The global alopecia market size is expected to reach US $12.3 billion by 2031, according to a latest report. Increasing prevalence of hair loss has been attributed to the growth in demand for alopecia areata treatments.
Issues such as hair thinning and pattern hair loss has been prevalent in both men and women. Regardless of gender, about 2 per cent of the world’s population is reportedly prone to have alopecia in their lifetime. Those with auto-immune diseases are also reported to develop alopecia gradually.
The main driving factors in the growth of the market are the high disease frequency worldwide and growing consumer awareness of treatments in hair loss, according to the Brainy Insights report.
The Asia Pacific region dominates the market because of the development in the sector is caused by patent expirations, leading to more players entering the market. However, North America is expected to have the largest alopecia market share because of the region’s advanced healthcare infrastructure, high standard of living, and accessibility to novel therapeutic alternatives for treatment.