by The prescription hair loss and hair removal drugs market deals with drugs that are prescribed by physicians to treat hair loss and remove unwanted hair from various body parts. Some of the commonly prescribed drugs for hair loss include minoxidil, finasteride, dutasteride, etc. which work by stimulating hair follicles or blocking the conversion of testosterone. These drugs are available as topical solutions, oral tablets, and are mostly used for treating male pattern baldness. Hair removal drugs include photodynamic therapy drugs that work in conjunction with lasers or intense pulsed light devices to selectively damage hair follicles.
The global prescription hair loss and hair removal drugs market is estimated to be valued at US$ 30.10 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the prescription hair loss and hair removal drugs are Pfizer Inc., Merck & Co., Inc., Johnson & Johnson, Bausch Health Companies Inc., L’Oreal S.A., Galderma S.A., Revivogen, Hims, Inc., Evolus, Inc., Aclaris Therapeutics, Inc., Amgen Inc., Sientra, Inc., Dr. Reddy’s Laboratories Ltd., Boehringer Ingelheim, Bristol-Myers Squibb, Sun Pharmaceutical Industries Ltd., Cipla Limited, Mylan N.V., Zynerba Pharmaceuticals, Inc., Apex Therapeutics, LLC.
The rising consciousness about physical appearance and alopecia has boosted the Prescription Hair Loss Hair Removal Drugs Market Size Various factors like genetics, aging, medical conditions and external aggressors are resulting in increased hair fall issues among consumers.
Geographically, North America dominates the global market due to availability of advanced treatment options and high spending power of consumers on personal care and aesthetic procedures. However, Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising medical tourism industry and growing geriatric populace.
Market Key Trends
One of Prescription Hair Loss And Removal Drugs Market Size And Trends is the shift towards herbal and natural products. Consumers are increasingly opting for herbal supplements, essential oils, and natural topical solutions as an alternative to commercially available medicines and laser treatments, owing to rising concerns around side effects of synthetic drugs. Researchers are also exploring herbal compounds like onion extracts, green tea, grape seed, etc. that could potentially be used to treat alopecia. However, the efficacy and safety profile of natural products is still being researched.
This article provided a brief overview of the global prescription hair loss and hair removal drugs market with key details related to market size, segmental analysis, competitive scenarios and major trends.
Porter’s Analysis
Threat of new entrants: Low barrier for new technological advancements and increased funding helps new startups enter the market. However, patents held by major players and requirements for clinical trials limit new entrants.
Bargaining power of buyers: Large buyers like pharmacies and hospital chains have significant bargaining power due to the availability of generic alternatives. However, branded drugs still account for a major share indicating limited bargaining power for buyers.
Bargaining power of suppliers: Major suppliers of active pharmaceutical ingredients have some bargaining power due to specialized production. However, standard manufacturing processes keep supplier power in check.
Threat of new substitutes: Alternatives like hair transplant surgery, wigs, etc. provide competition but lack effectiveness for all conditions. Demand for prescription drugs remains strong limiting impact of substitutes.
Competitive rivalry: Intense competition exists between major players to gain market share and recurring prescriptions through new product launches and strategic acquisitions. Generic competition increases rivalry.
Geographically, North America accounts for the largest share of the market currently due to high awareness levels and easy availability of advanced treatment options. The increasing cases of hair loss among the youth and mature population also drive the regional market.
Asia Pacific is poised to be the fastest growing regional market during the forecast period supported by rising disposable incomes, increasing emphasis on aesthetics, and growing geriatric population in China and India. Favorable regulatory environment and lower manufacturing costs attract major players to expand product offerings in the Asia Pacific region.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
