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The global alopecia market is being driven by the rising prevalence of the disease due to surging consumption of tobacco, cigarettes and alcohol, unhealthy food habits, and rising stress indices among the working-class population, which are seen as potential causes for the disease. Moreover, the expanding geriatric population, along with a high demand for surgical hair transplants, is expected to further the market growth. In addition, it is anticipated that increased incidences of chronic diseases such as rheumatoid arthritis, polycystic ovary syndrome (PCOS), acute stress disorder, hyperthyroidism, hypothyroidism, cancer, lupus, and hypopituitarism will fuel market growth as they to contribute to the occurrence of alopecia.
North America is one of the leading markets for alopecia owing to the development in technology, increasing prevalence of the disease among the population, and rising disposable incomes. The Asia Pacific region is expected to demonstrate the fastest growth in the coming years. The key factors driving the regional market growth are the large population base and rising consumer awareness of available treatment options. Improvement in the economy and increased per capita healthcare expenses are projected to introduce strong commercial opportunities in developing countries such as India, China, and Singapore for the market.
The global alopecia market is being driven by the rising R&D activities taking place in the industry and the growing approvals of new drugs by governmental organisations. In March 2020, Eli Lilly and Incyte (NASDAQ: INCY) announced that the FDA had granted baricitinib the designation of breakthrough therapy for treating patients with alopecia areata.
Market Analysis by Disease Type, Drug Type, Route of Administration, Gender, Distribution Channel, and Region:
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The major players in the global alopecia market are Johnson and Johnson Services, Inc., Sun Pharmaceutical Industries Ltd., Cipla Inc., Lexington Intl., LLC, Merck & Co. Inc., Cirrus Hair Centers, Transitions Hair, Capillus, and Follica Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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