PUBLISHER: Grand View Research | PRODUCT CODE: 1300988
PUBLISHER: Grand View Research | PRODUCT CODE: 1300988
The North America alopecia market size is expected to reach USD 5.65 billion by 2030, expanding at a 7.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to be collectively driven by technological advancements in treatments, and the rise in the prevalence of diseases associated with hair loss. Moreover, various strategic initiatives undertaken by leading players such as the development of light-based treatment and other pharmaceutical products developments are also anticipated to propel growth forward during the projected period.
The competitive rivalry in North America alopecia industry is likely to remain high due to the presence of prominent market participants. Generic copies of branded drugs further intensify commercial competition. Key players are involved in the development of novel therapies or drugs, to target people with unmet clinical needs. For instance, Cassiopea S.p.A. is engaged in the development of treatment for female androgenetic alopecia, as there is no drug approved for this particular indication.
Organizations, such as National Alopecia Areata Foundation (NAAF), Canadian Alopecia Areata Foundation, and Cicatricial Alopecia Research Foundation, among others, promote funding to support R&D and product development exercises pertaining to the treatment. For instance, National Alopecia Areata Foundation (NAAF) provides research grants and funding to researchers. To date, the organization has provided 208 research grants, totaling around USD 5.7 million, to sponsor studies on the pathophysiology of diseases, immune pathways, and developing targeted treatments.
Moreover, ongoing funding programs by leading organizations to decrease the gaps in hair disorders research is likely to expedite market expansion. For instance, in April 2021, the American Academy of Dermatology Association announced the launch of the Hair Loss and Alopecia Initiative in Research (HAIR) funding program. Under this HAIR program funding will be offered to researchers, trainees, and dermatologists in the U.S. for completing research projects for the development of novel solutions for hair disorders.
Furthermore, regulatory approvals and various strategic initiatives undertaken by leading players are expected to propel growth forward. For instance, in June 2022, Incyte and Eli Lilly and Company announced that OLUMIANT (baricitinib) received approval from the U.S. FDA for systemic treatment for adults with severe AA. OLUMIANT pill is available in 1 mg, 2 mg, and 4 mg tablets. In addition, in April 2020 Aytu BioScience, Inc. announced the launch of OTC foam formulation of minoxidil for men and women. This product is indicated for reversing hair loss and is available through the company's wholly-owned subsidiary Innovus Pharmaceuticals.