Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 8 billion in 2023 alopecia market will reach USD 15.3 billion by 2031. One of the main elements influencing the market's growth is the rising prevalence of hair loss. The American Academy of Dermatology Association (AAD) estimates that approximately 30 million women and 50 million men in the U.S. suffered from alopecia in 2018. Around 60% of people have issues with hair thinning, and pattern hair loss is the most prevalent type of hair loss in both men and women, according to statistics from the Journal of Clinical and Diagnostic Research (JCDR). Furthermore, regardless of gender, 2% of the world's population is susceptible to having A.A. in their lifetime.
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Key Insight of the alopecia market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest alopecia market share. Due to its technologically advanced healthcare infrastructure, high standard of living, and accessibility to novel therapeutic alternatives for treatment, North America now monopolizes the alopecia (hair loss) market.
The alopecia areata segment is expected to augment the alopecia market during the forecast period.
The alopecia areata segment is anticipated to dominate the market over the forecast period. The high disease frequency worldwide and growing consumer awareness of treatments are factors in the increase. Also, autoimmune disease sufferers are more likely to get alopecia. Due to the introduction of numerous promising pipeline candidates and a significant increase in incidence rates, the androgenetic alopecia market is anticipated to develop at the quickest pace.
The pharmaceutical segment is expected to augment the alopecia market during the forecast period.
The pharmaceutical segment is anticipated to dominate the market over the forecast period. The sector is expected to be driven by the discovery of novel treatments for alopecia, which major pharmaceutical companies are currently pursuing. Lilly, Pfizer Inc., and Concert Pharmaceuticals are a few examples.
The dermatology clinics segment market size is 0.44 billion in 2023
The dermatology clinics segment held the largest market share in 2023 and is expected to continue during the forecast period. The main factors influencing the segment's continued growth include using contemporary treatment methods, such as laser technology, a strong product pipeline, and greater consumer awareness of prescription pharmaceuticals. Due to their ability to provide appropriate, personalized treatments that work, consulting dermatologists is generally regarded as the best option for treating alopecia.
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Advancement in market
• 2020 August 4 On August 4, 2020, Flu Guard (Favipiravir 200 mg) was introduced in India at a competitive price of Rs. 35 per tablet for treating mild to moderate Covid-19 patients. Favipiravir is the sole oral antiviral medication authorized for treating individuals with mild to moderate Covid-19 illness in India.
• On July 9, 2020, a "Thank You Doctor" campaign started to express gratitude to physicians for their unselfish service and sacrifices. A one-minute television commercial for the campaign is based on the testimonials of 12 actual people who have recovered from illnesses like cancer, heart attacks, and Covid-19 disease, among others.
Market Dynamics
Driver: Genetic Factors
It is believed that alopecia areata, like other autoimmune disorders, has a genetic basis and unknown triggers that result in hair loss. Conditions like multiple sclerosis, type 1 diabetes, celiac disease, rheumatoid arthritis, vitiligo, thyroid disease, and inflammatory bowel disease have all been connected to an increased risk in the patient or family. The market for alopecia areata will also grow as more public and private groups launch awareness-raising campaigns. Additionally, the demand for alopecia areata will rise due to increased autoimmune disease frequencies and the sedentary lifestyles of individuals.
Restraint: High Cost
The treatment's high price will slow the market's rate of growth. Limited primary care services and a lack of healthcare infrastructure in emerging nations would challenge the demand for alopecia areata. Furthermore, stringent regulatory guidelines and a lack of public knowledge would act as barriers during the forecast period and slow the market's growth rate even more.
Opportunity: Increase Investment
The increasing cost of healthcare contributes to the development of the market for alopecia areata and has a significant impact on its growth rate. An increase in the number of initiatives being carried out by groups like the American Hair Loss Association and the National Alopecia Areata Foundation to spread knowledge about hair regrowth and treatment options is what is causing a rise in healthcare spending.
Challenge: Reimbursement Issues
Reimbursement still presents a severe challenge for this sector. Most hair loss treatment methods are not covered by insurance since they are considered cosmetic rather than medically required. Copays for prescription drugs, frequent doctor appointments, and co-insurance for therapy are typically out-of-pocket costs for treating alopecia. Using alternatives like conventional therapies, including Ayurvedic, Chinese, and homemade medications, may be limiting the market's growth.
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Some of the major players operating in the alopecia market are:
● F. Hoffmann-La Roche Ltd.
● Teva Pharmaceutical Industries Ltd.
● Mylan N.V.
● GlaxoSmithKline plc
● Sanofi
● Pfizer Inc.
● Bayer AG
● Novartis AG
● Merck & Co., Inc.
● Eli Lilly and Company
● AstraZeneca
● Allergan
● AbbVie Inc.
● Johnson & Johnson Private Limited
Key Segments cover in the market:
By Disease Type:
● Cicatricial Alopecia
● Alopecia Areata
● Alopecia Totalis
● Traction Alopecia
● Androgenetic Alopecia
● Alopecia Universalis
● Others
By Treatment:
● Devices
● Pharmaceutical
By End-User:
● Dermatology Clinics
● Homecare Settings
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical Insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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