Alopecia (Hair Loss)Treatment Market Significant Profits Estimated to be Generated by 2022
Alopecia is a term used to describe excessive hair damage under certain medical conditions or dietary issues. Sedentary lifestyle, and unhealthy diets is leading to loss of hair among masses.
Furthermore, ageing and hormonal imbalance, increasing chronic disease like arthritis, cancer, hypertension, depression also leads to hair loss especially among middle aged population.
According to American Hair Loss Association, androgenetic alopecia accounts for over 95% of hair loss in men. Over 800 thousand patients are seeking some kind of treatment for hair loss worldwide.
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For the treatment of alopecia, U.S. FDA proved two drugs – Minoxidil, to treat hypertension and finasteride (Propecia) to treat benign prostate hyperplasia (BPH). American Hair Loss Association recommends the use of minoxidil in patients who have not responded to finasteride treatment. Prevalence rate of alopecia is high among working age population.
Treatment seeking rate for alopecial is more prevalent in developed regions as compared to that in developing regions, however, over the past few years, demand for alopecia treatment has increased dramatically in developing regions such as China and India owing to increase in healthcare expenditure and improved healthcare infrastructure facilities. In China, 6 percent females and 21 percent of males suffer from hormone driven hair loss.
Changing lifestyle along with increase in stress level among working class population is expected to boost the demand for treatment of hair loss globally.
Furthermore, rise in geriatrics population along with high demand for surgical hair transplant is expected to drive the alopecia treatment market. Increasing consumer disposable incomes and health awareness, emphasis to look good, and technological advancement in hair treatment medical devices are some other key drivers for this market.
Since accessibility for scalp treatment is easily accessible and available, the demand for alopecia treatment has increased.
Though the market is expected to witness healthy growth during the forecast period, high cost of the medications and possible side effects/allergic reactions are acting as key barrier for alopecia market.
Alopecia Treatment Market is broadly classified on the basis of the following segments –
Alopecia Treatment Market by Product:
Vitamins and Supplements
Shampoos and Conditioners
Others (Serums, gels and oils)
Alopecia Treatment Market by Gender:
Alopecia Treatment Market by End User:
The alopecia treatment market has grown substantially at a healthy CAGR due to changing lifestyle and greater emphasis on outward appearance to look good. With rapid technological advancement and innovation, alopecia treatment market is expected to grow globally.
North America is the largest market for alopecia treatment while Asia Pacific is expected to be the fastest growing market during the forecast period.
The alopecia treatment market is expected to register a significant CAGR during the forecast period. Depending on geographic regions, alopecia treatment is segmented into seven key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America, followed by Europe, is expected to dominate the alopecia treatment market throughout the forecast period.
Asia Pacific excluding Japan is poised to witness fastest growth owing to outburst of middle aged population in the region. Also, the region is witnessing healthy growth in terms of GDP, which in turn is expected to propel growth at healthy digits. Middle East & Africa and Latin America are expected to sluggish growth during the forecast period.
Some of the key market players for alopecia treatment market are Cipla, Viviscal, Dr. Reddy’s Laboratories Ltd., Regaine, Merck & Co., Inc, Ranbaxy Laboratories Ltd, Phyto – Alès Groupe, Kirkland Signature, Vitabiotics, Nanogen, Alpecin – Dr. Kurt Wolff GmbH & Co. KG, Rogaine – Johnson and Johnson.