by Alopecia refers to the autoimmune disorders resulting in loss of hair from the scalp and other body parts. It can cause bald spots on the scalp and full scalp hair loss. Alopecia treatment includes drugs, surgery, and medical devices to restore lost hair. Topical and oral medications like minoxidil and corticosteroids are commonly prescribed for alopecia areata whereas hair transplant is a surgical option. Medical devices help stimulate hair follicles to regrow hair. The global alopecia treatment market is witnessing strong growth due rising prevalence of alopecia disorders.
The global Alopecia Treatment Market is estimated to be valued at US$ 9.65 Bn in 2023 and is expected to exhibit a CAGR of 5.6 over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Traditional treatment options like hair transplantation surgery require multiple sitting and are painful procedures. Newer low-level laser therapies and autograft devices enable stimulating hair follicles without surgery. They stimulate the scalp through application of specific wavelengths of light energy shown to increase hair growth. These devices are convenient to use at home and cause less pain and downtime compared to hair transplantation. Their rising adoption is expected to drive the alopecia treatment market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the alopecia treatment market requires extensive R&D and development of innovative products to enter the market. Bargaining power of buyers: The bargaining power of buyers is high due to availability of numerous treatment options for alopecia. Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing raw materials for alopecia treatment. Threat of new substitutes: The threat of substitutes is low as there are limited treatment alternatives for alopecia currently. Competitive rivalry: The competitive rivalry is high owing to presence of many international and local players offering similar alopecia treatment options.
Key Takeaways
The Global Alopecia Treatment Market Size is expected to witness high growth.
Regional analysis shows North America dominates the market currently due to rising awareness regarding hair disorders and availability of advanced treatment options in the region. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing treatment seeking rate and improving healthcare infrastructure.
Key players operating in the alopecia treatment market are Johnson & Johnson Services, Inc., Dr. Reddy’s Laboratories Ltd., Merck & Co., Sun Pharmaceutical Industries Ltd., Cipla Ltd. and GlaxoSmithKline plc. Rising number of new product launches and increasing R&D focus towards development of innovative therapies are some of the key strategies being adopted by major players to gain competitive edge in the market.\
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
