Alopecia Market Size, Share, Trends Analysis, Overview And Forecast To 2033

The alopecia market size has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to growing awareness of diagnosis, increasing consumer demand, increasing number of international medical tourism centers, improved reimbursement scenarios.

The alopecia market size is expected to see strong growth in the next few years. It will grow to $7.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing aging population, rising cosmetic concerns, increasing lifestyle factors, rising healthcare expenditure. Major trends in the forecast period include advancements in treatment options, biotechnological innovations, the growing use of artificial intelligence (AI) and machine learning (ML) in alopecia research.

Market Overview -
Alopecia is a medical term that refers to hair loss, which can occur naturally or be related to disease or the use of certain medications. It can be localized or diffuse, temporary or permanent, and can affect both sexes and all age groups. Alopecia treatment aims to slow down, reverse, or manage hair loss and promote hair regrowth in affected areas.

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Rising Prevalence Of Hair Loss Driving Growth In The Alopecia Market
The increase in the prevalence of hair loss is expected to propel the growth of the alopecia market going forward. Hair loss refers to the partial or complete loss of hair from areas where it usually grows. Alopecia treatment helps alopecia patients by addressing several issues with hair loss by extending hair regrowth, creating customized treatment plans, using combination therapies, and managing the physical aspect of hair loss, as these can have significant positive effects on a person's emotional well-being and quality of life. For instance, in April 2023, according to the data from the National Health Commission, a China-based executive department, over 250 million Chinese experienced hair loss, of which 42% were aged between 26 and 30. Furthermore, in February 2023, according to the Statistic Brain Research Institute, a US-based educational institute, approximately 40% of men will suffer from visible hair loss by age 35. Therefore, the increase in the prevalence of hair loss is driving the alopecia market.

Competitive Landscape -
Major players in the alopecia market are Pfizer Inc., Johnson and Johnson Ltd., Merck and Co. Inc., Bayer AG, Novartis AG, Sanofi SA, GlaxoSmithKline PLC, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Allergan PLC, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Perrigo Company PLC, Intertek Group PLC, Dr. Reddy's Laboratories Ltd., Cipla Limited, Almirall S.A., Aclaris Therapeutics Inc., Curallux LLC, Theradome Inc., Lexington International LLC, Histogen Inc., Apira Science Inc.

Innovative Treatments And Market Advancements By Major Players In The Alopecia Market
Major companies operating in the alopecia market are focused on developing innovative treatments to gain competitive advantages in the market. For instance, in June 2022, Eli Lilly and Company, a US-based pharmaceutical company, and Incyte, a US-based pharmaceutical company, unveiled their approval for luminant oral tablets by the United States Food and Drug Administration (FDA), a US-based federal agency. It is the first FDA-approved systemic treatment for treating severe alopecia areata in adults. Olumiant is also indicated for treating adult patients with moderately to severely active rheumatoid arthritis who have had an inadequate response to one or more tumor necrosis factor (TNF) blockers.

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Key Segments -
The alopecia market covered in this report is segmented -
1) By Type: Alopecia Areata; Androgenetic Alopecia; Alopecia Totalis; Traction Alopecia; Cicatricial Alopecia; Other Types
2) By Treatment: Pharmaceutical; Low Level Laser Therapy (LLLT) Devices; Hair Transplant; Regenerative Medicine; Other Treatments
3) By Gender: Male; Female
4) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Pharmacies; Other Distribution Channels
5) By End-User: Dermatology Clinics; Homecare Settings; Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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