Alopecia, also known as hair loss, refers to the absence of hair from areas of the body where it is normally present. Alopecia disorders include alopecia areata, androgenic alopecia or male/female pattern baldness, and telogen effluvium. Alopecia treatment includes medications prescribed by dermatologists and trichologists such as topical and oral medicines. These medicines aims to slow or stop further hair loss, promote hair regrowth or reduce hair fall. Other treatment options include low-level lasers therapy, PRP or platelet rich plasma injections, supplements, and modern hair transplants.
The global alopecia treatment market is estimated to be valued at US$ 10.2 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The alopecia treatment market is poised to witness significant growth owing to the rising prevalence of alopecia disorders. The National Alopecia Areata Foundation (NAAF) estimates that around 6.8 million people in the US have alopecia areata, which accounts for about 2.1 percent of the population. Alopecia areata has no definitive cause, but it is widely believed to be an autoimmune disorder where the immune system attacks hair follicles resulting in hair fall.
Due to the growing number of people suffering from hair loss globally, the demand for effective treatment options is also increasing. Various drug development companies are undertaking research and clinical trials to develop advanced medications and other treatment methods with higher efficacy and reduced side effects for alopecia. For instance, in September 2020, Concert Pharmaceuticals announced positive topline results from its Phase 2b trial of CTP-543, an oral JAK inhibitor for moderate to severe alopecia areata. If approved, CTP-543 will compete with Olumiant by Eli Lilly and Novartis, which are orally administered JAK inhibitor drugs for alopecia.
SWOT Analysis
Strength: Stemson Therapeutics is conducting late-stage clinical trials for its stem cell therapy for Alopecia. If approved, it will be the first approved treatment targeting hair follicle regeneration. Histogen's HSC stimulant being developed has shown potential in early trials to trigger new hair growth. Their topical application aims to reduce side effects compared to oral therapies. Cosmeceutical companies like Vichy and Procter & Gamble offer affordable topical treatments with natural ingredients for symptomatic relief.
Weakness: Current drug therapies only minimally improve hair regrowth and come with potential side effects like birth defects and hormonal imbalances. Many herbal and cosmeceutical products lack strong clinical evidence to prove efficacy. High development costs and regulatory hurdles hinder approval of new therapies faster.
Opportunity: Rising awareness about hair loss and growing stigma against it has boosted patient demand. Large untapped markets in Asia and Latin America offer scope for growth. Stemson and Histogen's novel mechanism drugs, if approved, will address unmet needs and get premium pricing. Growing focus on natural ingredients for minimal side effects may boost sales of phytocosmetic products.
Threats: Intense pricing pressure on approved therapies from generics. Delay in approval or failure of pipeline drugs can negatively impact market outlook. Social media spread of misinformation regarding “cures” increases risk of quacks duping patients.
Key Takeaways
The global Alopecia Treatment market is expected to witness high growth over the forecast period of 2024 to 2031. Rising concerns about appearance have driven faster adoption of prescription medications in urban populations of developed regions while cosmeceuticals are more popular in Asia. The global alopecia treatment market is estimated to be valued at US$ 10.2 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
The North America region currently dominates the market owing to high awareness levels and greater affordability of treatments. Europe follows with easy availability of varied prescription and OTC options. However, increasing emphasis on natural ingredients and rise of medical tourism is fast propelling growth in the Asia Pacific region where mainland China leads with the largest patient base.
The global key players including Stemson Therapeutics and Histogen are focusing on developing novel therapies targeting the underlying causes of hair loss for more permanent solutions. However, they face tough regulations and lengthy approval timelines. Some regional players have gained ground through affordable cosmeceutical offerings for symptomatic relief based on natural herbs. Their continued innovation in formulations and delivery with clinical validation offers competition to oral medicines.
Overall, while the current treatment landscape continues to rely majorly on just symptomatic improvements, industry stakeholders await pivotal trial outcomes of regenerative therapies by 2025 to transform care standards towards prevention and cure. Till then, cosmeceutical firms may gain traction in emerging markets through aggressive marketing of herbal treatments despite lack of strong scientific proof.
