The Worldwide Alopecia Treatment Industry is Projected to Reach $6.2 Billion by 202
DUBLIN, Jan. 10, 2023 /PRNewswire/ -- The "Global Alopecia Treatment Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global alopecia treatment market is projected to grow at a CAGR of 8.44% to reach US$6,243.741 million by 2027, from US$3,539.835 million in 2020.
Increasing cases of the alopecia areata, which is considered one of the common autoimmune diseases and affects many individuals, leads to an increased demand for different types of medications to treat the condition. Alopecia areata is considered one of the common autoimmune diseases that result in hair loss in different body areas, including the scalp, face, and elsewhere.
The most common symptoms of this condition start during the childhood of all males and females and affect males and females of all ages. According to the National Alopecia Areata Foundation (NAAF) estimates, approximately 6.8 million people alone in the US and 147 million people worldwide suffer from or will suffer from this condition at some point in their lives. Alopecia areata patchy, alopecia areata totalis, and alopecia areata Universalis are the most common types of alopecia areata.
The Alopecia area has three types, including alopecia areata patchy, alopecia areata totalis, and alopecia areata Universalis, among others.
Although the condition alopecia areata is not curable, the condition can be treated as the hair follicles remain alive, and normal hair growth can be resumed if the treatment and medication are taken. Sometimes, however, hair growth can resume even without undergoing treatment or consuming medications. Hence, these factors lead to a surge in demand and cause the market's growth to propel over the forecast period.
Some individuals are consuming oral and topical medicals, including steroids, azathioprine, methotrexate, and ciclosporin, among others. These types of medications affect the immune systems of these patients and lead to the weakening of their immune systems, thus making them more prone to being infected by a coronavirus.
In addition, the use of topical medications such as creams, lotions, and steroidal injections will also need to cause an increase in the chances of contracting the coronavirus. Therefore, these factors lead to an increase in awareness among individuals to avoid using a medicine containing such components to mitigate the risk of coronavirus infection.
Product Offerings by Major Market Players in the Alopecia Treatment Market
Furthermore, the market players are also contributing significantly to meeting the increasing demand for alopecia treatment medications by different end-user industries by offering and launching a variety of different types of mediations medication, including oral and topical. This leads to a surge in their market share, improving their market share and thereby positively impacting the market growth over the forecast period.
Recently, in March 2020, Eli Lilly & Company and Incyte Corporation announced that they have had received the breakthrough designation for their new product called "Baricitinib," which facilitated the inhibition of JAK kinase to treat alopecia aerate, which is an autoimmune disorder that leads to hair loss on the in different areas such as the face, scalp, and body. The drug that has been developed will prevent the immune system from attacking the hair follicles and lead to the restoration of normal hair growth. The drug is pending approval and, if approved, it will be the first drug authorized by the FDA to be used as a treatment for alopecia areata.
Topical type treatment products are estimated to hold a considerable share over the forecast period due to their increased preference for oral treatment products.
Topical treatments or topical medications are defined as a type of medication applied to a particular place on the body. The topical medications are mostly applied on the skin or areas with mucous membranes and comprise a wide variety of classes such as creams, foams, gels, lotions, and ointments. An increasing number of consumers prefer topical medications to oral medications since topical medications are an easier and more convenient way to administer the correct dosage of the medication. It also has fewer risks of being abused by consumers. In addition, it also offers fewer chances of difficulties that are posed to the gastrointestinal tract as the absorption rate varies amongst different consumers.
The North American region is estimated to hold a significant share over the forecast period due to rising androgenic alopecia cases in high-income countries such as the US and the Asia Pacific region. It is estimated to increase its share over the forecast period due to investments being made into the healthcare sector.
The North American region is expected to hold a significant market share over the forecast period. Many leading pharmaceutical companies provide alopecia treatment products in this region and the well-established healthcare industry and infrastructure in the countries such as the US. In addition, there is faster adoption of alopecia drugs and treatments in this region owing to the onset of androgenic alopecia among the individuals in the US, which is attributed to the sedentary lifestyle they lead.
The Asia Pacific region is estimated to show promising growth prospects over the forecast period. This is attributable to the fact that several initiatives are being taken by the government, and many investments are being made poured into accelerating the development of the healthcare sector in countries such as India to make quality services available to the public.
Covid-19 Impact
The Alopecia Treatment Market was negatively impacted by the Covid-19 for a short period owing to the healthcare provided prior attention to the disease outbreak. All the focus is on treating the disease while halting all the other treatments for a while, which has impacted the market for the alopecia treatment.
Key Development
May 2022, THRIVE-AA1, the first of two Phase 3 trials to analyse the safety and efficacy of CTP543 in adult patients with severe alopecia areata, has yielded positive results for Concert Pharmaceuticals. THRIVE-AA2, a second Phase 3 trial, is currently underway.
January 2021, Follicum AB announced that the Phase IIa study with FOL-005 for hair loss treatment had finished and the patients involved in the study made their last visit to the clinics. The study looks at the safety and effectiveness of various doses of the potential drug FOL-005 in over 200 male subjects.
In March 2020, The US Food and Drug Administration has approved New Drug recognition for baricitinib for the therapies of alopecia areata (AA), an autoimmune condition that can end up causing unpredictable hair loss on the face, scalp, and other parts of the body, according to Eli Lilly and Company and Incyte Corporation.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Alopecia Treatment Market Analysis, By Condition Type
5.1. Introduction
5.2. Alopecia Areata
5.3. Alopecia Totalis
5.4. Alopecia Universalis
6. Global Alopecia Treatment Market Analysis, By Medication Type
6.1. Introduction
6.2. Oral
6.3. Topical
6.4. Others
7. Global Alopecia Treatment Market Analysis, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Concert Pharmaceuticals.
9.2. Eli Lilly and Company
9.3. Pfizer Inc.
9.4. Sun Pharmaceutical Industries Ltd.
9.5. GlaxoSmithKline plc
9.6. Cipla
9.7. HCell Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6ttuuu
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