some degree of hair loss by 35 years of age, 65.0% at 60 years, 70.0% at 80 years, and 80.0% at the age of 85.
Gather more insights about the market drivers, restraints, and growth of the Global Alopecia market
An increase in the number of initiatives being undertaken by organizations, such as the National Alopecia Areata Foundation and the American Hair Loss Association, for spreading awareness about hair regrowth and available treatment options are leading to an increase in healthcare expenditure. The Affordable Care Act of 2010 provides people with affordable access to healthcare insurance, thus providing benefits to economically weaker patients. This result in an overall increase in the treatment rate, which is expected to fuel the growth of the market. Furthermore, increasing awareness regarding hair loss is increasing the demand for pain-less therapy with minimal side effects is fueling the treatment rate globally.
The growing prevalence of hair loss is one of the major factors driving the market growth. According to the American Academy of Dermatology Association (AAD), about 50 million men and 30 million women were estimated to be affected by some form of alopecia in the U.S. in 2018. According to data published by the Journal of Clinical and Diagnostic Research (JCDR), around 60% of the population has hair thinning problems and pattern hair loss is the most common form of hair loss in both males and females. Moreover, around 2% of the population is at risk of developing AA in their lifetime globally, irrespective of gender.
Major buyers of the market are patients suffering from alopecia and dermatological clinics. Moderate to the high bargaining power of buyers can be attributed to the availability of traditional medicines and cosmetic products, such as hair growth serums. As most treatment options are available off-label and in generic form, there is a variety of options to choose from. This, in turn, is expected to boost the bargaining power of buyers during the forecast period. Moreover, the threat of substitutes is expected to remain high during the forecast period. Primary substitutes to the market are wigs, hairpieces, and hair restoration and transplants. The availability of traditional medicines, herbal and cosmetic products, and nutritional supplements, such as biotin-based gummies, also negatively impacts market growth. Due to the uncertainty of treatment, several patients opt for substitutes. Moreover, the absence of approved treatment further limits the adoption of alopecia therapeutics.
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Market Share Insights
February 2021: Hairmax welcomed Mary Brunetti as the brand ambassador to increase brand awareness about dealing with COVID-19-induced hair loss, as well as hereditary loss.
March 2020: Incyte Corporation and Eli Lilly and Company received the Breakthrough Therapy Designation for baricitinib for the treatment of AA by the U.S. FDA.
Key Companies profiled:
Some prominent players in the global Alopecia market include
- Johnson & Johnson Services, Inc.
- Merck & Co. Inc.
- Cipla Limited
- Sun Pharmaceuticals Industries Ltd.
- Reddy's Laboratories Ltd.
- GlaxoSmithKline plc.
- Aurobindo Pharmas
- Mylan N.V. (Viatris Inc.)
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