Alopecia is a condition of partial or complete hair loss in an individual. Alopecia may begin with hair loss on the scalp, either in patches or on the entire head. The onset of this disease is often random, sudden, and recurrent.
Asia Pacific alopecia treatment market is estimated to account for US$ 4,060.9 Mn in terms of value and is expected to reach US$ 6,427.7 Mn by the end of 2027.
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Asia Pacific Alopecia Treatment Market: Drivers
Increasing prevalence of alopecia is expected to propel growth of the Asia Pacific alopecia market over the forecast period. For instance, according to a 2019 survey released by the China Association of Health Promotion and Education (CAHEP), one out of six Chinese people, or about 250 million people, are suffering from hair loss.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to United Nations Population Fund, geriatric population in Asia Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050.
Alopecia Areata held dominant position in Asia Pacific alopecia treatment market in 2019, accounting for 65.8% share in terms of value, followed by Alopecia Totalis and Alopecia Universalis, respectively
Asia Pacific Alopecia Treatment Market: Restraints
Limited efficacy and lack of evidences suggesting clinical efficacy of available hair loss drugs is hampering growth of the market. For instance, current topical hair loss treatments available in the market such as minoxidil are not 100% effective in treating alopecia, although it has been clinically proven to slow down the progression of hair loss.
Moreover, lack of reimbursement for hair loss treatments services is also expected to limit the market growth. Both public and private payers do not reimburse most of the laser treatment services. The pricing of such services varies widely and there cannot be any standardization.
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Asia Pacific Alopecia Treatment Market: Opportunities
Adoption of platelet-rich plasma therapy is expected to offer lucrative growth opportunities for players in Asia Pacific alopecia treatment market. For instance, in April 2020, researchers from Plastic and Reconstructive Surgery, “Tor Vergata” University, Italy, reported that platelet-rich plasma may considered as a safe and effective alternative procedure to treat hair loss compared with Minoxidil and Finasteride.
Moreover, adoption of nanotechnology is also expected to aid in growth of the market. For instance, in March 2020, researchers from University of Coimbra, Portugal, reviewed the potential of nanotechnology-based topical minoxidil delivery formulations for improved hair loss therapeutics.
Asia Pacific alopecia treatment market was valued at US$ 2,030.5 Mn in 2019 and is forecast to reach a value of US$ 3,214.8 Mn by 2027 at a CAGR of 6.8% between 2020 and 2027.
Market Trends/Key Takeaways
Major players in the market are focused on conducting clinical trials for the treatment of alopecia. For instance, in June 2020, Follica, Inc. announced positive feedback from a meeting with the U.S. Food and Drug Administration (FDA) for its lead program to treat male androgenetic alopecia.
Increasing prevalence of alopecia among young people is boosting growth of the market. For instance, according to a report conducted by AliHealth, a private health arm of Alibaba Group, in 2019, around 36% of the hair-loss population is post-90s.
Drugs and Cosmetics Act, 1940 governs the provisions relating to manufacture, sale, storage, distribution, and import of drugs as well as cosmetics products in India.
Ministry of Health, Regulations on Cosmetics Hygiene Supervision, (MOH) Regulation: This regulation is formulated to strengthen hygiene supervision over cosmetics so as to ensure hygiene quality and safety of use and to safeguard consumer health.
Asia Pacific Alopecia Market: Competitive Landscape
Major players operating in Asia Pacific alopecia market include, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Johnson & Johnson, Inc., Pfizer, Inc., Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Cellmid Ltd., The Himalaya Drug Company, Taisho Pharmaceutical Holdings Co., Ltd., Shiseido Co., Ltd., Concert Pharmaceuticals, Inc., Follica, Inc., REVIAN Inc., Incyte, Eli Lilly and Company, Histogen, Inc., and Zhangguang 101 Science & Technology Co., Ltd.
Asia Pacific Alopecia Market: Key Developments
Major players in the market are focused on R&D to expand their product portfolio. For instance, in June 2020, Histogen, Inc. enrolled the first patient in its Phase 1b/2a clinical trial of HST 001, the company’s lead therapeutic candidate for the treatment of androgenic alopecia in men.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in March 2020, Incyte and Eli Lilly and Company received the U.S. FDA’s Breakthrough Therapy Designation for baricitinib for the treatment of alopecia areata.
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