Global Hair Loss Treatment Market, By Product Type (Corticosteroids, Antihypertensive, Topical Immune-modulators, and Others), By Type (Noncicatricial (Telogen Effluvium, Androgenetic Alopecia, Alopecia Areata), Cicatricial, and Others), By Route of Administration (Oral and Topical), By Gender (Male and Female), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 4.24 Bn in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adoption of organic growth strategies such as the launch of new products, and this can drive the global hair loss treatment market growth. For instance, in November 2022, Boryung Pharmaceutical Co.,Ltd., a South Korea-based pharmaceutical company, launched a Finasteride based topical spray for treatment of hair loss or alopecia.
Global Hair Loss Treatment Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. The virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
However, COVID-19 had a positive impact on the global hair loss treatment market as the COVID-19 pandemic had lead to increase in the mental disorders such as stress, depression, and others. Rising stress levels during COVID-19 pandemic increased prevalence of hair loss. Thus, positively affecting the market growth. For instance, in May 2022, according to an article published by National Library of Medicine, The COVID-19 emergency and restrictions had negative psychological effects including anxiety and stress. The psychological reactions facilitate the neurotransmitters, neuropeptides, and hormones released that promote changes in the hair cycle development from anagen to telogen phase which results in the telogen effluvium, an excessive shedding of resting or telogen hair after some metabolic stress, hormonal changes, or medication.
Global Hair Loss Treatment Market: Key Developments
On June 23, 2023, Pfizer Inc., a U.S.-based multinational pharmaceutical and biotechnology company, announced that the U.S. Food and Drug Administration (FDA) had approved LITFULO (ritlecitinib), a once-daily oral treatment, for individuals 12 years of age and older with severe alopecia areata.
Browse 52 Market Data Tables and 40 Figures spread through 180 Pages and in-depth TOC on “Global Hair Loss Treatment Market”- Forecast to 2030, Global Hair Loss Treatment Market, By Product Type (Corticosteroids, Antihypertensive, Topical Immune-modulators, and Others), By Type (Noncicatricial (Telogen Effluvium, Androgenetic Alopecia, Alopecia Areata), Cicatricial, and Others), By Route of Administration (Oral and Topical), By Gender (Male and Female), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hair-loss-treatment-market-4374
Key Takeaways of the Global Hair Loss Treatment Market:
- Global hair loss treatment market is expected to exhibit a CAGR of 6.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global hair loss treatment market.
- Among product type, the topical immune-modulators segment is expected to hold a dominant position in the global hair loss treatment market over the forecast period due to increasing product approval by various regulatory authorities. For instance, on Sepetember 19, 2023, Pfizer Inc., a U.S.-based multinational pharmaceutical and biotechnology company, announced that the European Commission (EC) had granted marketing authorization for LITFULO (ritlecitinib) to treat adults and adolescents 12 years of age and older with severe alopecia areata.
- Among type, the noncicatricial segment is expected to hold a dominant position in the global hair loss treatment market during the forecast perioddue to increasing prevalence of noncicatricial hair loss globally. For instance, in June 2022, according to the report published by Pfizer Inc., an U.S.-based multinational pharmaceutical and biotechnology company, alopecia areata may begin in the childhood but can start at any age and currently, an estimated 6.7 Mn people in the U.S. and 160 Mn people globally have alopecia areata.
- Major players operating in the global hair loss treatment market are Viviscal, Cipla Inc., Aclaris Therapeutics, Inc., Merck & Co., Inc., Daiichi-Sankyo Co., Ltd., Johnson and Johnson Services, Inc., Lexington International LLC, Vita-Cos-Med Klett-Loch GmbH, PureTech, Vitabiotics, Reddy’s Laboratories, Ranbaxy Laboratories Ltd., HCell Inc., Follica, Inc., Aurobindo Pharma, and Zydus Lifesciences Inc.
