June 13, 2024

Alopecia Treatment Market: Restoring Confidence Through Innovative Therapies

Alopecia Treatment Market

The alopecia treatment market comprises products intended for slowing or stopping hair loss and promoting hair regrowth such as minoxidil, platelet-rich plasma, lasers, drugs, serums, and stem cell therapy. Alopecia treatment aims to prolong the anagen, or active hair growth phase while limiting the catagen and telogen phases which involve hair shedding.

The Global Alopecia Treatment Market is estimated to be valued at US$ 10.2 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the alopecia treatment market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. The growing demand for alopecia treatment from the male population is attributed to the rising psychological impact of hair loss in men. Moreover, initiatives by key players for global expansion through partnerships and acquisitions are strengthening the alopecia treatment market presence across different geographies.

Market key trends

The increasing focus on stem cell therapy for alopecia treatment is one of the major trends witnessed in the market. Stem cell therapy facilitates regeneration of hair follicles aiding hair growth. Several pharmaceutical companies are conducting clinical trials evaluating effectiveness and safety of stem cell therapy for alopecia. For instance, Stemson Therapeutics is developing its lead stem cell therapy candidate TAUVAC which has exhibited promising results for hair regrowth in preclinical trials. This emerging non-invasive treatment option is anticipated to drive significant growth of the alopecia treatment market during the forecast period.

Porter’s Analysis

Threat of new entrants: The high costs required to conduct clinical trials, manufacturing medications and distribution channels makes it difficult for new companies to enter this market.

Bargaining power of buyers: Individual consumers have little bargaining power due to the specialized nature of medical treatments. However, large pharmacy chains and health insurers can negotiate lower drug prices.

Bargaining power of suppliers: Suppliers of raw materials for medications have some bargaining power depending on availability of alternatives. Suppliers of specialty equipment for manufacturing also hold some leverage.

Threat of new substitutes: Alternative treatments like hair transplants and wigs provide competition, but limited research into new therapies keeps the threat of substitutes low currently.

Competitive rivalry: Major pharmaceutical companies dominate the market, keeping prices and competition high to gain market share.

Geographical Regions
North America accounts for the largest share of the alopecia treatment market, valued at around US$ 4 billion in 2024. This is due to higher healthcare spending and rising alopecia prevalence in the United States and Canada.

The Asia Pacific region is expected to grow the fastest at a CAGR of over 8% during the forecast period. Increasing consumer disposable incomes and greater awareness of medical conditions like alopecia are driving market growth in emerging countries such as China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it