Visiongain has published a new report on Alopecia Market Report to 2031: Forecasts by Disease Type (Androgenic Alopecia, Alopecia Areata, Ciatricial Alopecia, Traction Alopecia, and Alopecia Totalis), By Route of Administration (Oral, Topical, and Injectable), By Distribution Channel (Hospitals, Retail Pharmacies, and Online Pharmacies) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Alopecia Market
COVID-19 pandemic has affected more than 200 countries worldwide. Companies have been pressured to upsurge production capacity and raise the supply of products and other commodities. The pandemic has negatively impacted all the markets and industries across the world. Visiongain has evaluated the present and possible impact of the pandemic on the global Alopecia industry, in terms of technologies employed and the materials consumed. Some market segments will be overcome however others will stay mostly unchanged. This forecast draws geographical effects with numerous distinct industries.
Rising Global Incidence of Alopecia
Changing lifestyles such as excessive consumption of alcohol, tobacco and increasing stress indices among the population are a key factor for the growing occurrence of alopecia. However, the epidemiology of the Alopecia disease is still unknown, the hereditary factor is deliberated as one of the reasons and related to numerous cases of alopecia. Also, growth in disposable income and the growing importance of aesthetics will influence the alopecia market growth in the forecasted period. As per estimates by the American Hair Loss Association, about 95% of the hair loss in males is owing to androgenic alopecia, and consciousness among people is aiding the growth of the global alopecia market.
Growing Prevalence of Stress-related Diseases
Rising incidence and prevalence of Polycystic Ovary Disease (PCOD), hypothyroidism, lupus, acute stress disorder, hypopituitarism, and multiple cancer are expected to be major driving factors for the growth of the Alopecia market during the forecast period. According to Cancer Australia estimates, around 1,405 new cases of brain cancer are expected in 2017. Also, as per the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die from a chronic disease every year in the USA. Although chronic diseases are the major reason for death for men and women alike because women face unique health issues. Around 37% of women suffer from chronic diseases, compared to 30% of men. Thereby, the rising high prevalence of Polycystic Ovary Disease (PCOD) and other chronic disorders leads to hair loss and demands proper treatment management. In turn, it is projected to attain substantial growth for the alopecia market in the given time frame.
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Rapidly Increasing Health Care Expenditure
Healthcare spending has increased drastically in the U.S. in the past few decades. As per the Journal of the American Medical Association (JAMA), healthcare expenditure in the U.S. upsurge near a trillion dollars between 1996 and 2015. The association told that healthcare expenditure in the U.S. during 2017 was around $3.5 trillion, i. e, $11,000 per person. These expenditures are projected to be $6 trillion—approximately $17,000 per person by 2027.
Key players operating in the global Alopecia market are Lexington International LLC, Capillus, Johnson and Johnson Services, Inc., Vita-Cos-Med Klett-Loch GmbH, Cipla Inc., Sun Pharmaceutical Industries Ltd., Transitions Hair Pty Ltd., Merck & Co., Inc., Cirrus Hair Centers, and Follica, Inc.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Alopecia market. For instance, on 16th March 2020, Eli Lilly and Company and Incyte Corporation publicized that the company received the U.S. Food and Drug Administration (FDA) approval for its breakthrough therapy label to baricitinib to treat against alopecia areata (AA). On the other hand, on 8th July 2020, Concert Pharmaceuticals, Inc. publicized that the company received the U.S. Food and Drug Administration (FDA) approval for its breakthrough therapy label for the company’s oral Janus kinase inhibitor, CTP-543, to treat adult patients with moderate-to-severe alopecia areata.
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