The global alopecia treatment market size is estimated to reach USD 13,454.16 million by 2027 on account of the increasing number of hair loss cases in people irrespective of gender and age. Alopecia areata is a medical condition that results in hair loss in patches for both males and females. The immune system of the body attacks the hair follicles and ultimately results in loss of hair on the scalp, eyebrows, eyelashes, and face. According to a recent report by Fortune Business Insights titled, “Alopecia Treatment Market Size, Share & Industry Analysis, By Route of Administration (Topical, Injectable, Oral), By Gender Type (Male, Female), By Age Group (Below 18 years, 18 – 34 Years, 35 – 49 Years, Above 50 Years), By End User (Hospitals and Physician Offices, Dermatology Clinics, Others) and Regional Forecast, 2020-2027,” the market value stood at USD 8,894.78 million in 2019 and is anticipated to rise at a CAGR of 5.2% between 2020 to 2027.
An Overview of the Impact of COVID-19 on this Market:
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What are the Highlights of the Report?
- A comprehensive review of the market
- Factors propelling, demoting, creating opportunities for, and challenging the market
- Significant industry developments, and current trends prevalent in the market
- List of notable players, and the key strategies adopted by them to earn the lion’s share
- Other interesting insights into the market
Market Drivers
Massive Investments on Clinicals will Augment Growth
Various factors are responsible for the alopecia treatment of market growth. These include increasing adoption of a sedentary lifestyle, binge eating habits, cigarette consumption, and others that ultimately weaken the immune system. In addition to this, there is heavy investment in hair transplantation systems, and thiswill also add impetus to the market in the forecast period.
On the flipside, factors such as the side effects associated with this treatment procedure such as ejaculation disorders, impotency, enlargement or tenderness of breasts, and testicular pain may pose a major hindrance to the market in the coming years. Nevertheless, increasing investments in research and clinical trials are likely to create lucrative growth opportunities for the market in the coming years.
Regional Segmentation
The Middle East and Africa Market to Witness Remarkable Growth with Rising Medical Tourism
Asia Pacific earned a revenue of USD 3,114.14 million in 2019 and emerged dominant. This is attributed to the rising prevalence of alopecia in the region. Various studies state that the increasing population and adoption of a sedentary lifestyle will add impetus to the market in this region. This, coupled with the rising consumption of tobacco may lead to weaker immune systems and increase stress level, thereby leading to hairfall. Additionally, the aggressive regional penetration and the increasing number of hair treatment companies setting up bases will further help this region continue earning the largest alopecia treatment market share in the coming years.
On the other side, the market in the Middle East and Africa is expected to witness significant growth in the coming years on account of the rising number of hair procedures to keep at par with the aesthetic beauty standards. This, coupled with tremendous growth potential from the UAE and Saudi Arabia, attributed to rising medical tourism will also help this market grow remarkably.
