The global alopecia treatment market is projected to grow at a CAGR of 8.71% to reach US$5,471.196 million by 2025 from US$3,478.447 million in 2019.
Increasing cases of the alopecia areata, which is considered as one of the common autoimmune diseases and affects many individuals in the population is leading to an increased demand for different types of medications in order to treat the condition.
Alopecia areata is considered one of the common autoimmune diseases that result in hair loss in different areas of the body, which include the scalp, face, and elsewhere. The most common symptoms of this condition start during the childhood of all males and females and affects the males and females of all ages. According to the estimates by the National Alopecia Areata Foundation (NAAF), approximately 6.8 million people alone in the US and 147 million people worldwide suffer from or will suffer from this condition at some points in their lives. Alopecia arear is of three types primarily 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 are leading to a surge in the demand over and causing the market growth to propel over the forecast period.
There are some individuals that are consuming oral and topical medicals, which contain components such as steroids, azathioprine, methotrexate, ciclosporin among others. These types of medications affect the immune system of these patients and lead to the weakening of their immune systems, thus making them more prone to being infected from Coronavirus. In addition, the use of topical medications such as creams, lotions, and steroidal injections will also need an increase in the chances of contracting the Coronavirus. Therefore, these factors are leading to an increase in awareness among individuals to avoid using a medicine containing such components in order 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 in meeting the increasing demand for alopecia treatment medications by different end-user industries by offering and launching variety of different types of mediations including oral and topical. This is leading to a surge in their market improve 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 received the breakthrough designation for thier new product called “Baricitinib”, that facilitated the inhibition of JAK kinase in order to treat alopecia aerate, which is an autoimmune disorder that leads to hair loss on the 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 owing to its increased preference among the individuals over the oral treatment products
Topical treatment or topical medications are defined as a type of medication that is applied to a particular place on the body. Mostly the topical medication is applied on the skin or areas with mucous membranes and comprises a wide variety of classes such as creams, foams, gels, lotions, and ointments. An increasing number of consumers prefer topical medications to oral medications owing to the fact that topical medications are an easier and more convenient way to administer the correct dosage of the medication, it has fewer risks of being abused by the 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 varies.
The North American region to hold a noteworthy share over the forecast period owing to rising cases of the androgenic alopecia in the high-income countries such as the US and the Asia Pacific region is estimated to increase its share over the forecast period owing to the investments being made into the healthcare sector
The North American region is expected to hold a noteworthy market share over the forecast period owing to the fact many leading pharmaceutical companies are involved in providing 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.
Whereas, 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 poured in order to accelerate the development of the healthcare sector and healthcare sector in countries such as India, to make quality services available to the public.