Alopecia Market to be Worth $14.2 Billion by 2028: Grand View Research, Inc.

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Sep 14, 2022, 10:45 ET

SAN FRANCISCO, Sept. 14, 2022 /PRNewswire/ -- The global alopecia market size is expected to reach USD 14.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2021 to 2028. The strong presence of pipeline products and increasing approval for laser-based therapy to treat hair loss conditions are major factors anticipated to drive growth. Moreover, rising awareness among patients about alopecia and its treatments, increasing government initiatives, supportive regulations & laws, and improvements in healthcare infrastructure are factors expected to propel market growth over the forecast period.

Key Industry Insights & Findings from the report:

In 2020, the alopecia areata segment accounted for the largest revenue share and is anticipated to maintain its dominance over the forecast period.
Key late-stage pipeline candidates in the treatment of hair loss include: Xeljanz (tofacitinib), Breezula (clascoterone), and SM04554 are expected to fuel the growth in the coming years.
Alopecia universalis is anticipated to witness the fastest growth during the forecast period owing to the potential pipeline products, such as BNZ-1 (Bioniz Therapeutics), and stem cell educator therapy with minoxidil (Tianhe Stem Cell Biotechnologies, Inc.)
North America was the largest market in 2020 mainly due to a high disease prevalence, rising consumer awareness, proactive government measures, technological advancements, and improved healthcare infrastructure.
Europe held the second-largest market share in 2020 given the high prevalence of AGA i.e., 80% and 50% in both the men and women of the region, respectively.

Read 120-page full market research report, "Alopecia Market Size, Share & Trends Analysis Report By Disease Type (Alopecia Areata, Cicatricial, Traction, Androgenetic Alopecia), By Treatment, By Gender, By Sales Channel, By End-use, By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Alopecia Market Growth & Trends

Technological advancements in alopecia treatment are among the key drivers of this market. There are two FDA-approved therapeutics for alopecia-Rogaine and Propecia. There has been an increase in market penetration of generics after patent expiries of both drugs. However, the launch of several promising pipeline candidates over the forecast years such as Xeljanz (tofacitinib), Breezula (clascoterone), Jakafi (ruxolitinib), SM04554, and Lumigan (Bimatoprost) is expected to substantially drive the growth of the market in the near future.

The introduction of low-level laser therapy that helps stimulate hair growth is expected to increase the treatment rate among patients facing hair loss. In addition, the launch of laser caps, helmets, combs, and bands is also anticipated to boost the market growth. For instance, Capillus Laser Cap, iGrow Laser Helmet, iRestore Hair Growth System, and Hairmax Laser devices are some of the technologically advanced products available in the market.

Moreover, the increasing prevalence of diseases such as cancer, Polycystic Ovary Syndrome, and rheumatoid arthritis which are associated with hair loss is also expected to boost the treatment rate of hair loss in the near future. For instance, as per the U.S. Department of Health and Human Services, nearly 5 million women in the U.S. are affected by PCOS. Furthermore, according to the GBD database, the prevalence of PCOS in European countries, such as France, increased from 872,351 to 882,322 in 2018 & 2019, respectively, and in the U.K., the prevalence was found to be 1,134,082 to 1,142,498.

Market players are increasingly forming partnerships and licensing agreements to enhance their product capabilities and promote the outreach of their products. For instance, the iGrow laser system has a partnership with China Central Pharmaceuticals in China. China Central Pharmaceuticals holds exclusive distribution rights over Aspira in the country. Moreover, Capillus, LLC has collaborated with Svenson, a hair loss treatment clinic to expand the distribution of laser therapy caps in Europe and Asia Pacific region. The partnership with local players and service providers is expected to increase the adoption of innovative therapy for hair loss treatment.

Additionally, companies are actively participating in scientific conferences and conducting awareness campaigns for creating brand awareness. For instance, in 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. Moreover, it plans to leverage the popularity of the brand ambassador to showcase its target market as to how its products can help regrow and revitalize their hair.

However, reimbursement remains one of the major challenges in this market. Since most of the treatment modalities are considered as not medically essential and are categorized as cosmetic procedures, the treatment for hair loss is generally not covered under insurance plans. Out-of-pocket expenses for alopecia treatment usually include prescription drug copays, frequent doctor visits, and co-insurance for procedures. Moreover, increasing adoption of substitutes, such as traditional medicines-Ayurvedic, Chinese, and herbal medications may hamper the growth of the market. Based on results from the GlaxoSmithKline plc sponsored survey, around 22.7% of the patients took Chinese medications for treating male androgenetic alopecia in South Korea followed by Taiwan with 22.0% patients.

Alopecia Market Segmentation

Grand View Research has segmented the global alopecia market on the basis of treatment, disease type, gender, sales channel, end-use, and region:

Alopecia Market - Disease Type Outlook (Revenue, USD Million, 2017 - 2028)

Alopecia Areata

Male
Female

Cicatricial Alopecia

Male
Female

Traction Alopecia

Male
Female

Alopecia Totalis

Male
Female

Alopecia Universalis

Male
Female

Androgenetic Alopecia

Male
Female

Others

Male
Female

Alopecia Market - Treatment Outlook (Revenue, USD Million, 2017 - 2028)

Pharmaceuticals
Devices

Alopecia Market - Gender Outlook (Revenue, USD Million, 2017 - 2028)

Male
Female

Alopecia Market - Sales Channel Outlook (Revenue, USD Million, 2017 - 2028)

Prescription
OTC

Alopecia Market - End-use Outlook (Revenue, USD Million, 2017 - 2028)

Homecare Settings
Dermatology Clinics

Alopecia Market - Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America

U.S
Canada

Europe

U.K.
Germany
Spain
France
Italy

Asia Pacific

Japan
China
India
South Korea
Australia

Latin America

Brazil
Mexico

Middle East & Africa

South Africa
Saudi Arabia

List of Key Players of Alopecia Market

Johnson & Johnson Services, Inc.
Merck & Co. Inc.
Cipla Limited
Sun Pharmaceuticals Industries Ltd.
Dr. Reddy's Laboratories Ltd.
GlaxoSmithKline plc.
Aurobindo Pharmas
Mylan N.V. (Viatris Inc.)

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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