Majority of the global population classifies under the working class. The current generation of young adults are leading stress-filled lives resulting in a variety of health disorders. Alopecia incidences are witnessing staggering growth across the globe due to the aforementioned reasons. To rectify it, a lot of people are opting for alopecia treatment, especially in the Asia Pacific. The Asia Pacific alopecia treatment market is expected to value US$2.67 bn at the end of the forecast period of 2016 up to 2024. The market is estimated to rise at a steady CAGR of 6.6% of the forecast period.
Demand for Topical Drugs Driving Asia Pacific Alopecia Treatment Market
Alopecia treatments include topical as well as intrusive treatments. Topical treatments though slow, are cost-effective in nature. They are majorly preferred by the population in Asia Pacific as it is a developing region and the availability of disposable incomes present, is less. This is expected to drive the Asia Pacific alopecia treatment market.
Manufacturers are coming up with newer treatment methods using modern drugs and increasing the scope of the treatment along with alopecia to scalp and hair treatment. This is expected to result in increasing number of consumers to switch to the new drugs and is expected to drive the alopecia treatment market in the Asia Pacific.
Limited Clinical Trials Restraining Asia Pacific Alopecia Treatment Market
Alopecia treatment drugs have numerous side effects associated to them ranging from depression, sexual dysfunctions, and allergies among others. The rising consumer awareness regarding the side effects of the drugs is expected to hamper the Asia Pacific alopecia treatment market. Insurance companies also do not have favorable reimbursement policies in the case of alopecia treatment leading to numerous potential patients not opting for the treatment, eventually hampering the market.
Clinical trials for alopecia treatment drugs is time intensive. This outcomes into high ready-for-market times. Companies and consumers both are eager for effective drugs to be launched in the market leading to launch of incomplete drugs or no drugs. This results in a massive loss for the alopecia treatment market and is a major restraint. The generic drug finasteride is currently the only drug intensively tested for alopecia treatment and is available in the market. It is the only drug in the market today with an FDA approval to it.
China Expected to Dominate Asia Pacific Alopecia Treatment Market
China is projected to be the leading market in the Asia Pacific alopecia treatment market. Being the largest populated country in the world and the presence of disposable incomes among the population there is expected to drive the demand for alopecia treatment in the market. The China alopecia treatment market is expected to value US$961.3 mn ay the end of the forecast period. India is expected to grow at the fastest CAGR through the forecast period owing to the rise in disposable incomes among the population. Vietnam, a country riddled with economic downturn is expected to rise at a steady 5.2% CAGR of the forecast period.
Key players in the Asia Pacific alopecia treatment market include Teva Pharmaceutical Industries Ltd., Shiseido Co., Ltd., Cellmid Ltd., Johnson & Johnson, Inc., Reddy’s Laboratories Ltd., Taisho Pharmaceutical Holdings Co. Ltd, Cipla Ltd., Zhangguang 101, The Himalaya Drug Company, Science & Technology Co., Ltd, and Merck & Co., Inc.
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