The Alopecia Areata Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Alopecia Areata Global Market Report 2024, The alopecia areata market size has grown strongly in recent years. It will grow from $3.31 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to limited treatment options, advancements in immunology, increased disease awareness, clinical trials and drug development, psychosocial impact awareness.
The alopecia areata market size is expected to see strong growth in the next few years. It will grow to $4.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to biologic therapies development, precision medicine approaches, advancements in immunotherapy, ai and drug discovery, global initiatives and funding. Major trends in the forecast period include topical immunotherapy advancements, combination therapies, telemedicine in dermatology, patient-centric care, regulatory pathways for novel therapies.
The growing prevalence of hair loss is expected to propel the growth of the alopecia areata market going forward. Hair loss is caused by disrupting the body’s normal hair growth cycle. Alopecia areata treatment employs corticosteroids, potent anti-inflammatory medications that can inhibit the immune system, to treat a condition where the immune system destroys hair follicles and results in hair loss. For instance, in March 2022, according to an article by the Hair Society, a US-based full-service professional organization, hair loss affected about 21 million women and 35 million men globally. The majority of people in the world will lose their hair starting at age 35, with a 40% loss rate for males and increasing to a 70% loss rate for men at age 80. Women with hair loss will account for 80% or more by age 60. Therefore, the growing prevalence of hair loss is driving the growth of the alopecia areata market.
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The alopecia areata market covered in this report is segmented –
1) By Type: Patchy Alopecia Areata, Alopecia Totalis, Alopecia Universalis, Diffuse Alopecia Areata, Ophiasis Alopecia, Other Types
2) By Treatment: Medical Treatments, Natural Treatment, Other Treatments
3) By Diagnosis: Trichoscopy, Skin Biopsy, Other Diagnoses
4) By Route Of Administration: Oral, Topical, Parenteral, Other Routes Of Administration
5) By End-Users: Hospitals, Specialty Clinics, Homecare, Other End-Users
Innovative drug approval is a key trend gaining popularity in the alopecia areata market. Major companies operating in the alopecia areata market are focused on obtaining new drug approvals to strengthen their market position and gain a competitive advantage. For instance, in June 2023, Pfizer Inc., a US-based biotechnology and pharmaceutical company, announced that the US Food and Drug Administration (FDA), a US-based federal agency of the Department of Health and Human Services responsible for protecting public health, had approved LITFULOTM (ritlecitinib), the first and only treatment for severe alopecia areata approved for patients as young as 12. It is a once-daily oral treatment for alopecia areata, an autoimmune condition for which there were previously no FDA-approved treatments for teenagers and few options for adults. LITFULO is a kinase inhibitor that blocks Janus kinase 3 (JAK3) and the tyrosine kinase family of kinases found in hepatocellular carcinoma (TEC).
The alopecia areata market report table of contents includes:
1. Executive Summary
2. Alopecia Areata Market Characteristics
3. Alopecia Areata Market Trends And Strategies
4. Alopecia Areata Market – Macro Economic Scenario
5. Global Alopecia Areata Market Size and Growth
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26. South America Alopecia Areata Market
27. Brazil Alopecia Areata Market
28. Middle East Alopecia Areata Market
29. Africa Alopecia Areata Market
30. Alopecia Areata Market Competitive Landscape And Company Profiles
Top Major Players:
- BASF SE
- AECI Alopecia Areata
- Sasol
- Solvay Group
- Clariant AG
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