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Hair-loss also was 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 male and female regardless of their age. It is of five types, alopecia areata, androgenic alopecia, cicatricial alopecia, traction alopecia, and alopecia totalis.
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 genetical 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.
The significant drivers driving the market are changing lifestyle patterns, adoption of a hectic schedule that increases stress levels, which in turn results in frequent hair loss at earlier stages among the young population, growing disposable income and increased emphasis on appearances.
According to National Alopecia Areata Foundation (NAAF), the prevalence of hair loss has increased in the age group of 10 to 25 years in the last decade, and around 60% of this age group suffers from hair loss. As per the American Hair Loss Association, more than 66% of men below the age of 35 experienced hair loss problems in the year 2018. Besides, about 85% of the men below the age of 55 are expected to face thinning of hair. More than 21 million women are suffering from severe hair loss problems with about 40% of them getting active treatments.
The presence of an alternative treatment option for hair-loss such as hair transplant surgery, laser, and light-based therapies and the high cost of medication is going to restrain the market in the forecast period.
By Drug Type, the hair loss medication market is segmented into Vasodilators (Minoxidil), 5-Alpha Reductase Inhibitors (Finasteride), Corticosteroids, Immunosuppressants (Cyclosporine) and others.
By gender, the market is segmented into male, female and children.
By route of administration, the market is segmented into oral, topical and injectable.
By distribution channel, the market is segmented into hospital, retail pharmacies, online pharmacies, and others.According to the data published by the National Center for Biotechnology Information (NCBI), in 2018, Minoxidil was the most prevalent drug typically used in hair loss disorder with around 2% population consumption worldwide.
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Geographically, the hair loss medication market is divided into North America, Europe, South America, Asia-Pacific and the rest of the world.
North America is having a huge market for hair loss medication and is going to dominate the market throughout the forecast followed by Europe.
According to the American Hair Loss Association, more than 80 million men and women are suffering from hair loss problems in the US alone. There are many positive initiatives taken by organizations such as NAAF and the American Hair Loss Association.
Cipla, Merck & Co., Johnson & Johnson, Lifes2good, Dr. Reddy’s Laboratories, Sun Pharma, Kirkland Signature, Histogen Inc., GlaxoSmithKline plc. And L`Oreal S.A. is some of the major players in the market.
In January 2018, Concert Pharmaceuticals, Inc., a U.S.-based company received Fast Track designation from the U.S. Food and Drug Administration (FDA) for its unique product CTP-543. CTP-543 is a novel, oral Janus kinase (JAK) inhibitor for the treatment of moderate-to-severe alopecia areata.
In January 2018, HCell Inc., a Texas-based biotechnology company received Orphan Drug Designation (ODD) for HC017AA drug from the U.S. Food and Drug Administration (FDA). HC017AA is an underdevelopment drug indicated for non- surgical treatment for Alopecia Areata in Pediatric Patients
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