Global Alopecia Therapeutics Market Expected to reach at a high CAGR during the forecasting period ( 2022 -2029)
Alopecia is a common autoimmune disease that results in the loss of hair on the scalp and other body parts. It usually starts with one or more small, round, smooth patches. It occurs in males and females of all ages and races, but onset most often occurs in childhood.
The global alopecia therapeutics market growth is driven by the increasing prevalence of hair loss, technological advancements in alopecia treatment, and the rise in prevalence of chronic diseases that are associated with hair loss are some of the major factors driving the market.
The increasing R&D activities and investments in the development of therapeutics will drive the market growth
The increasing R&D activities and investments in the development of therapeutics for the treatment of alopecia are boosting the global alopecia therapeutics market. For instance, in 2015, Researchers at Columbia University have tested ruxolitinib, it is a JAK1/2 inhibitor developed by Incyte Pharmaceuticals and has been approved for the treatment of myelofibrosis. Scientists showed that a specific kind of T cells (CD8+NKG2D+) attacks the hair follicle. JAK inhibitors such as tofacitinib and ruxolitinib prevent the expansion of these bad T cells. The first test was conducted on three patients. All those patients exhibited near-complete hair regrowth within 3 to 5 months of oral treatment.
The increasing prevalence of alopecia among people around the globe is expected to drive the demand for alopecia treatment drugs; this might fuel the growth of the global alopecia therapeutics market during the forecast period. For instance, according to National Center for Biotechnology Information (NCBI) in 2017, alopecia areata affects around 0.7 to 3% of the population in the U.S. and approximately 2% of the people are suffering from it in the U.K. In Mexico, the reported prevalence is between 0.2 to 3.8%.
In recent years, many novel drugs have been approved by the regulatory bodies for the treatment of alopecia and many drugs are in pipeline, which are expected to receive approval in the near future. Concert Pharmaceuticals Inc. received fast track designation from the United States Food and Drug Administration, (FDA) for its novel product for the treatment of moderate-to-severe alopecia areata in January 2018. The launches of such novel products in the market is expected to drive the global alopecia treatment market growth in the near future.
Limited approved therapies by the FDA for alopecia artera is likely to hamper the market growth
However, there are limited approved therapies by the FDA for alopecia areata, which is showing the demand and supply gap, this might hamper the growth of the global alopecia therapeutics market.
COVID-19 affects people many different ways and can have some long-term effects, including hair loss (telogen effluvium). Hair loss is a common response to stress, including physical illness such as COVID-19. More than 20% of people hospitalized with COVID-19 lose hair in the 3 to 6 months after discharge. Other studies that include people with milder symptoms suggest that hair loss after COVID-19 may actually be much more common. Doctors believe that the physical and emotional stress that accompanies a case of COVID-19 may lead to a reversible hair loss condition. Thus the pendamic will drive the growth of the market in the forecast period.
Female is expected to grow at the fastest CAGR during the forecast period (2021-2028)
About one-third of women experience hair loss (alopecia) at some time in their lives. Among postmenopausal women, as many as two-thirds suffer hair thinning or bald spots. Hair loss in women often has a greater impact than hair loss does on men, because it's less socially acceptable for them. Androgenetic alopecia is the most common cause of hair loss in women. Alopecia can severely affect a woman's emotional well-being and quality of life. Although Alopecia is more common in male than female, the female has the largest share in the market owing to the factors such as high awareness levels coupled with increased frequency of Polycystic Ovary Syndrome (PCOS) causing a hormonal imbalance that leads to androgenetic alopecia.
According to the American Academy of Dermatology, 40% of women have visible hair loss by the age of 40. In most cases, hair loss in women affects their self-image and emotional well-being. As a result, the American Hair Loss Association recognized hair loss in women to be a serious life-altering condition that cannot be ignored anymore. In such cases, hair loss is often naturally reversed, as the subject undergoes unpredictable patterns of growth and shedding.
North America region holds the largest market share of global alopecia therapeutics market
North America is dominating the global alopecia therapeutics market share and is expected to grow in the forecast period. It is due to the advanced research for the development of novel treatment methods for alopecia and the presence of primary vital players. For instance, Concert Pharmaceuticals, Inc. and Aclaris Therapeutics, Inc. both are U.S.-based Companies having novel products in the pipeline indicated for the treatment of alopecia. According to the United States National Library of Medicine, Alopecia areata affects 1 in every 500 to 1,000 people in the United States. It is one of many recognized forms of alopecia, alopecia areata is the second most common form after androgenetic alopecia. Alopecia areata affects men and women equally, and it can occur in people of any ethnic background. Therefore, the high prevalence and the proportionally high treatment rates pertaining to hair loss in the U.S. are high major drivers for the North American market.
The alopecia therapeutics market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Sun Pharmaceuticals Industries Ltd., Aclaris Therapeutics Inc., Cipla Inc., Concert Pharmaceuticals Inc., Daiichi Sankyo Inc., Concert Pharmaceuticals Inc., Daiichi Sankyo Inc., GlaxoSmithKline PLC, HCell Inc., Johnson & Johnson, Merck & Co. Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the alopecia therapeutics market globally. For instance in 2018, HCell Inc., a biotechnology company received orphan drug designation (ODD) for its product from the FDA. Furthermore, in 2017, Perrigo Company PLC. Launched over-the-counter Women's Rogaine, which helps to regrow hair on top of the scalp.
Overview: Cipla Ltd (Cipla) is a pharmaceutical company, which manufactures and distributes branded medicines, generics and active pharmaceutical ingredients (APIs). It offers products in therapeutic areas such as cardiovascular and pediatric diseases, dermatological and cosmetological conditions, HIV/AIDS, diabetes, hepatitis, infectious diseases and critical care, neurological, ophthalmic, malaria, cancer, respiratory and urological conditions, osteoporosis and women's health.
TUGAIN Solution 10 (Minoxidil): TUGAIN Solution 5/10 is indicated for the treatment of androgenic alopecia only in men. Minoxidil stimulates hair growth in persons with early and moderate stages of androgenic alopecia. It is not intended for frontal baldness or a receding hairline.
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