Alopecia market to reach $13.65 billion by 2027: Reports and Data
A recently published research study by Reports and Data reveals that the global alopecia market is expected to reach $13.65 billion by 2027. This growth is majorly attributed to the rising predominance of chronic disorders such as hyperthyroidism, hypothyroidism, acute stress disorder, lupus, and hypopituitarism. Moreover, also anticipated to drive market growth is the increasing incidence of Hodgkin’s disease, Hashimoto’s disease, Addison’s disease, and celiac disease along with factors such as access to quick treatment. However, factors restraining market growth are said to be high cost of treatment and adverse side-effects. Also, contributors to market growth are said to be lifestyle changes, consumption of tobacco, alcohol, and other associated products, growing stress levels, and the expanding population. Globally, increasing levels of disposable income and the increasing emphasis on aesthetic appearance are likely to add to the demand for alopecia treatment.
The typical pattern of hair loss – alopecia or baldness – can vary from a small area to the entire body. While this does not involve scarring or inflammation, in some people, it may cause psychological distress. General types include female-pattern hair loss, male-pattern hair loss (MPHL), alopecia areata, and thinning of hair, also known as telogen effluvium. While the causes of male-pattern hair loss is known to be a combination of male hormones and genetics; reasons for female pattern hair loss is not clear. Alopecia areata is an autoimmune disorder, and telogen effluvium typically results from a psychologically or physically stressful event.
Select findings from the report suggest:
• Androgenetic type accounts for the largest market share of over 42.2 per cent in 2019 and is estimated to reach $5.53 billion by 2027.
• Alopecia areata is an autoimmune skin disease identified by hair loss on scalp, face, and other areas of the body. It is segmented into totalis, patchy, and universalis further.
• The rising predominance of alopecia areata owing to autoimmune diseases such as diabetes, hyperthyroidism, and Down’s syndrome, is expected to drive market demand in the forecast period.
• Increasing predominance and rising consciousness of aesthetic appeal and physical appearance are also expected to drive market growth in the following years.
• MPHL or Androgenetic alopecia is associated with various medical conditions such as diabetes, coronary heart disease, obesity, prostate cancer, hypertension, and Polycystic Ovary Syndrome (PCOS).
• Additionally, the availability of treatments such as oral treatments, licensed topical treatments that involve the use of finasteride and minoxidil, and surgical procedures like hair replacement and transplantation, are expected to drive the market.
• Laser treatments are also gaining popularity for non-invasive approach. Such non-invasive treatment approaches are likely to drive the androgenetic segment.
• Alopecia areata accounted for a market share of nearly 40 per cent in 2019.
• Dermatology clinics, coupled with innovative technologies and prescription hair care products, help many affected individuals combat their condition.
• Consultation with dermatologists is regarded as the best option for the treatment, as they prescribe suitable medication or therapy for effective results. These factors are responsible for a surge in demand for dermatology clinics for hair loss treatment.
• The dermatology clinics segment was valued at over $4.7 billion in 2019 and is anticipated to grow at a significant rate over the forecast period.
• Asia Pacific is expected to record the fastest CAGR of 5.4 per cent during the forecast period. Increasing incidences of alopecia and growing awareness about the available therapeutic options are the key drivers for market growth.
• Economic development, coupled with continually increasing per capita healthcare investment in emerging countries such as India, China, and Singapore, is expected to create new growth opportunities.