Alopecia Treatment Market is Generating Revenue of $3.93 Billion by 2026 | GlaxoSmithKline Plc, Johnson & Johnson

The growth of the alopecia treatment market is attributed to increase in prevalence of chronic diseases such as cancer, hypertension, arthritis, and others across the globe. Furthermore, surge in awareness programs for alopecia treatment & management and rise in geriatric population are the other factors that contribute to the growth of the market

the global alopecia treatment market garnered $2.73 billion in 2018, and is expected to reach $3.93 billion by 2026, growing at a CAGR of 4.6% from 2019 to 2026.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Prime determinants of growth

Surge in chronic diseases leading to hair loss, supportive policies & rise in expenditure on healthcare, and increase in geriatric population drive the growth of the global alopecia treatment market. However, lack of sufficient demand from underdeveloped countries hinder the market growth. On the other hand, untapped potential from emerging economies is expected to offer lucrative opportunities in coming years.

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The minoxidil segment to continue its leadership status during the forecast period

Based on drug type, the minoxidil segment held the largest market share in 2018, accounting for more than two-fifths of the global alopecia treatment market, and is expected to continue its leadership status during the forecast period. This is attributed to rise in various conditions such as arthritis, hypertension, depression, and cancer treatment that leads to hair loss along with rise in air & water pollution. However, the finasteride is projected to grow at the fastest CAGR of 5.2% from 2019 to 2026, owing to factors including surge in cases of hair fall & hair problems, abundance of raw material, technological advancements in alopecia treatment, and rapid industrialization.

The androgenic alopecia segment to maintain its lead status by 2026

Based on indication, the androgenic alopecia segment contributed to the largest market share in 2018, accounting for nearly two-fifths of the global alopecia treatment market, and is estimated to maintain its lead status by 2026. This is due to innovations in healthcare infrastructure, increase in adoption of androgenic alopecia treatment drugs, and rise in number of androgenic alopecia disorder patients. However, the alopecia totalis segment is expected to register the highest CAGR of 5.5% during the forecast period, owing to rise in prevalence and surge in demand for therapeutics.

North America to maintain its highest share during the forecast period

Based on region, North America accounted for the major market share, accounting for nearly half of the total market share of the global alopecia treatment market in 2018, and is estimated to maintain its highest share during the forecast period. This is attributed to presence of advanced healthcare facilities along with skilled medical professionals and rise in number of R&D activities. However, Asia-Pacific is estimated to register a CAGR of 5.9% from 2019 to 2026. This is due to surge in number of hospitals equipped with advanced medical facilities, favorable healthcare reforms, and technological advancements in healthcare.

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The Major Key Players Are:

Capillus, LLC, Cipla Inc., Daiichi Sankyo Company, Limited, GlaxoSmithKline Plc, Johnson & Johnson, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Transitions Hair, Vitabiotics Ltd., and Vita-Cos-Med Klett-Loch GmbH.

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