The global alopecia market size is poised to reach USD 5.3 billion by 2027 and is anticipated to register a CAGR of 9.5% over the forecast period, according to a new report published by Grand View Research, Inc. Increasing prevalence of diseases across the globe, technological progress, and growth in per-capita expenditures toward healthcare are some of the factors expected to drive the market growth in the coming years.
There has been a marked increase in the overall disease prevalence due to changing lifestyle patterns such as surging consumption of tobacco and alcohol, unhealthy and inconsistent food habits, intense stress levels, and expanding geriatric population, thus contributing to the market growth. In addition, rising incidences of chronic diseases such as rheumatoid arthritis, cancer, and Polycystic Ovary Syndrome (PCOS) are anticipated to fuel the market growth.
The National Alopecia Areata Foundation stated that 147 million people are suffering from alopecia areata worldwide. Expanding consumer awareness towards this disease and possible treatments options are expected to augment the alopecia market growth. For instance, National Alopecia Areata Foundation’s Treatment Development Program (TDP) has accelerated the research work pertaining to this condition.
Rogaine and Propecia remain the only FDA-approved products in this market. Patent expiration of branded drugs has expanded the generic penetration in this space. However, impending launch of multiple promising pipeline products, such as Xeljanz (tofacitinib), Jakafi (ruxolitinib), Breezula (clascoterone), SM04554, and Lumigan (Bimatoprost) is likely to inflate market growth in the near future.
Reimbursement for alopecia treatment continues to be a major challenge in this market. Most treatment modalities for this disorder are considered cosmetic and not medically essential, thus mostly remain uncovered under insurance schemes. Frequent doctor visits, coinsurance for procedures, and prescription drug copays are some of the major out-of-pocket costs for this disease treatment.
To request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/alopecia-market
Further key findings from the study suggest:
The alopecia areata disease type segment contributed for over 30% of the revenue share in 2019
The androgenetic alopecia disease type segment is positioned to demonstrate a growth rate of over 10% over the forecast period
The homecare settings end-use segment is projected to be broadening penetration of laser treatment and rise in regulatory sanctions of home-use products
Asia Pacific is anticipated to witness the fastest growth owing to large population base and rising consumer awareness toward available treatment options
Economic betterment and increased per capita healthcare spending, in developing countries such as India, China, and Singapore are expected to boost the regional market
Lack of stringent reimbursement policies is a major factor restraining the market growth since the treatment for this disorder is not considered medically essential
Some of the key companies in the market of the key companies in the market are Johnson and Johnson Services, Inc.; Sun Pharmaceutical Industries Ltd.; Cipla Inc.; Lexington International LLC; Merck & Co., Inc.; Cirrus Hair Centers; and Transitions Hair Pty Ltd.
Grand View Research has segmented the global alopecia market on the basis of disease type, end use, sales channel, gender, and region:
Alopecia Disease Type Outlook (Revenue, USD Million, 2015 - 2027)
Alopecia Areata
Cicatricial Alopecia
Traction Alopecia
Alopecia Totalis
Alopecia Universalis
Androgenetic Alopecia
Others
Alopecia End-use Outlook (Revenue, USD Million, 2015 - 2027)
Homecare Setting
Dermatology Clinics
Alopecia Sales Channel Outlook (Revenue, USD Million, 2015 - 2027)
Prescriptions
OTC
Alopecia Gender Outlook (Revenue, USD Million, 2015 - 2027)
Male
Female
Alopecia Regional Outlook (Revenue, USD Million, 2015 - 2027)
North America
U.S.
Canada
Europe
U.K.
Germany
Spain
France
Italy
Sweden
Netherlands
Asia Pacific
Japan
China
India
South Korea
Australia
Taiwan
Vietnam
Thailand
Malaysia
Singapore
Indonesia
Philippines
Latin America
Brazil
Mexico
Argentina
MEA
South Africa
Saudi Arabia
UAE
Turkey
Egypt
Iran
Israel
This report has a service guarantee. We stand by our report quality.
Your transaction & personal information is safe and secure.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
Avail customized purchase options to meet your research needs:
"The quality of research they have done for us has been excellent..."