Alopecia areata is an autoimmune disease which results in patchy hair loss on the scalp and face. There is no permanent cure for the condition as of now. Major companies are focusing on developing more effective treatment options through extensive R&D which is expected to drive industry growth. Alopecia areata affects around 2% of people at some point in their lifetime. Treatment options include corticosteroids, contact immunotherapy, minoxidil, and over-the-counter topical treatments to temporarily restore hair growth. The condition is challenging to treat and recurring hair loss is common. This unmet need propels continuous product development efforts.
The Global Alopecia Areata Treatment Market is estimated to be valued at US$ 760 million in 2024 and is expected to exhibit a CAGR of 6% over the forecast period 2024-2029.
Key Takeaways
Key players operating in the Alopecia Areata Treatment market include Concert Pharmaceuticals, BirchBioMed, Merck & Co., Anthropic, and Hcell Inc.
Concert Pharmaceuticals is conducting phase 2/3 clinical trial of CTP-543 (deuterated ruxolitinib) for moderate to severe alopecia areata. BirchBioMed is developing BB-301, a topical immunotherapy treatment for alopecia areata.The Alopecia Areata Treatment Market Size key opportunities in the market include developing oral treatments and combination therapies. Oral drugs can potentially provide more effective and long term treatment options compared to topical agents. Combination of drugs targeting different mechanisms also holds promise. Major companies are expanding geographically through partnerships and collaborations. In 2021, Merck & Co. partnered with Anthropic to accelerate the development of AI-enabled dermatology treatments including for alopecia areata. Hcell Inc also partnered with pharmaceutical players in Asia Pacific and Middle East & Africa regions to commercialize its regenerative cell therapy for hair loss disorders.
Market drivers Rising investment in R&D: Significant funding from private and public sources is encouraging research to develop new and more effective treatment options for alopecia areata. This is regarded as a major market driver.
Growing patient pool: The prevalence of alopecia areata is increasing worldwide due to factors like rising stress levels and environmental triggers. This is augmenting the demand for appropriate treatment options.
Market restraintsLack of approval for new treatment types: Drugs in late stage trials have not received regulatory approval yet due to challenges in demonstrating efficacy and safety in alopecia areata. This is a major restraint.
Relapsing nature of the disease: Alopecia areata commonly relapses despite initial response to treatment. This deters pharmaceutical companies from aggressively investing in the space.Segment Analysis The alopecia areata treatment market has been segmented by treatment type into topical therapies, oral therapies, injectable and others. Among them, the topical therapies segment dominates the market owing to higher adoption of topical medications for initial treatment of alopecia areata. These therapies are easy to use and have minimal side effects. Within topical therapies, topical corticosteroids are the most commonly prescribed medication for the treatment of alopecia areata patches of hair loss as they can restore hair growth.
Global AnalysisThe North America region holds the major share of the alopecia areata treatment market owing to the growing research and development activities to develop novel medications, strong presence of key players, and early availability of therapies. The Asia Pacific region also shows high growth potential for the market during the forecast period due to rising cases of alopecia areata, growing awareness about treatment options, and increasing healthcare expenditure in the region. The key players focusing on strengthening their presence in developing countries of Asia Pacific and Latin America will offer lucrative opportunities in the alopecia areata treatment market in the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
