Alopecia Market Size Is Expected To Reach $7.8 Billion In 2028 At A CAGR Of 7.9% As Per The Business Research Company’s Alopecia Global Market Report 2024
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LONDON, Dec. 18, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Alopecia Global Market Report 2024, the alopecia market has witnessed robust growth in recent years, with the market size surging from $5.28 billion in 2023 to $5.76 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 9.2%. This significant alopecia market growth in the historic period can be attributed to a surge in awareness regarding alopecia diagnosis, escalating consumer demand, an increasing number of international medical tourism centers, and improvements in reimbursement scenarios.
Anticipating Strong Growth Ahead
The alopecia market is poised for continued and vigorous expansion in the upcoming years, forecasting a surge to $7.82 billion in 2028 at a formidable CAGR of 7.9%. The forecasted growth stems from multiple factors, including an increasing aging population, rising cosmetic concerns, lifestyle factors, and a concurrent uptick in healthcare expenditure. Notable trends in this period include advancements in treatment options, biotechnological innovations, and the growing integration of artificial intelligence (AI) and machine learning (ML) in alopecia research.
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Addressing the Prevalence of Hair Loss
One of the key drivers propelling the alopecia market’s growth is the escalating prevalence of hair loss. Defined as the partial or complete loss of hair from areas where it usually grows, hair loss affects millions worldwide. Alopecia treatments play a crucial role in addressing this issue by extending hair regrowth, offering customized treatment plans, utilizing combination therapies, and managing the emotional and physical aspects of hair loss. Notably, in April 2023, over 250 million Chinese individuals experienced hair loss, with 42% aged between 26 and 30. Additionally, statistics from the Statistic Brain Research Institute suggest that approximately 40% of men will experience visible hair loss by the age of 35, emphasizing the global scale of this concern.
Innovative Solutions Shaping the Market
Major companies operating in the alopecia market are proactively engaged in developing innovative treatments to gain a competitive edge. Noteworthy instances include Eli Lilly and Company’s collaboration with Incyte, resulting in the FDA approval of the first systemic treatment for severe alopecia areata in adults, and Sun Pharmaceutical Industries Limited’s strategic acquisition of Concert Pharmaceuticals, aimed at enhancing its alopecia treatment offerings and expanding its product portfolio.
Strategic Segmentation and Regional Dynamics
As of 2023, North America has dominated the alopecia market, securing its position as the largest region. Looking ahead, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. The alopecia market, as outlined in this report, is segmented based on type, treatment, gender, distribution channel, and end-user, providing comprehensive insights into the diverse facets of this burgeoning industry.
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In conclusion, stakeholders in the alopecia market can harness the insights offered by the Alopecia Market Report to make informed and strategic decisions. By understanding market trends, anticipating future developments, and staying abreast of innovations, businesses can position themselves for success in a dynamic and evolving landscape. The alopecia market report provides a roadmap for players to tap into the growth potential, develop innovative solutions, and establish a strong foothold in a market driven by advancements and increasing awareness.
Alopecia Global Market Report 2024 by The Business Research Company provides insights on the alopecia market size, alopecia market segments, alopecia market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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