Burlingame, Dec. 07, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global alopecia treatment market was valued at US$ 9.65 Billion in 2023 and is forecast to reach a value of US$ 14.16 Billion by 2030 at a CAGR of 5.6% between 2023 and 2030.
Increasing prevalence of alopecia and growing awareness regarding available treatment options for alopecia. Competitors are investing in research and development to create new and effective treatments. This could involve exploring cutting-edge technologies, such as JAK inhibitors.
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Market Driver:
Increasing research and development activities for the treatment of alopecia
Increasing research and development activities for the treatment of alopecia is also expected to fuel the overall alopecia treatment market growth. For instance, in August 2023, Kintor Pharmaceutical Limited, a clinical-stage biotechnology company, announced that the company had completed the enrollment of 180 patients for the Phase II clinical trial of its in-house developed first-in-class proteolysis targeting chimera (PROTAC) compound GT20029 in China for the treatment of male androgenetic alopecia (AGA). GT20029 was developed based on the in-house PROTAC platform and is the world's first topical PROTAC compound which has entered the Phase II clinical stage.
Market Opportunity:
Increasing inorganic growth strategies by market players for research and development of alopecia treatment
Increasing inorganic growth strategies by market players for research and development of alopecia treatment is expected to drive the global alopecia treatment market growth over the forecast period. For instance, in January 2023, Ingenza, a world leader in the application of industrial biotechnology and synthetic biology, announced that it is collaborating with Amplifica Holdings Group, a clinical-stage biopharmaceutical company, to develop an innovative treatment to address androgenic alopecia. Amplifica Holdings Group had partnered with Ingenza to advance the development of its signalling molecules which stimulate dormant hair follicle stem cells and result in the active regrowth of hairs from proof of concept through toxicology and clinical trials.
Market Cross Sectional Analysis:
Among disease type, alopecia areata segment is dominant during the forecast period in the North America region due to the increasing product approvals. For instance, in June 2023, Yale dermatologist Dr. Brett King had received U.S. FDA approval for two new medicines for alopecia areata in 13 months. Dr. Brett King, an associate professor of dermatology at Yale School of Medicine, worked with pharmaceutical company Pfizer Inc. to conduct a series of clinical trials with ritlecitinib. He worked with Eli Lilly and Company on clinical trials for the earlier medicine — baricitinib (which goes by the product name Olumiant), approved as a treatment for patients with severe alopecia areata in June 2022.
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Market Key Developments:
In May 2023, Kintor Pharmaceuticals, a biotechnology company, had completed a Phase II clinical trial investigating KX-826 in males with androgenetic alopecia (AGA). Alongside the announcement, the company reported statistically and clinically meaningful results from the trial, which was conducted in the U.S. KX-826 acts as an androgen receptor antagonist. Androgen metabolism plays an important role in the control of both sebum excretion rate and keratinisation patterns in the pilosebaceous unit.
In March 2023, Eurofarma Laboratorios S.A., is a Brazil-based pharmaceutical company, initiated phase 3 clinical trial on Minoxidil Topical Foam for the treatment of alopecia. The study is estimatd to be completed in November 30, 2024.
In March 2022, Suzhou Zelgen Biopharmaceuticals Co.,Ltd, a China-based biopharmaceutical company, initiated phase 3 clinical trial on Jaktinib for the treatment of alopecia areata. The study is estimatd to be completed in December 2023.
Key Market Takeaways:
Global alopecia treatment market is expected to exhibit a CAGR of 5.6% during the forecast period due to increasing awarness for the treatment of alopecia. For instance, in September 2022, in recognition of Alopecia Areata Awareness Month in U.S., bridges, buildings and other landmarks across the U.S. will be illuminated blue to raise awareness for this serious autoimmune disease. The effort will unite U.S. cities in observance of Alopecia Areata Awareness Month, which is recognized annually during September.
Among region, North America is expected to dominate the market over the forecast period and this is attributed to the increasing research and development for the alopecia treatment. In March 2023, Johns Hopkins is a private research university in Baltimore, Maryland., and Sun Pharmaceutical Industries Limited, global specialty generic pharmaceutical company, Collaboration Identified Novel Prodrug to Potentially Treat Autoimmune-Related Hair Loss. Itaconate and derivatives are used to help dampen excessive immune responses that lead to hair loss
Market Restraint:
Product recalls for the treatment of alopecia is expected to hinder the market growth over the forecast period. For instance, in May 2020, MasterPharm, LLC. highly specialized services in the design and production of dietary supplements, cosmetics, and food preparations, recalled 1 lot of Finasteride Plus 1.25mg, capsules to the consumer level. The Finasteride Plus capsules have been found to contain undeclared minoxidil, an antihypertensive drug, at levels greater than those found in U.S. FDA approved products.
The key players operating in the global alopecia treatment market include Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd.
Read complete market research report, "Alopecia Treatment Market, By Drug Class, By Disease Type, By Route of Administration, By Distribution Channel, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- By Drug Class:
- Corticosteroids
- 5 AR Inhibitors
- Vasodilators
- Others
- By Disease Type:
- Alopecia Areata
- Androgenic Alopecia
- Traction Alopecia
- Others
- By Route of Administration:
- Topical
- Oral
- Injectable
- By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- By Geography
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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