The global Alopecia Market size is anticipated to reach USD 4.8 billion by 2026, according to a report published by Grand View Research, Inc., registering an 8.3% CAGR during the forecast period. The market is expected to be driven by increase in disease prevalence, technological advancements, and rise in per-capita healthcare expenditures across the globe.

The disease prevalence is increasing due to changing lifestyle patterns, such as increased consumption of alcohol and tobacco, changing food habits, high level of stress, and rising geriatric population. These factors are expected to boost the market over the forecast period. In addition, rising incidences of chronic diseases such as Polycystic Ovary Syndrome (PCOS), cancer, and rheumatoid arthritis are likely to fuel market growth.

Statistics presented by the National Alopecia Areata Foundation states that 147 million people worldwide, including 6.8 million people in U.S. alone, are affected by alopecia areata. Growing patient awareness about the disease and its treatment is anticipated to contribute to alopecia market growth. For instance, the Treatment Development Program (TDP) by National Alopecia Areata Foundation has resulted in an increase in research studies pertaining to this condition.

Currently, there are two FDA-approved therapeutics for the condition-Rogaine and Propecia. Generic penetration has significantly increased, following patent expirations of both drugs. However, impending launch of several promising pipeline candidates, such as Jakafi (ruxolitinib), Xeljanz (tofacitinib), Breezula (clascoterone), Lumigan (Bimatoprost), and SM04554 is expected to significantly drive the market in the near future.

Reimbursement coverage for treatment of this medical condition is one of the major challenges in this therapeutic landscape. Since most treatment modalities for this condition are considered cosmetic procedures and not medically essential, they are generally not covered under insurance. Out-of-pocket costs for this disease treatment usually include frequent doctor visits, prescription drug copays, and coinsurance for procedures.

Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/alopecia-market

Further key findings from the study suggest:

• High disease prevalence due to changing lifestyle patterns is the main factor driving the alopecia market
• Globally, lack of reimbursement policies will continue to restrain growth
• By disease type, alopecia areata accounted for more than 30.0% of the revenue in 2018
• Androgenetic alopecia, on the other hand, is expected to exhibit a CAGR of over 10.0% through 2026
• Homecare end-use settings are likely to be driven by increasing availability of OTC products and patient convenience
• Geographically, Asia Pacific is expected to demonstrate the fastest regional growth