Alopecia Market to Reach $12 Billion by 2024
Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.
Reportlinker’s Alopecia Industry Review in a nutshell
- Market grows as patients become aware of treatment options
- Study finds rheumatoid arthritis drug might regrow hair
- Second study finds enzyme inhibitor helps patients
How is the Alopecia Market?
By 2024, the alopecia market is forecasted to be valued at $11.8 billion globally, according to Grand View Research.
Alopecia is an auto immune disorder. It causes hair loss, in some cases over the entire body. It is the second most common form of hair loss and can occur at any age.
The market has grown as patients become aware of treatment options.
Last year, the topical treatment segment was valued at $2.8 billion. Women accounted for $4.03 billion of total market revenue while North America, the largest market, was valued at $2.49 billion.
Patients prefer treatments that are noninvasive and easy to use.
A Columbia University Medical Center study has found the rheumatoid arthritis drug Xeljanz stops the immune system from attacking hair follicles. The results were published in Journal of Clinical Investigation/Insight.
Twelve patients were treated for three to six months. By the end of the study, 77% of participants experienced a regrowth rate of 92%.
The researchers also believe they have identified genes that can be used to predict treatment success.
It is unknown how long the new hair growth will last. One-third of participants experienced hair loss following the study.
Researchers are hoping the results will be enough for a full scale U.S. Food and Drug Administration trial. Xeljanz costs $40,000 annually without medical insurance.
Studies have shown that Janus kinase (JAK) inhibitor drugs stopped the body’s inflammatory response. JAK is a family of enzymes.
Only two JAK drugs have FDA approval: ruxolitinib for bone marrow malignancies and tofacitinib for rheumatoid arthritis.
The treatment will not work for other types of hair loss.
Other Treatments of Alopecia
”Although our study was small, it provides crucial evidence that JAK inhibitors may constitute the first effective treatment for people with alopecia areata,” Dr. Julian Mackay-Wiggan, director of the clinical research unit in dermatology at CUMC, told Science Daily. “This is encouraging news for patients who are coping with the physical and emotional effects of this disfiguring autoimmune disease.”
Approximately 4 million to 11 million Americans suffer from alopecia.
Current treatments include skin creams, cortisone injections and oral medications. Patients also are sent to counseling and advised to purchase wigs.
ReportLinker Review – Global Hair Care Market
- Over the period 2014-2019, the professional hair care market is forecasted to grow at a compound annual growth rate (CAGR) of 3.7% globally. (source: TechNavio)
- By 2022, the personal care packaging market is forecasted to reach $37.25 billion globally. (source: Grand View Research)
- In 2015 the global organic personal care market reached $10.64 billion. By 2022, it is forecasted to reach $19.83 billion, growing at a CAGR of 9.6%. (source: Stratistics MRC)