Alopecia Treatment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Alopecia also known as hair loss, which is a condition affecting millions of individuals worldwide, impacting both men and women across various age groups. The condition can affect in several forms, including androgenic alopecia (pattern baldness) and alopecia areata (patchy hair). The alopecia treatment encompasses a broad spectrum of medical, surgical and cosmetic approaches that are designed to address hair loss. The choice of treatment depends on the type and severity of alopecia, patient preference and the causes of hair loss.

MARKET OVERVIEW

The market valuation of alopecia treatment market was valued at approximately USD 9.9 billion in 2023 and is projected to reach USD 26.7 billion in 2034 exhibiting a CAGR of 9.5% during the forecast period of 2024-2034. Alopecia treatments is crucial for the restoration of hair growth and improving the well-being of the individuals. The market is aligned with healthcare sector, which makes it a sustainable and growing market.

GROWTH DRIVERS

The rise in the frequency of Alopecia where the number of number of individuals affected by various forms of alopecia including androgenetic alopecia and alopecia areata. According to American Hair Loss Association, androgenetic alopecia, also known as common male pattern baldness (MPB), is responsible for over 95% of hair loss in men. By the age of thirty-five, two-thirds of American men will experience some degree of noticeable hair loss, and by the age of fifty, approximately 85% of men will have significantly thinning hair. Around 25% of men with male pattern baldness begin losing hair before the age of twenty-one.

The advancements in the treatment options including laser therapy, PRP therapy and stem cell therapy drives the market towards growth. These innovations in treatment methodologies provides effective and diverse options for patients, which drives the market expansion.  The increase in healthcare expenditure enables more patients to afford an excess advanced alopecia treatments which push the market growth. According to Becker and WHO, the cost of global healthcare soared from 7.4% in 2022 to 10.7% in 2023, a record high.

The 2024 insurer-reported cost trend is forecasted at 9.9% average worldwide, though some regions will see a steeper increase. There is a sharp increase in government spending on health at all country income levels underpinned the rise in health spending to a new high of USD 9 trillion, which is approximately 11% of global GDP. The integration of alopecia treatments within broader cosmetics industry, including topical hair solutions and hair devolves, enhances the market punished penetration and consumer access.

According to Statista, the beauty & personal care market worldwide is projected to generate a revenue of USD 646.2 billion in 2024. The largest segment in this market is personal care, which is estimated to have a market volume of USD 282.8 billion in 2024. The increase in geriatric population who are more susceptible to alopecia, drives the demand for treatment options, contributing towards market growth. According to WHO, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion.

MARKET SEGMENTATION:

·         By Disease Type- Androgenic Alopecia, Alopecia Areata, Alopecia Totalis and Others

·         By Gender- Male and Female

·         Route of Administration- Topical (Creams, Oils, Gels, Shampoo, Lotion), Injectable (Platelet Rich Plasma, Steroid Injections, Injectable Filler), Oral, Hair Transplant Services and Low-Level Laser Therapy

·         By End User- Hospitals, Dermatologic and Trichology Clinics, Home care settings, Aesthetic Clinics

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Alopecia Treatment Market Segment By Disease Type Review:

The androgenic alopecia, also known as male or female pattern baldness, is the most common type of hair loss. It is genetically determined and influenced by androgen hormones. This condition affects up to 50 percent of males and females and is characterized by progressive loss of terminal hair of the scalp any time after puberty. The alopecia areata is an autoimmune disorder characterized by certain hair loss in patches, it is progressed to alopecia totalis . It happens when the immune system attacks hair follicles and causes hair loss. The alopecia totalis involves complete scalp hair loss, this is the severe forms of alopecia areata. It can occur at any age and is common in people with autoimmune conditions like diabetes or thyroid.

Alopecia Treatment Market Segment By Gender Review:

The androgenic alopecia, commonly known as male pattern affects a significant portion of the men. According to the American Hair Loss Association, approximately 85% of men experience noticeable hair thinning by the age of 50. The androgenic alopecia is the most common, they also suffer from alopecia areata and other forms of hair loss. The female pattern hair loss affects millions of women, particularly after menopause. The increase in inclination towards the static beauty among females one of the major factors contributing towards the hair loss.

Alopecia Treatment Market Segment By Route of Administration Review:

The topical treatment includes cream, oil, gel, shampoos and lotions. Minoxidil is the most widely used topical treatment for both men and women that topical treatments are easy to apply and integrate into daily routines and enhancing the patient compliance. The products like shampoos and lotions are often preferred for their dual benefits of treating hair loss while also serving as regular hair care product. The injectable treatment includes PRP, steroid injections and injectable failures. They are often used for the conditions like alopecia areata and for promoting growth in thinning areas. The PRP therapy involves injecting a concentration of a patient's own platelets to stimulate the hair growth.

The steroid injections are mainly used for treating inflammatory forms of alopecia like alopecia areata. The injectable fillers are a method to provide immediate cosmetic improvement. The oral treatment works by addressing hormonal imbalances or deficiencies that contribute to hair loss. Moreover, taking a pill is convenient, and it's and fits more easily into most patient routines. The hair transplant services include follicular unit transplantation and follicular unit extraction. This surgical procedure aims at relocating hair follicles from dense areas to bald r thinning areas. It provides a permanent solution to hair loss with natural looking results. The low-level laser therapy uses red light wavelengths to stimulate hair follicles and promote hair growth. It includes laser combs, helmets and caps that can be used at home or at clinical settings. It is a noninvasive option that can be used alone or in combination with other treatments.

Alopecia Treatment Market Segment By End-User Review:

The hospitals are primary health care institutions where patients seek initial consultation and diagnosis for alopecia. They provide comprehensive care including diagnosis, treatment and follow up for various types of alopecia and its treatment. They are equipped with advanced diagnostic tools and a wide range of treatment options. They often have dedicated dermatology departments with specialists in health specialist in hair and scalp disorders. The dermatologic and trichology are specialized clinics focused on skin and hair health, offering targeted treatments for alopecia.

They provide a range of non-surgical and surgical treatments including topical treatments, PRP therapy and hair transplant. They offer a specialized care offering with a focus solely on hair and scalp disorders. They provide tailored treatments plans based on individual patient’s needs and conditions. The home care setting involves the use of over-the-counter treatments and devices that patients can use in the comfort of their own homes. The aesthetic clinics focus on cosmetic treatments, including those of hair loss, offering both surgical and non-surgical options. They cater to patients seeking improvements in their appearance and offers specialized cosmetic solutions for hair loss.

Alopecia Treatment Market Regional Analysis:

North America is a significant market driven by high prevalence of Alopecia, driving the demand for effective treatment. According to the American Hair Loss Association, this is the most common type of hair loss in the United States, affecting more than 50 million men and 30 million women. The region has advanced healthcare with extensive access to dermatologist and specialized clinics.  Europe is a valuable market driven by the aging population, which increases the demand for alopecia treatments.

Asia Pacific is a rapidly growing market driven by the presence of large population base, which represents a significant number of alopecia patients. The rapid urbanization and rising incomes in countries like China and India, where the higher disposable incomes and urban lifestyle changes increases the demand for the market. The Middle East and Africa is a promising market driven by the infrastructure development including healthcare infrastructure. South America market is anticipated to grow driven by the healthcare improvement.

Key Challenges:

The allocation, especially advanced therapies like PRP, laser treatments and hair transplants, may be expensive. The high cost limits the accessibility for many patients, particularly in regions with low disposable income. The insurance coverage for alopecia treatment is often inadequate or nonexistent, which further leads to affordability issues. According to WebMD, the price of a hair transplant will depend largely on the amount of hair you’re moving, but it generally ranges from USD 4,000- USD 15,000, most insurance plans don’t cover it.

Competitive Landscape:

In the highly competitive alopecia treatment market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes – REVIAN Inc. launched Revian Red Hair Growth System, in July 2023. Pfizer Inc. received the approval of LITFULO by the U.S. FDA, in June 2023. Sun Pharmaceuticals Industries Ltd acquired Concert Pharmaceuticals, in January 2023. Capillus launched Capillus MD, in November 2022. Triple Hair Group launched Plenty NaturalTM, in March 2022. Elli Lilly and Company received approval for Olumiant from US FDA, in June 2022.

Global Key Players:

·         Elli Lilly and Company

·         Teva Pharmaceutical Industries Ltd.

·         Merck & Co., Inc.

·         Johnson & Johnson, Inc.

·         Dr. Reddy’s Laboratories Ltd.

·         Cipla Ltd.

·         Cellmid Ltd.

·         Taisho Pharmaceutical Holdings Co., Ltd

·         Shiseido Co., Ltd.

·         Zhangguang 101 Science & Technology Co., Ltd.

·         Pfizer

·         Thera dome

·         LUTRONIC

·         Curallux

·         Other Players