The global alopecia market size is expected to reach $14.2 billion by 2028, according to a new report by Grand View Research, Inc., which predicts growth at a CAGR of 8.1%.
According to the report, the strong presence of pipeline products and the increasing approval for laser-based therapy to treat hair loss conditions are major factors anticipated to drive growth. Moreover, rising awareness among patients about alopecia and its treatments, increasing government initiatives, supportive regulations & laws, and improvements in healthcare infrastructure are factors expected to propel market growth over the forecast period.
Grand View Research points out that there are two FDA-approved therapeutics for alopecia, namely Rogaine and Propecia. The report states: “There has been an increase in market penetration of generics after the patent of both drugs expired. And, the launch of several promising pipeline candidates over the forecast years, such as Xeljanz (tofacitinib), Breezula (clascoterone), Jakafi (ruxolitinib), SM04554 and Lumigan (Bimatoprost), is expected to substantially drive the growth of the market in the near future.
“The introduction of low-level laser therapy that helps stimulate hair growth is expected to increase the treatment rate among patients facing hair loss. In addition, the launch of laser caps, helmets, combs and bands is also anticipated to boost the market growth.
“Moreover, the increasing prevalence of diseases such as cancer, polycystic ovary syndrome and rheumatoid arthritis, which are associated with hair loss, is also expected to boost the rate of hair loss treatments in the near future.”
The report found that in 2020, the alopecia areata (an autoimmune condition that results in unpredictable and patchy hair loss) segment accounted for the largest revenue share and is anticipated to maintain its dominance over the forecast period.
Market players are increasingly forming partnerships and licensing agreements to enhance their product capabilities and promote the outreach of their products. Additionally, companies are actively participating in scientific conferences and conducting awareness campaigns for creating brand awareness. For more information go to https://www.grandviewresearch.com/
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