Hair Loss Treatment Market Witnessing Significant Growth with Increasing Incidence of Alopecia Areata

 

Hair loss can be caused by numerous disorders. Alopecia areata or hair loss begins after the onset of puberty. Alopecia is a common autoimmune disorder that often results in unpredictable hair loss on the scalp, face, and other areas of the body. Thus, with the increasing incidence of alopecia areata, the demand for hair loss treatment is also increasing, driving the hair loss treatment growth. For instance, in March 2020, Eli Lilly and Company and Incyte Corporation announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy designation to baricitinib for the treatment of alopecia areata.

In April 2020, Phyto launched new anti-hair loss products, such as Phytonovathrix Global Anti-Hair Loss Treatment, Pyhtonovathrix Fortifying Energizing Shampoo, and Phytonovathrix Hair Energising Mass Lotion, which leverage on the 'wnt protein', to trigger the growth cycle.

Hair loss is more common in men. It is most prominent in the vertex and frontotemporal regions, while in females the frontal hairline is typically spared with diffuse apical hair loss noted as a wider anterior part of the hair. In females, thyroid problems, menopause, childbirth, and pregnancy are some of the conditions that may cause temporary or permanent or hair loss. The major factors driving the hair loss treatment market are adoption of a hectic schedule and changing lifestyle patterns, which increases stress levels and results in frequent hair loss, increased emphasis on appearances and growing disposable income.

North America is a potential market for hair loss treatment due to increasing incidence of hair loss or alopecia areata and growing geriatric population in the region. According to American Hair Loss Association, more than 80 million men and women are suffering from hair loss problems in the United States alone. In November 2020, Bosley launched BosleyRx, the modern-day approach to prescription hair loss medications for men, delivering FDA-approved products directly to your doorstep. Increased hair loss problems due to ageing have strongly affected the market growth.

Recent technological advancements have created significant demand in the hair loss treatment market. For instance, in October 2020, LG Electronics Inc. announced that it will launch a hair loss treatment device in South Korea. LG Pra.L MediHair was recently approved by Seoul's drug safety ministry as a laser apparatus for medical use and was also cleared by the USFDA as a Class II device for home use. However, factors such as high cost of medication and the presence of an alternative treatment options are going to restrain the hair loss treatment market growth.

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