The global alopecia drugs market is presumed to expand at 6.92 % CAGR during the forecast period (2016-2022) owing to the changing lifestyle, asserts Market Research Future (MRFR). Alopecia is a chronic autoimmune disease that causes hair loss including face, body, and scalp. One of the major factors of hair loss being genetic.
Hair loss caused due to alopecia can be restricted to a part of body, partial, or complete hair loss. Alopecia drugs have proven to be useful in treating hair loss both in males and females. The drugs prescribed by healthcare professionals depend on the type of alopecia, extent of hair loss, and age.
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The major players operating the global market are Sun Pharmaceutical Industries Ltd., Ranbaxy Laboratories Ltd, The Himalaya Drug Company, Johnson & Johnson, Cipla Inc., Taisho Pharmaceutical Holdings Co., Dr. Reddy’s Laboratories Ltd., and Merck & Co.
Global Alopecia Drugs Market: Segmental Analysis
The global alopecia drugs market has been segmented on the basis of alopecia type, product type, end-users, and region.
By mode of alopecia type, the global market for alopecia drugs has been segmented into alopecia totalis, alopecia areata, and alopecia universalis.
By mode of product type, the global alopecia drugs market has been segmented into oral, topical, and others. Among these, the segment for topical drugs is anticipated to hold the largest market share during the assessment period. Topical drugs are extensively used in comparison to oral formulations. With the growing availability of new drugs such as AVODART, the market is expected to boom in the coming years.
By mode of end-users, the global alopecia drugs market has been segmented into saloons, hospitals and clinics, and home care.
Drivers and Constraints Impacting the Market
With changing lifestyle and change in the environmental conditions, the prevalence of alopecia is likely to increase. Hormonal disbalance increases the probability of chronic diseases such as depression, cancer, arthritis, and hypertension which eventually leads to hair loss among the middle to late-aged people. Growing consciousness of one’s personal appearance, high disposable income, and novel therapeutic options are some of the major factors propelling the market growth. Moreover, scalp and hair problems such as adverse effects of products with heavy chemical composition, pollution, and availability of numerous treatment solutions to fight such problems are estimated to impact the market positively. The advent of innovative drugs to treat alopecia and eradicate the side effects to conventional drugs can generate high revenues for several market players.
On the flip side, failure of drugs due to emotional stress, the high cost of medication, and adverse effects of alopecia drugs are likely to retard the market growth in the coming years. Moreover, ample availability of counterfeit, low-cost and low-quality products are hampering the global market to a great extent.
An article published in the International Journal of Dermatology stated that a recent pilot study has found that novel combination therapy for female pattern hair loss was both effective and safe. Each woman took a capsule containing 25 milligrams of spironolactone and 0.25 mg of oral minoxidil once a day for 12 months. Each of the drugs, when taken separately, can prevent hair loss. When consumed together, they offer better results.
Geographically, the alopecia drugs market span across regions namely North America, Europe, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America is estimated to lead the global market and is expected to hold the largest market share. The market is expected to touch 375 billion by the end of the review period owing to the high level of product innovation, emerging trends in the market, and changing formulations.
Europe is presumed to hold the second position in the global market both in terms of revenue and market size. The growth is attributed to the growing prevalence of alopecia with the increasing aging population. Also, presence of major market players coupled with funding and investments by them in countries such as Italy, Germany, and the U.K. support the market growth in this region.
Asia Pacific is considered to be one of the lucrative markets for alopecia drugs. The growth in this region is attributed to the large unmet clinical needs and continuously improving economy. Also, the consumption of alopecia drugs is expected to increase in this region, offering opportunities to the market players to expand their production base in the developing countries.
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