Growing prevalence of various chronic diseases like hyperthyroidism, cancer, rheumatoid arthritis, PCOS, and acute stress disorder
NEW YORK, NY, UNITED STATES, November 10, 2021 /EINPresswire.com/ — The global alopecia market size is expected to reach USD 14.34 Billion in 2028 and register a CAGR of 5.1%, according to the latest report by Reports and Data. Key factors such as rising incidences of alopecia areata and androgenetic alopecia, improvements in healthcare infrastructure and technological advancements in treatment are driving global market revenue growth.
Alopecia is a medical condition seen in men and women which results in hair fall in small patches due to various reasons. Gradual changes in eating patterns, high consumption of unhealthy diet, adoption of sedentary lifestyle, associated stress and aging, hormonal imbalance, high prevalence of genetic and chronic diseases are crucial factors leading to hair fall and baldness. Increasing occurrence of various diseases like cancer, rheumatoid arthritis, PCOS, hyperthyroidism and acute stress disorder, rapidly expanding population part and high consumption of tobacco and alcohol are fueling global market growth. Increasing funding by public and private sectors for ongoing research on alopecia and growing awareness about alopecia and available treatments is also boosting market growth.
Increasing focus on aesthetic appearance, rapid increase in disposable income, and introduction of various therapeutic drugs are further boosting demand for alopecia treatment across the globe. In addition, many market players are focusing on developing more effective drugs which is expected to boost market growth going ahead.
However, high cost of treatment, adverse side effects, and unawareness about treatment options especially in some underdeveloped countries are key restraints that are expected to hamper global market growth in the coming years.
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The report is formulated through exhaustive primary and secondary research which is verified and validated by industry experts, research analysts, and professionals. The report aims to help readers and users improve their business performances by providing insightful data about business sphere such as recent technological development, product advancements, and adoption of strategic business steps. The report also offers extensive analysis of the competitive landscape along with business overviews, expansion plans, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government and corporate deals, and partnerships among others.
Top Companies in the Market Include:
Cipla Inc., Johnson and Johnson AG, Transitions Hair Pty Ltd., Sun Pharmaceutical Industries Ltd., Merck & Co., Inc., Cirrus Hair Centers, Lexington International LLC, Vita-Cos-Med Klett-Loch GmbH, Follica, Inc., and Capillus are some key players operating in the global alopecia market.
Increasing focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma & healthcare industry is the rapid integration of artificial intelligence in key areas such as R&D, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.
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Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Alopecia market.
Some key highlights in the report:
• Among the disease type, the alopecia areata segment accounted for largest market share in 2020 and is expected to maintain its dominant position throughout the forecast period. Alopecia areata is commonly seen in patients suffering from autoimmune diseases. High prevalence of alopecia areata across the world and rising focus on physical appearance and aesthetic appeal are fueling segment revenue growth.
• The OTC segment is expected to account for rapid revenue growth over the forecast period owing to increasing demand for inexpensive treatment and easy access to therapeutic drugs OTC are supporting market growth.
• Among the gender segments, the male segment is expected to account for significant revenue growth between 2021 and 2028. High revenue growth is attributed to factors such as rising incidences of androgenetic alopecia or male pattern hair loss due to various medical conditions, increasing geriatric population, and high intake of tobacco and alcohol.
• The dermatology clinic is expected to account for significantly high revenue growth over the forecast period owing to increasing number of patients with alopecia, access to transplantation treatments and surgeries, and growing adoption of prescription medicines.
• North America is expected to dominate other regional markets in the global alopecia market between 2021 and 2028 owing to increasing prevalence of diseases, introduction of more effective drugs, technological advancements, and well-established healthcare system.
• Asia Pacific is expected to register for fastest revenue CAGR of 5.4% over the forecast period. Growing awareness about treatment options for alopecia, increase in per capita healthcare expenditure, and high population suffering from alopecia are key factors fueling market growth.
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For this study, Reports and Data has segmented the global alopecia market based on disease type, sales channel, end-use, gender, and region:
Disease Type Outlook (Revenue, USD Billion, 2018 – 2028)
• Alopecia Areata
• Alopecia Totalis
• Alopecia Universalis
• Cicatricial Alopecia
• Traction Alopecia
• Androgenetic Alopecia
Sales Channel Outlook (Revenue, USD Billion, 2018 – 2028)
End-use Outlook (Revenue, USD Billion, 2018 – 2028)
• Homecare Settings
• Dermatology Clinics
Gender Outlook (Revenue, USD Billion, 2018 – 2028)
Key Regions Studied in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Source: EIN Presswire