Alopecia Medication Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Alopecia Medication Market is segmented By Drug Type (Minoxidil, Finasteride, Corticosteroids, Immunosuppressants (Cyclosporine, and others) ), By Route of Administration (Oral, Topical, Injectable), By Gender (Males, Females), By Distribution Channel (Hospitals, Retail Pharmacies, Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Global Alopecia Medication Market reached US$ 8,780 million in 2023 and is expected to reach US$ 16,168.61 million by 2031, growing at a CAGR of 8.1% during the forecast period 2024-2031.

Alopecia is a condition in which hair is lost from part of the head or body. The severity of hair loss can vary from a small area to the entire body. It can occur in males and females at any age, and inflammation or scarring is typically absent. It can result from heredity, hormonal changes, medical conditions, or a normal part of aging. 

Alopecia can be treated and managed by several topical, oral, and various injectables. Alopecia aerates alopecia details and requires proper medications to manage symptoms. Hair translation and scalp treatment are other treatments for this condition.

Market Scope

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Market Dynamics: Drivers & Restraints

Rising development of new products  

The increasing new product developments are expected to drive the market growth. As new products receive regulatory approval and enter the market, patients have access to a broader variety of treatment options. This can result in more customized treatment strategies and better alopecia control, improving overall market demand. New drugs and treatments often have higher efficacy and safety profiles than previously available options. 

Innovations in medication formulations and delivery techniques can improve patient outcomes, increasing interest and adoption. For instance, in July 2024, Sun Pharmaceutical Industries received US Food and Drug Administration (FDA) approval for LEQSELVI (deuruxolitinib) which is used for treating alopecia areata in adults. LEQSELVI is a new, twice-daily oral Janus Kinase (JAK) inhibitor that disrupts the pathways involved in hair loss. 

Additionally, in June 2023, Pfizer Inc. received the U.S. Food and Drug Administration (FDA) approval for LITFULO, a once-daily oral treatment, for individuals 12 years of age and older with severe alopecia areata. The approved recommended dose for LITFULO is 50 mg. It is the first and only treatment approved by the FDA for adolescents (12+) with severe alopecia areata.

High cost associated with alopecia medication 

High costs of the medication could hamper the market growth. High costs can make treatments inaccessible to many individuals. When people cannot afford costly treatments, they may avoid them entirely, decreasing the overall market size. Treatments that are too expensive can only be available to a small segment of the population, generally those with higher incomes or better insurance coverage. This reduces the possible number of customers and delays market growth. 

Market Segment Analysis

The global alopecia medication market is segmented based on disease type, drug type, route of administration, gender,  distribution channel, and region.

Androgenic Alopecia segment is expected to dominate the market share

Androgenic Alopecia is the most common cause of hair loss, affecting millions of men and women worldwide. It is anticipated that approximately 50% of men will have AGA by the age of 50, and it also affects a considerable proportion of women, particularly as they age. The high frequency of this condition results in a huge patient population, generating a sizable market for medicines that expressly target this disease. 

Androgenic alopecia has well-established treatment options, including minoxidil, finasteride, and a variety of additional medications that have been well-studied and marketed. The availability of effective treatments promotes segment interest and investment. The regulatory bodies have carefully reviewed and authorized treatments for the condition, such as Finasteride and Minoxidil, making them reliable solutions for patients and encouraging their adoption. Thus, the above factors are expected to hold the segment in the dominant position. 

Market Geographical Share

North America is expected to hold a significant position in the alopecia medication market share

North America holds the dominant share of the global Alopecia Medications market, and it is primarily attributed to factors such as due to the rise in the prevalence of hair loss and subsequently the increasing demand for its medications. The favorable regulatory bodies in the region and the rising research for the development of new medications in the region are expected to drive the region’s market growth.

For instance, in August 2024, Pelage Pharmaceuticals announced that it had entered into the 2nd phase of clinical trials. It stated that the first patients have been dosed in its Phase 2a clinical trial evaluating the safety and efficacy of PP405, a novel topical small molecule, for the treatment of androgenetic alopecia (pattern baldness). The company enrolled 60 women and men for the clinical study. PP405 is designed to reactivate dormant hair follicle stem cells to stimulate hair growth.

Additionally, in June 2022, Eli Lilly and Company and Incyte received the U.S. Food and Drug Administration (FDA) approval for OLUMIANT (baricitinib), a once-daily pill, as a first-in-disease systemic treatment for adults with severe alopecia areata (AA), available as 4-mg, 2-mg, and 1-mg tablets.

Market Segmentation

By Disease Type

• Androgenic Alopecia
• Alopecia Areata
• Cicatricial Alopecia
• Traction Alopecia
• Alopecia Totalis

By Drug Type

• Minoxidil 
• Finasteride
• Corticosteroids
• Immunosuppressants
• Anthralin
• Others

By Route of Administration

• Oral
• Topical
• Injectable

By Gender

• Males
• Females

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa 

Market Competitive Landscape

The major global players in the market include Pfizer Inc., HCell Inc., Eli Lilly and Company, Daiichi Sankyo, Inc., Glasier Wellness, Lifevision Cosmetics, Swisschem Dermacare, Glamris Dermacare Care, Centurion Remedies Private Limited and Scot Derma Private Limited among others.

Why Purchase the Report?

• To visualize the global alopecia medication market segmentation based on disease type, drug type, route of administration, gender,  distribution channel, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of alopecia medication market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global alopecia medication market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies