Published Date : Jun 29, 2016
Alopecia, commonly known as baldness is a condition in which a substantial amount of hair loss is observed. The hair damage and excessive hair loss is a result of lifestyle disorder, medical condition, and other dietary issues. Several drugs and therapeutics have been introduced in the market to treat the alopecia condition. The major cause of alopecia has not been completely understood; however, some of the causes can be an infection, male pattern baldness, pregnancy, trauma, drugs, and others.
Rising Disposable Income in Developing Nations to Drive Global Alopecia Market
At present, the global market for alopecia is considered as a million-dollar market, owing to the rising demand for alopecia drugs and treatments across the globe. The changing and hectic lifestyle along with high-stress levels are some of the major factors causing alopecia. This scenario is very common in developed as well as developing nations, which is boosting the demand for alopecia drugs and therapeutics worldwide.
In addition, the growing geriatric population and growing demand for hair transplant procedures are contributing substantially towards the growth of the market. The growing disposable income in developing economies is encouraging the consumers to spend a huge amount to enhance the looks. Moreover, technological advancements and innovations in the hair treatment devices are further expected to fuel the growth of the global alopecia market in the next few years.
Introduction of Innovative Products to Boost Demand for Alopecia Drugs and Treatments in Near Future
The global alopecia market comprises several products such as shampoos and conditioners, vitamins and supplements, oils, serums, gels, and others. The research and development activities by the major players are estimated to introduce new products in the market in the coming few years. Some of the major end users in the global alopecia market are dermatology clinics, homecare settings, and salons.
Some of the prominent players such as Johnson & Johnson, Sun Pharma, Alpecin, Merck & Co., Phyto Ales Group, Vitabiotics, Lifes2good, Cipla, Dr. Reddy’s Laboratories, and Kirkland Signature are making efforts to strengthen their position in the overall market. The global alopecia market is expected to witness an intense competition in the next few years owing to the entry of several new players.