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Alopecia Areata Market Analysis, Size, Share, Growth, Trends And Industry Forecast 2023-2032
Alopecia Areata Market Report
The Business Research Company's Alopecia Areata Global Market Report 2023 identifies the growing prevalence of hair loss as the major driver for the alopecia areata market's growth in the forecast period. Hair loss is caused by disrupting the body's normal hair growth cycle. Alopecia areata treatment employs corticosteroids, potent anti-inflammatory medications that can inhibit the immune system, to treat a condition where the immune system destroys hair follicles and results in hair loss.
The global alopecia areata market is expected to grow from $3.08 billion in 2022 to $3.31 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The alopecia areata market is expected to reach $4.35 billion in 2027 at a CAGR of 7.1%.
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Major competitors in the alopecia areata market are Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company.
A key trend in the alopecia areata market includes innovative drug approval. Major companies operating in the alopecia areata market are focused on obtaining new drug approvals to strengthen their market position and gain a competitive advantage. For instance, in June 2023, Pfizer Inc., a US-based biotechnology and pharmaceutical company, announced that the US Food and Drug Administration (FDA), a US-based federal agency of the Department of Health and Human Services responsible for protecting public health, had approved LITFULOTM (ritlecitinib), the first and only treatment for severe alopecia areata approved for patients as young as 12. It is a once-daily oral treatment for alopecia areata, an autoimmune condition for which there were previously no FDA-approved treatments for teenagers and few options for adults. LITFULO is a kinase inhibitor that blocks Janus kinase 3 (JAK3) and the tyrosine kinase family of kinases found in hepatocellular carcinoma (TEC).
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The alopecia areata market is segmented -
•Executive Summary
•Alopecia Areata Market Characteristics
•Alopecia Areata Market Trends And Strategies
•Alopecia Areata Market - Macro Economic Scenario
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the alopecia areata market.
The Business Research Company's "Global Alopecia Areata Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Alopecia Areata Market Include:
1. Executive Summary
2. Alopecia Areata Market Characteristics
3. Alopecia Areata Market Trends And Strategies
4. Alopecia Areata Market - Macro Economic Scenario
5. Global Alopecia Areata Market Drivers and Restraints
……
32. Global Alopecia Areata Market Competitive Benchmarking
33. Global Alopecia Areata Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Alopecia Areata Market
35. Alopecia Areata Market Future Outlook and Potential Analysis
36. Appendix
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