HAIR LOSS TREATMENT MARKET ANALYSIS

Global Hair Loss Treatment Market is estimated to be valued at US$ 4.24 Billion in 2023, and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030). Increasing incidence of alopecia and other diseases that leads to hair loss, and increasing research and development activities by key market players are expected to drive the market growth.

Analysts’ Views on Global Hair Loss Treatment Market:

Hair loss is defined as a condition in which the body fails to regenerate the hair that has fallen out with new and younger hair. Generally, elderly people are more prone to hair condition such as alopecia or hair loss, and thus, rising number of elderly population globally is expected to drive the market growth.

Figure 1. Global Hair Loss Treatment Market Share (%), By Product Type, 2023

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Global Hair Loss Treatment Market – Drivers

• Increasing incidence of alopecia and other disease that leads to hair loss: Increasing prevalence of diseases such as telogen effluvium, androgenetic alopecia, alopecia areata, and others is expected to boost demand for hair loss treatment, thus, propelling the market growth over the forecast period. For instance, on July 23, 2023, according to an article published by the U.S. Department of Health and Human Services, more than 50 Mn men and 30 Mn women are estimated to be affected by androgenetic alopecia in U.S. each year
• Increasing research and development activities by key market players: Key market players are focusing on adoption of research and development activities for treatment of hair loss diseases such as alopecia areata, and this is expected to drive the market growth over the forecast period. For instance, Concert Pharmaceuticals, a subsidiary of Sun Pharmaceutical Industries Pvt. Ltd., a India-based global pharmaceutical company, has its drug candidate CTP-543 is in phase-III of clinical trial. The CTP-543 is been tested for a treatment solution for alopecia areata.

Figure 2. Global Hair Loss Treatment Market Share (%), By Region, 2023

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Global Hair Loss Treatment Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global hair loss treatment market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023 due to presence of major players such as Cipla Inc., Aclaris Therapeutics, Inc., Merck & Co., Inc., Daiichi-Sankyo Co., Ltd., Johnson and Johnson Services, Inc, and others in North America.

Global Hair Loss Treatment Market– Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease had spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems regarding transportation of things from one place to another.
• However, COVID-19 had a positive impact on the global hair loss treatment market as COVID-19 lead to increase in the hair loss related problems among the people suffering from COVID-19. For instance, in May 2022, according to an article published by National Library of Medicine, titled “Prevalence of telogen effluvium hair loss in COVID-19 patients and its relationship with disease severity,” COVID-19 impacted various alopecia-related diseases including androgenetic alopecia, arieata, and effluvium as the virus disrupts stress and physiological factors. COVID-19 play a significant role by acting on the transmembrane protease, serine 2 (TMPRSS2) gene, which is an important gene in androgens pathways exacerbating alopecia or hair loss.

Global Hair Loss Treatment Market Segmentation:

Global hair loss treatment market is segmented into product type, type, route of administration, gender, distribution channel, and region.

• By product type, the market is segmented into corticosteroids, antihypertensive, topical immune-modulators, and others. Out of which, the topical Immune-modulators segment is expected to hold a dominant position in the global hair loss treatment market during the forecast period due to increasing product launch and approval by key market players.
• By type, the market is segmented into noncicatricial (telogen effluvium, androgenetic alopecia, and alopecia areata), cicatricial, and others. Out of which, the noncicatricial segment is expected to dominate the market over the forecast period due toincreasing prevalence of noncicatricial globally.
• By route of administration, the market is segmented into oral and topical. Out of which, the oral segment is expected to dominate the market over the forecast perioddue to ease of administration of oral dosage form and increasing product approval by regulatory authorities.
• By gender, the market is segmented into male and female. Out of which, the male segment is expected to dominate the market over the forecast period due to high prevalence of androgenic hair loss in males.
• By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which, the hospital pharmacies segment is expected to dominate the market over the forecast period due to increasing number of hospitals and hospital pharmacies.
• Among all the segmentation, the product type segment has the highest potential in the global hair loss treatment market due to increasing product launches and approval for treatment of alopecia.

Global Hair Loss Treatment Market- Cross Sectional Analysis:

Among distribution channel, the hospital pharmacies segment is estimated to hold a dominant position in the Asia Pacific region in 2023, owing to increasing number of hospitals and hospital pharmacies in the region. For instance, in December 2022, according to an article published by Asian Hospital & Healthcare Management, there were more than 36,570 hospitals in China in 2021. Thus, rising number of hospitals will eventually increase the number of hospital pharmacies.

Global Hair Loss Treatment Market: Key Developments

In September 2021, Dr. Reddy's Laboratories, a India-based multinational pharmaceutical company, launched prescription drug Minoxidil topical solution USP (U.S. Pharmacopeia) 2 % and 5 % for the treatment of female pattern hair loss in India. The company launched minoxidil topical solution under the brand name of Mintop 2 per cent and Mintop Eva 5 per cent, respectively.

On June 26, 2023, the U.S. Food and Drug Administration (FDA), announced that it had approved Ritlecitinib, a kinase inhibitor that inhibits Janus kinase 3 and tyrosine kinase for treatment of alopecia areata in individual of age 12 years and above.

In June 2021, Eli Lilly and Company, an U.S.-based multinational pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved OLUMIANT (baricitinib), a once-daily pill, as a first-in-disease systemic treatment for adults with severe alopecia areata (AA), available as 4-mg, 2-mg and 1-mg tablets.                  

Global Hair Loss Treatment Market: Key Trends

• Increasing robust clinical development pipeline for hair loss: Key market players are focusing on research and development activities for development of treatment solution for hair loss diseases such as non cicatricial, telogen effluvium, androgenetic alopecia, and others. This is expected to drive the market growth over the forecast period. For instance, Aclaris Therapeutics, Inc., an U.S.-based clinical-stage biopharmaceutical company, has its drug candidate named ATI-50002 is in phase-II of clinical trial, is been tested as a potential treatment option for androgenetic alopecia.

Global Hair Loss Treatment Market: Restraint

• Side effect and safety concerns associated with hair loss treatment drugs: The factor such as side effects and safety concerns associated with alopecia treatments can hamper the market growth. Medications like minoxidil and finasteride that arecommonly used for hair loss can cause scalp irritation or other adverse reactions in certain individuals. These potential side effects raise safety concerns and may discourage individuals from pursuing treatment or continuing the use. As a result, the key market players should focus on research and development so that new products are available with solutions having limited side effects.

Global Hair Loss Treatment Market - Key Players

Major players operating in the global hair loss treatment market include Viviscal, Cipla Inc., Aclaris Therapeutics, Inc., Merck & Co., Inc., Daiichi-Sankyo Co., Ltd., Johnson and Johnson Services, Inc., Lexington International LLC, Vita-Cos-Med Klett-Loch GmbH, PureTech, Vitabiotics, Reddy’s Laboratories, Ranbaxy Laboratories Ltd., HCell Inc., Follica, Inc., Aurobindo Pharma, and Zydus Lifesciences Inc.

Definition: Alopecia is a type of hair loss caused due to specific medical conditions or dietary problems. Sedentary lifestyles and poor eating habits of individuals increases hair loss. Aging, hormonal imbalance, and increasing chronic diseases like cancer, hypertension, arthritis, and depression, particularly in the middle-aged population, all contribute to hair loss.