PRESCRIPTION HAIR LOSS AND HAIR REMOVAL DRUGS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Prescription Hair Loss and Hair Removal Drugs Market Size and Trends

Global prescription hair loss and hair removal drugs market is estimated to be valued at USD 30.10 Bn in 2024 and is expected to reach USD 48.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.

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The market has been witnessing positive growth trends due to rising awareness regarding hair loss treatments and availability of various drugs for treating alopecia. Many people are opting for prescription therapies over conventional hair removal methods to avoid skin irritation and other side effects. Availability of these drugs through both offline and online channels has further increased accessibility. Major players actively conducting R&D activities and clinical trials to develop more effective and targeted drugs can drive the market growth during the forecast period.

Increasing prevalence of hair loss conditions

Hair loss has become a more common problem than ever before. As average age of populations in most countries increases worldwide due to decreasing birth rates and increasing life expectancy, there has been increase in prevalence of age-related hair loss conditions. Male pattern baldness or androgenetic alopecia is the most common form of hair loss, primarily affecting men aged 30 years and above. It is estimated to affect nearly 50% of men aged 50. While not as prevalent as male pattern baldness, female pattern hair loss is also rising. Due to constant stress from fast-paced lifestyles and pollution exposure, people are reporting noticeable thinning hair at younger ages as compared to previous generations. Medical conditions like alopecia areata, an autoimmune disorder, have also seen small increases in reported incidences. Rise in certain lifestyle diseases like polycystic ovary syndrome (PCOS) and diabetes that disrupt natural hair growth cycles also contributes to growing hair loss problems. The changes in human hormonal profiles are also linked to increased stresses on hair follicles. With more people retaining their hair well into their 70s and 80s, vulnerability to age-related hair loss persists for longer periods as well. For instance, on July 23, 2023, according to an article published by the U.S. Department of Health and Human Services, more than 50 Million men and 30 Million women gets affected by androgenetic alopecia in U.S. each year.

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Growing awareness and acceptance of hair

As conversations around body positivity and self-acceptance become mainstream, people have become more comfortable with addressing their hair loss struggles. Where earlier it used to be considered taboo, today hair transplants and medical treatments for hair regeneration are openly discussed on various media platforms. Social media influencers with large followings sharing their hair loss journeys have played a big role in raising awareness and busting myths. Major Hollywood and sports celebrities openly endorsing hair transplants have also provided millions of people permission to stop hiding their hair loss and take action instead. Young people are less stressing about going bald prematurely since viable medication options have become available. Women especially feel more empowered to address hair thinning rather than always trying to hide it with styling products or accessories. Growing vanity trends like man buns and topknots have further normalized styling thin or sparse hair in creative ways. With baldness now being celebrated as a statement rather than something to be ashamed of, people are happier to spend on prescription therapies that offer confidence and self-assurance with cosmetic benefits rather than just covering up the problem. This change in perspective can drive the hair loss drugs market growth.