Hair Treatment Drug Market and Competitive Analysis
The hair treatment drug market, valued at USD 1.4 billion in 2023, is projected to grow to USD 2.99 billion by 2034, with a CAGR of 7.14% from 2024 to 2034. This growth is driven by rising hair loss incidence, enhanced research and development, and increased investments.
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Hair Treatment Drug Market: A Revolution in Hair Care
Hair loss is a prevalent condition characterized by the loss of more than 100 strands of hair daily. Fortunately, effective treatments exist for certain types of hair loss, which include androgenetic alopecia, alopecia areata, telogen effluvium, anagen effluvium, hypotrichosis, lichen planopilaris, and discoid lupus erythematosus. Various medications can address these disorders, with over-the-counter (OTC) options featuring natural compounds such as biotin, zinc, collagen, and azelaic acid, along with oils like tea tree oil.
When OTC solutions fall short, healthcare professionals may prescribe medications tailored to the type and severity of hair loss. These can include minoxidil, finasteride, antiandrogens like spironolactone, oral contraceptives, corticosteroids, and antifungal medications.
The growing incidence and prevalence of hair loss significantly drive the demand for hair treatment drugs. This condition affects both males and females of all ages due to factors such as hormonal imbalances, immune disorders, pollution, and drug-induced hair loss. Moreover, ongoing research and development efforts for new drug discovery further bolster the market.
Recent Trends in the Hair Treatment Drug Market
- In July 2024, Sun Pharma received US FDA approval for LEQSELVI (deuruxolitinib), a novel Janus Kinase (JAK) inhibitor designed to disrupt pathways associated with hair loss. This medication is intended for treating severe alopecia areata and was added to Sun Pharma’s pipeline following its $576 million acquisition of Concert Pharmaceuticals.
- In February 2024, the National Institute for Health and Care Excellence (NICE) recommended Ritlecitinib, a newly approved drug, for use within the NHS for patients with severe alopecia.
- In June 2022, the US FDA approved Baricitinib (Olumiant), developed by Eli Lilly, marking the first oral tablet specifically targeting alopecia areata in adults.
- Cipla reported strong financial performance for the first quarter of fiscal year 2024, attributing its success to a notable surge in sales in North America. The company announced an 18.3% increase in consolidated net profit to $140.8 million, with overall revenue rising by 7%.
Top Companies in the Hair Treatment Drug Market
- 3S Bio, Inc.
- AbbVie
- Aclaris Therapeutics, Inc.
- Cipla, Inc.
- Daiichi Sankyo
- Dr. Reddy’s Laboratories
- Eli Lilly & Co.
- Follicum AB
- GlaxoSmithKline plc
- Incyte Corporation
- Johnson & Johnson
- Merck & Co., Inc.
- Pharmacos
- Sun Pharmaceutical Industries, Ltd.
Segments Covered in the Report
By Type
- Topical Medication
- Oral Medication
By Application
- Hair Clinics
- Pharmacy
- Online Sale
- Hospital
By Region
- North America
- US
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
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