Consumer awareness for alopecia is on the rise as more people are opting for hair loss treatment. The Asia Pacific alopecia treatment market is witnessing substantial growth as increasing number of people are suffering hair fall and hair loss issues. The alopecia treatment market for Asia Pacific is projected to value US$2.67 bn at the end of the forecast period of 2016 up to 2024. The market is expected to show a healthy 6.6% growth for the forecast period.
Rising Stress Levels Fueling Asia Pacific Alopecia Treatment
A vast sector of the Asia Pacific population is leading a stress-filled lifestyle as the market is growing. This has resulted in the loss of hair and increased occurrence of alopecia along with rise in the disposable incomes of people. The result is increased spending by the people on alopecia treatment and hence driving the Asia Pacific alopecia treatment market. The rising occurrences of cancer in people is also a major driver for the alopecia treatment market in Asia Pacific. The patients undergo chemotherapy leading loss of hair fall across the body. Alopecia treatment is hence opted by patients to recover the lost hair.
Manufacturers are coming up with cost-effective and topical solutions for alopecia treatment which is actively being opted by a majority of the population including children. The incidences of alopecia in children is on the rise due to improper lifestyles and environmental effects due to pollution. The topical methods hence are opted by children and adults alike furthering the Asia Pacific alopecia treatment market.
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Side Effects Associated with Alopecia Treatment Restraining Market
Major brands are at a loss in alopecia treatment market in Asia Pacific due to expiry of patents of alopecia treatment drugs. This results in loss of revenue for some companies are other brands are entering the market leading to competitive pricing and hence is a major restraint for the Asia Pacific alopecia treatment market.
Alopecia treatment drugs have certain side effects associated with them such as sexual dysfunction, depression, and allergies among others. The awareness among the consumers about the side effects is expected to hamper the market. Other restraints for the Asia Pacific alopecia treatment market include lack of reimbursement from insurance companies, non-opting of intrusive methods by patients such as laser treatment, and limited efficiency of major drugs in the alopecia treatment market in Asia Pacific.
China and Japan Major Markets for Alopecia Treatment
China and Japan are the developed markets in Asia Pacific in the pharmaceuticals sector. China is projected to dominate the alopecia treatment market with the highest revenue share in 2016. China and Japan are expected to make up for more than three-fifth share in the alopecia treatment market in terms of revenue. China is expected to continue the dominant trend for the forecast period rising at a steady 7.1% CAGR.
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Major market players in the Asia Pacific alopecia treatment market include Reddy’s Laboratories Ltd., Zhangguang 101, Taisho Pharmaceutical Holdings Co., Ltd, Cipla Ltd., Johnson & Johnson, Inc., Merck & Co., Inc., Shiseido Co., Ltd., Teva Pharmaceutical Industries Ltd., The Himalaya Drug Company, Science & Technology Co., Ltd, and Cellmid Ltd.