High Cost of Medication to Limit the Market Growth
Highly expensive medicines combined with various possible side-effects of those medications is anticipated to restrict the growth of the market during the forecast period.
The alopecia treatment market is anticipated to record a CAGR of around 5.5% over the forecast period, i.e., 2019-2027. The market is segmented by disease, by drug, by gender, by route of administration, by distribution channel and by region. On the basis of disease, the market is segmented into androgenic alopecia, alopecia areata, alopecia totalis, alopecia universalis and others, out of which, the androgenic alopecia segment is anticipated to hold the largest share in the alopecia treatment market and grow at the highest rate during the forecast period. Androgenic alopecia is the most common form of alopecia which occurs among both men and women. According to the American Hair Loss Association, more than 95% of hair loss cases among men can be credited to androgenic alopecia. Moreover, approximately 85% of men are estimated to develop significant thinning of hair by the age of fifty. On the other hand, the alopecia areata segment is estimated to hold a significant share in the market as well, owing to its high prevalence. Alopecia areata is an autoimmune disorder that occurs when the immune system of the body begins to attack the hair follicles which gives rise to hair fall.
As per the 2017 practice census results by the International Society of Hair Restoration Surgery, more than 50% of men and women treated surgically by the member physicians were between the ages 30 and 49. It can be deduced from this fact that the prevalence of alopecia is almost equal in both the genders. CLICK TO DOWNLOAD SAMPLE REPORT
Growing Chronic Diseases to Lead to Growth of Alopecia Treatment Market
Chronic disorders such as cancer, rheumatoid arthritis, hypertension and others are anticipated to give rise to conditions such as excessive hair loss. Among women, the increasing prevalence of polycystic ovary syndrome (PCOS) is another prominent factor adding towards the market growth. The hormonal imbalance produced as a result of this disorder affects the hair follicles, which is therefore anticipated to result in alopecia and raise the demand for this market.
Demand for Alopecia Treatment Market to Rise with Ageing Population
The growing age results in an increased loss of hair, especially among men, which is the leading cause of this disease. The requirement for hair loss treatment products by the geriatric population is thus increasing at a significant rate. This is another factor anticipated to result in the growth of the market during the forecast period.
Our in-depth analysis of the alopecia treatment market includes the following segments:
By Route of Administration
By Distribution Channel
On the basis of regional analysis, the alopecia treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The growing technological advancements in the medical sector as well as rising research and development activities in the healthcare industry are estimated to boost the market in the North America region, thereby accounting for its highest share in the market. The increasing approval of drugs by the US Food and Drug Administration (FDA) is another factor anticipated to support the market growth in region. The market in Asia Pacific region is anticipated to observe significantly high growth rate during the forecast period. This can be attributed to the rising geriatric population and unhealthy lifestyle changes among the population in this region. Increasing cases of male and female pattern baldness in the region, mainly in countries such as China and India, are additional factors estimated to contribute towards the market growth.
The alopecia treatment market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani