Global "Hair Loss Medication Market" is expected to grow at a CAGR of 5.62% during the forecast period (2022-2029)
Hair loss is also known as alopecia or baldness is a medical condition that refers to the loss of hair from the head or any part of the body. It causes clumps of hair to fall out which leads to hairless patches on the scalp or other areas of the body. Hair loss occurs in both males and females regardless of their age. Nowadays, hair loss treatment is demonstrating an escalating development as people are progressively aware of how the treatment can help prevent and regenerate hair loss and damage.
The global hair loss medication market growth is driven by the rising demand for treatment among people with androgenetic alopecia which is a hair disorder leading to baldness is driving the growth of the market in the forecast period.
The rising number of millennials experiencing hair loss is driving the market growth in the forecast period
The market has witnessed a rising number of millennials experiencing hair loss owing to changing lifestyle patterns and hormonal disbalance and increased stress levels among the working-class women population, which tend to purchase more hair loss treatment products. These factors are accelerating the market along with other hair care products. Availability and affordability of hair treatment products, such as shampoo, conditioner, oil, foam, etc., supported by the growth of online distribution channels, are playing key roles in increasing spending on hair care products across the world. The growing number of organizations that spread awareness and solutions for hair regrowth, like the National Alopecia Areata Foundation and the American Hair Loss Association. Various studies have depicted that more than 50% of the Indian and Chinese populations look for hair fall control products, including shampoos, conditioners, serums, and other product types in the overall hair care product range.
The prevalence rate of hair loss is high among the working-age population. As per the International Society of Hair Restoration Surgery, 84.6% of individuals who got hair-loss treatment in 2018 were due to genetic hair loss. According to U.S. Foods and Drugs Administration (FDA), over 800 thousand patients are seeking some kind of treatment for hair loss worldwide. These factors are driving the market growth in the forecast period.
The high cost of professional hair treatment will hamper the growth of the market in the forecast period
However, the high cost of professional hair treatment repelling a large number of people especially from developing and underdeveloped countries is thus hampering the market growth.
The COVID-19 pandemic positively influenced consumers’ spending habits and purchase decisions. However, there were restrictions on import and export in most countries, which reduced the supply of medicines for hair loss, such as Carospir, Aldactone, minoxidil, and finasteride. Despite this, several companies witnessed huge growth in selling hair loss treatment products online. Zalando, Europe’s fashion and lifestyle e-commerce company, witnessed a Y-O-Y increase of 300% in sales of skin, nail, and hair care products, including hair loss treatment products, in 2020. Although the COVID-19 pandemic propelled direct-to-consumer e-commerce through brands’ websites, shippable social-media platforms, and marketplaces, it also increased the volume of counterfeit products targeting less savvy and elderly shoppers new to e-commerce.
The vasodilators (minoxidil) segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Minoxidil, a vasodilator medication known for its ability to slow or stop hair loss and promote hair regrowth, was first introduced, exclusively as an oral drug, to treat high blood pressure. It was however discovered to have the important side-effect of increasing growth or darkening of fine body hairs, this led to the development of a topical formulation as a 2% concentration solution for the treatment of female androgenic alopecia or 5% for treating male androgenic alopecia. Measurable changes disappear within months after discontinuation of treatment. The mechanism by which it promotes hair growth is not fully understood.
Minoxidil is a potassium channel opener, causing hyperpolarization of cell membranes and it is also a vasodilator, it is speculated that, by widening blood vessels and opening potassium channels, it allows more oxygen, blood and nutrients to the follicle. This can also cause follicles in the telogen phase to shed, usually soon to be replaced by new, thicker hairs in a new anagen phase. It needs to be applied regularly, once or twice daily, for hair gain to be maintained, and side effects are common. The most common adverse reactions of the topical formulation are limited to irritants and allergic contact dermatitis on the scalp. There have been cases of allergic reactions to the non-active ingredient propylene glycol, which is found in some topical solutions especially if they are galenic. Increased hair loss which can occur during Minoxidil use, is due to the synchronization of the hair cycle that the treatment induces.
North America region holds the largest market share of the global hair loss medication market
North America is estimated to be the prominent market shareholder in hair loss treatment owing to the large number of women in this region experiencing a noticeable hair loss that has played a crucial role in the growing consumption rate. For instance, according to the article ‘Hair loss in Women’ released by Cleveland Clinic.Org, May 2018, there is an assessment of over 50% of women in the United States experience noticeable hair loss. Furthermore, the increasing spending made on personal care products is estimated to help upsurge the growing usage of hair loss treatment. For instance, according to the data issued by Consumer Notice.Org, May 2020, is declaring that the United States expenditure made on personal care products in skin, hair, hygiene, and others is projected to be USD 10 billion on a yearly basis.
According to the American Hair Loss Association, by the age of 50, about 85% of men and 40% of women experience thinning hair in the US. Hair loss is mainly genetic but can be caused by some other factors like sedentary lifestyle, unhealthy diets, aging and hormonal imbalance, and increasing chronic diseases like arthritis, cancer, hypertension, and depression. These factors are driving the growth of the market in the forecast period.
The hair loss medication market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Cipla, Merck & Co., Johnson & Johnson, Lifes2good, Dr. Reddy’s Laboratories, Sun Pharma, and Kirkland Signature, Histogen Inc., GlaxoSmithKline plc., L`Oreal S.A 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 hair loss medication market globally. For instance, in 2021, skincare brand Vichy Cosmetics, owned by L`Oreal SA, inaugurated hair loss treatment commodities consisting of five functional ingredients for men and women in Malta. The brand stated that the products could recreate and rebalance a healthier scalp for hair regrowth.
Cipla Limited is an Indian multinational pharmaceutical company, headquartered in Mumbai, India. Cipla primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control and depression; other medical conditions.
TUGAIN MEN Solution: TUGAIN MEN Solution is a solution containing a combination of Minoxidil 5% and finasteride 0.1%, which helps to regrow hair. It is to be used only on the scalp.
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