Prescription Hair Loss and Hair Removal Drugs Market - Market Future Growth Opportunities | 2023
The market for prescription hair loss and hair removal drugs is expanding day by day as changing lifestyle is leading to excessive hair problems. Hair loss drugs market targets men more than women, as the problem is more persistent in males. The majorly prescribed hair loss drugs are:
Finasteride: The Food and Drug Administration approved this drug for treating men with hair loss. The drug is reported to slow down hair loss in 88% of the men and stimulate hair re-growth in about 66% of the men.
Corticosteroids: If hair loss is due to inflammation then corticosteroid drugs are injected in the scalp. These drugs help in stopping inflammation and are majorly prescribed for patients suffering from alopecia areata.
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Prescription Hair Loss and Hair Removal Drugs Market: Segmentation
On the other hand, the hair removal drugs market is majorly focused on females than the male population. All the drugs used for hair removal are either anti-androgens or androgen inhibitors. Androgen is the hormone responsible for excessive hair growth. This market is primarily divided into the following segments:
Oral contraceptive pills or birth control pills: For women whose hair growth is related to hormonal problems mostly due to aspolycystic ovary syndrome, treatment includes oral contraceptive pills as these pills reduce the level of androgen. The pills which are generally recommended contain ethinylestrodiol (oestrogen) and antiandrogenic progesterone. In addition, these contraceptives also include cyproterone acetate, drospirenone or dienogest.
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Hair removal drugs: Prescription hair removal drug market consists of the following drugs:
Vaniqa: Vaniqua is the only prescription hair loss medication approved by the Food and Drug Administration that reduces growth of unwanted hair on face and body
Spironolactone: Spironolactone or aldactone is majorly used to treat excessive body hair in U.S. and is prescribed for patients suffering from hormonal condition hirsutism
Flutamide: Flutamide is an effective drug used for hampering growth of excess body and facial hair
Finasteride: Finasteride, also known as Propecia or Proscar, works by blocking the conversion of testosterone into dihydrotestosterone, the hormone responsible for stimulating growth in hair follicles on the body
Ketoconazole: This is a relatively new drug in the market and is used to control excessive hair growth on the body during hormonal imbalance
A new anti-androgen drug Fluridil has also been developed for treating hyperandrogenic skin syndromes such as hirutism. The clinical study is performed for three months to evaluate the efficacy and safety of 2% fluridil gel in female patients. The results of the study have shown that 2% fluridil gel is an effective and safe method to treat hirsutism.
Prescription Hair Loss and Hair Removal Drugs Market: Geographical Dynamics
The market of North America leads the global market for prescription hair loss and hair removal drugs market followed by the market of Europe due to changing lifestyle and increasing smoking and alcohol consumption leading to hormonal problems in females. According to the Washington Post, hair loss sufferers in America spend more than 3.5 billion dollars a year to treat their hair loss. The market of Asia-Pacific is also growing at a fast pace due to increasing divergence towards the western culture. China is a major revenue generating market for prescription hair loss and hair removal drugs. The major restraint the market is facing currently is the side effects caused by these drugs. Some of the drugs are reported to cause irritation and redness of skin, moods swings and changes in menstrual cycle in some patients.
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