Alopecia areata is a common autoimmune skin disease that
results in patchy hair loss on the scalp, face and sometimes on other areas of
the body. It affects both men and women of all ages. The exact cause of
alopecia areata is not known but it is believed to be an autoimmune disorder
that occurs when the immune system attacks hair follicles, resulting in
unpredictable hair loss and bald spots on the head and body. Treatment options
for alopecia areata include corticosteroids, immunotherapy, minoxidil, JAK
inhibitors and others. The rising disease incidence and recurrence rates have
boosted demand for effective treatment options in the global alopecia areata
treatment market.
The global alopecia
areata treatmentmarket is estimated to be valued at US$ 10.51 Bn in 2024
and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the alopecia areata treatment market are Concert
Pharmaceuticals, Pfizer, Eli Lilly and Company, Equillium, and Maxinovel
Pharmaceuticals. Concert Pharmaceuticals is
developing CTP-543, a novel oral JAK inhibitor, for the potential treatment of
alopecia areata. Pfizer has also been conducting research for alopecia areata
treatment. Eli Lilly’s Olumiant, a FDA approved JAK inhibitor, represents a
promising treatment option for severe alopecia areata. Growing awareness and
demand for effective treatments represents a major opportunity in the alopecia
areata treatment market. Key players are expanding their global presence
through strategic partnerships and licensing agreements. Concert
Pharmaceuticals’ partnership with Incyte to develop CTP-543 is a case in point.
The increasing prevalence of alopecia areata and rising demand for effective
long-term therapies represent major drivers for the alopecia areata treatment
market. According to the National Alopecia Areata Foundation, alopecia areata
affects approximately 1.5% of the population globally which is equivalent to
around 150 million people worldwide. Recurrence rates are also high with more
than 50% of people experiencing two or more episodes. Growing awareness about
this highly underrecognized condition and its psychosocial burden on patients
is further fueling the treatment market. Moreover, increasing research for
treatment options like JAK inhibitors is expected to provide significant growth
opportunities over the forecast period.
Market Drivers
The increasing prevalence of alopecia areata and recurrence rates are major
drivers for the alopecia areata treatment market. Alopecia areata affects
nearly 1.5% of the global population, amounting to over 150 million cases
worldwide. Recurrence rates also over 50% with multiple episodes being common
for many patients. This represents a major patient pool requiring lifelong
treatment and management.
Market Restrains
The lack of FDA approved drugs for long-term treatment of alopecia areata
is a major challenge. Currently, corticosteroids are the only approved
first-line treatment but they only provide temporary regrowth and do not
prevent future relapses. Extensive research is still required to develop safe
and effective treatment options for long-term management of the disease over
the lifetime of patients. High development costs and regulatory uncertainties
pose restrain the market growth.
Segment Analysis
The alopecia areata treatment market can be segmented based on treatment
type, route of administration, distribution channel. Based on treatment type,
the corticosteroids segment holds the largest market share as it is the first
line of treatment prescribed by doctors. Corticosteroids are highly effective
in regrowing hair and reducing inflammation, and thereby dominate the segment.
By route of administration, the topical segment enjoys the highest revenue
share since creams and lotions can be easily applied to the affected skin
areas. Topical drugs allow targeted treatment of patches with lesser side
effects than oral medications.
Depending on distribution channel, the hospital pharmacies segment captures
maximum revenue on account of patients preferring hospitals for initial
diagnosis and prescription by dermatologists. Retail pharmacies also have a
significant share as patients refill topical medications for long-term usage.
Global Analysis
Regionally, North America commands the largest alopecia areata treatment
market size owing to advanced healthcare facilities, favorable reimbursement
policies, rising awareness about new drug therapies. The growing number of
clinical trials for novel drug candidates in the US and Canada is boosting the
regional market growth. Europe holds the second largest revenue share due to
frequent product launches by major players. Meanwhile, Asia Pacific is emerging
as the most lucrative market due to improving access to healthcare in
developing nations and increasing per capita incomes.
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What
Are The Key Data Covered In This Age-related Vision Dysfunction Market Report?
:- Market CAGR
throughout the predicted period
:- Comprehensive
information on the aspects that will drive the Age-related Vision Dysfunction
's growth between 2024 and 2031.
:- Accurate
calculation of the size of the Age-related Vision Dysfunction and its contribution to the market, with
emphasis on the parent market
:- Realistic
forecasts of future trends and changes in consumer behaviour
:- Age-related
Vision Dysfunction Industry Growth in
North America, APAC, Europe, South America, the Middle East, and Africa
:- A
complete examination of the market's competitive landscape, as well as
extensive information on vendors
:- Detailed
examination of the factors that will impede the expansion of Age-related Vision
Dysfunction vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold
in the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1.
Source: Coherent Market Insights, Public sources, Desk research
2.
We have leveraged AI tools to mine information and compile it
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