Alopecia Drugs Market Profile, Segmentation, Vendor Landscape
Alopecia Drugs Market Insights, Trends, Growth and Investment Feasibility
Alopecia areata, a chronic autoimmune disease that causes hair loss including scalp, face, and body. This disease occurs due to a variety of factors the most important being genetic. However, the changing lifestyle and environmental changes are the key risk factors. Besides, today's, heady life and stress increase prevalence of this disease, fostering the market growth of Alopecia drugs to an extent.
Acknowledging the traction, the market is vibrating with currently; Market Research Future (MRFR) in its recently published study report asserts that the global Alopecia drugs market gaining further prominence will register a spectacular value of USD 11.8 Bn. by 2022, posting approximately 6.92% CAGR during 2016 – 2022.
Additionally, the strong marketing strategies implemented by the key players drive the market growth. Outstanding results provided by the Alopecia drugs is also one of the key factors, propelling the market growth.
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Furthermore, risk factors fueling the hair and scalp problems such as pollution, and effects of products with heavy chemical composition coupled with the availability of the range treatment solutions to fight those issues impact the market growth positively. Moreover, well-spread awareness among people about the diseases and the availability of treatment solutions are providing impetus to the market growth.
On the other hand, the factors such as ample availability of counterfeit, low quality and low-cost products are hampering the market growth, affecting a large chunk of consumers with its side effect.
Global Alopecia Drugs Market - Segments
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Alopecia Types: Alopecia Areata, Alopecia Totalis, And Alopecia Universalis.
By Product Types : Tropical, and Oral among others.
By End-Users : Hospitals, Clinics, Saloons, and Home Care among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Alopecia Drugs Market - Regional Analysis
North America accounts for the leading market for alopecia drugs, possessing the largest market share. The market is expected to escalate with approx. 4% CAGR during 2016-2022, reaching USD 3.75 Bn. by the end of the forecast period. The market is escalating rapidly in the view of the high level of product innovation, changing formulations and emerging trends in the space.
Alopecia drugs market in Europe stands second in terms of both the market size and revenue. Increasing prevalence of Alopecia with the increasing aging population substantiates the market growth in the region. Besides, the presence of matured players and funding and investments transpired by them primarily in the countries like the UK, Italy, and Germany support the market in the region.
The Asia Pacific region is too emerging as one of the lucrative markets for Alopecia drugs. Large unmet clinical needs coupled with the continuously improving economy drives the market in the region. The consumption rate of Alopecia drugs in the region is expected to increase during the review period, presenting opportunities to the market players to expand their production bases in the developing regions of Asia Pacific.
Global Alopecia Drugs Market - Competitive Analysis
The alopecia drugs market is highly competitive and fragmented owing to the presence of active players fervently churning the competition in the market. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition, and expansion. Well-established manufacturers utilizing breakthrough manufacturing technology strive to develop a comprehensive range of safe and reliable solutions portfolio.
They partner with global organizations for leading capabilities in research, development, manufacturing, and marketing. These manufacturers also offer consolidated support services, helping drive efficiency, standardization, and simplification. They aim to make the most of the opportunities by bolstering investments that support the search for new medicines.
Some of the eminent players leading the market include Dr. Reddy’s Laboratories Ltd., Cipla Inc., Johnson & Johnson, Ranbaxy Laboratories Ltd, Merck & Co., The Himalaya Drug Company, Sun Pharmaceutical Industries Ltd., and Taisho Pharmaceutical Holdings Co.
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Industry/ Innovations/ Related News:
Pfizer Inc. (US) announced receiving of approval and the Breakthrough Therapy designation from the U.S. Food and Drug Administration (FDA) for its investigational oral Janus kinase 3 (JAK3) inhibitor useful in the treatment of patients with alopecia areata, a disease that causes hair loss on the scalp, face, or body.
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