Androgenetic Alopecia Market (By Gender: Male, Female; By Treatment: Pharmaceuticals, Devices; By End-use: Dermatology Clinics, Homecare Settings; By Sales Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global androgenetic alopecia market size was estimated at around USD 2.75 billion in 2023 and it is projected to hit around USD 6.2 billion by 2033, growing at a CAGR of 8.47% from 2024 to 2033. The androgenetic alopecia market is driven by an increasing demand for therapeutics due to the rising incidence of androgenic alopecia (AGA) globally.

Key Pointers

• North America dominated the market with the market share of 38% in 2023.
• Asia Pacific is anticipated to grow at significant growth from 2024 to 2033.
• By Gender, the male segment accounted for the largest share of 57% in 2023.
• By Treatment, the pharmaceuticals segment registered the maximum market share of 99% in 2023.
• By Treatment, the devices segment is expected to expand at the highest CAGR from 2024 to 2033
• By End-use, the dermatology clinics segment captured the maximum market share of 57% in 2023.
• By End-use, the homecare settings segment is projected to witness the highest CAGR from 2024 to 2033.
• By Sales Channel, the prescription segment held the largest revenue share of 66% in 2023.

Androgenetic Alopecia Market Overview

Androgenetic alopecia, commonly known as male or female pattern baldness, is a prevalent form of hair loss affecting millions of individuals worldwide. This condition is characterized by the gradual thinning and loss of hair, typically following a specific pattern on the scalp. The androgenetic alopecia market encompasses various products and treatment options aimed at managing and potentially reversing hair loss, catering to the diverse needs of affected individuals.

Androgenetic Alopecia Market Growth

The growth of the androgenetic alopecia market is propelled by several key factors. Firstly, the increasing prevalence of hair loss disorders, fueled by factors such as changing lifestyle patterns, genetic predisposition, and hormonal imbalances, contributes significantly to market growth. Additionally, rising awareness among individuals about available treatment options and advancements in medical technology drive the adoption of products and procedures aimed at managing and potentially reversing hair loss. Furthermore, the growing demand for cosmetic solutions to enhance physical appearance and improve self-esteem further boosts market expansion.

Androgenetic Alopecia Market Dynamics

Androgenetic Alopecia Market Drivers

• Advancements in Treatment Options: Ongoing advancements in medical technology have led to the development of innovative products and procedures for managing and treating hair loss, thereby driving the expansion of the androgenetic alopecia market.
• Growing Awareness: Greater awareness among individuals about available treatment options and the importance of addressing hair loss issues contributes to increased demand for products and services in the androgenetic alopecia market.

Androgenetic Alopecia Market Restraints

• Limited Treatment Efficacy: Despite advancements in treatment options, some individuals may experience limited efficacy or unsatisfactory results with available interventions, posing a challenge to market growth and patient satisfaction.
• Side Effects and Safety Concerns: Certain treatment modalities for androgenetic alopecia, such as oral medications and surgical procedures, may be associated with potential side effects or safety concerns, leading to hesitancy among patients and healthcare providers and impacting market growth.

Androgenetic Alopecia Market Opportunities

• Expansion of Target Demographics: With the increasing prevalence of androgenetic alopecia across different age groups and genders, there is a significant opportunity for market expansion by targeting a broader demographic range beyond traditional male patients.
• Personalized Medicine: The shift towards personalized medicine and precision healthcare presents opportunities for the development of tailored treatment approaches for androgenetic alopecia, based on genetic predisposition, biomarkers, and individual patient characteristics, driving market differentiation and growth.

Gender Insights

The male segment accounted for the largest share of 57% in 2023. Increasing prevalence is estimated to accelerate segment growth during the forecast period. For instance, according to data published by the American Hair Loss Association and the U.S. National Library of Medicine, over 95% of hair loss cases among men are androgenetic type, and about 50% of men tend to experience some degree of hair loss at an average age of 50 years. In addition, rising investments by pharmaceutical companies to develop new products are projected to impact segment growth positively.

The increasing incidence of diseases associated with AA, such as PCOS, rise in cosmetic procedures, and lifestyle changes are driving the segment's growth. Furthermore, rising awareness among women highlights segment growth. Various treatment options aim to address this condition, including topical minoxidil, an FDA-approved over-the-counter solution. Oral medications, such as finasteride, may be prescribed, although it is not FDA-approved for women of childbearing age. Low-level laser therapy and platelet-rich plasma injections are emerging as noninvasive alternatives.

Treatment Insights

The pharmaceuticals segment accounted for the largest revenue share of 99% in 2023. Increasing product availability in the market positively impacts segment growth. Several prescription treatments, including minoxidil, betamethasone dipropionate, and fluocinolone acetonide, are available in the market for hair regrowth in androgenetic alopecia patients. In addition, an increasing number of clinical trials and product development activities are expected to boost segment growth. For instance, in March 2023, OliX Pharmaceuticals received approval from authorities to initiate its phase 1 clinical trial for the treatment of androgenetic alopecia. The company would investigate its candidate OLX72021 for its efficacy over androgenetic alopecia.

The devices segment is expected to register the fastest CAGR from 2024 to 2033. Increasing familiarity of the global population with technology is improving the adoption rate of devices for the treatment of androgenetic alopecia. In addition, devices based on low-level laser therapy (LLLT) offer the convenience of at-home use and minimize the need for clinical visits. Moreover, it provides a non-pharmacological and nonsurgical viable therapeutic action for hair restoration, due to which the market is expected to grow steadily. In addition, technological advancements are projected to offer lucrative growth opportunities in the segment. For instance, in October 2022, a group of researchers from the National Natural Science Foundation of China discovered a new design of microneedle patches for the treatment of AA with the help of AI.

End-use Insights

The dermatology clinics segment held the largest revenue share of 57% in 2023. The large share is attributed to increased consumer awareness regarding prescription medicines & modern treatments, such as laser technology, coupled with a strong product pipeline. Advanced treatment therapies and devices combined with novel haircare products help overcome hair loss problems. In April 2020, Bimini Health Tech announced topline results for the phase 2 clinical trial on Kerastem in the U.S. The single procedure therapy consists of doses of Adipose-derived Regenerative Cells (ADRCs) combined with Puregraft purified fat, depending on the severity of hair loss.

The homecare settings segment is projected to witness the highest CAGR from 2024 to 2033. Technological advancements have led to the introduction of novel devices for the treatment of androgenetic alopecia that can be used in home care settings. Patient comfort, convenience, and ease of use are considered for developing homecare devices. Companies are focusing on developing low-cost, home-grade lasers for home use, such as laser caps, helmets, laser combs, and other systems. In March 2020, LifeMD received U.S. FDA approval for its proprietary laser-based product, the Shapiro MD hair restoration device.

Sales Channel Insights

The prescription segment generated the maximum market share of 66% in 2023, driven by a strong product pipeline, growing disposable income, and rising adoption of unhealthy lifestyles, resulting in chronic diseases, such as cancer, PCOS, & diabetes, which can cause AGA. Moreover, a growing number of research and development activities are likely to boost the discovery of new molecules, which will eventually positively impact segment growth. For instance, in June 2022, a group of researchers from the University of California announced the discovery of a new hair stimulator, SCUBE3. This signaling molecule shows promise as a therapeutic solution for AA, a prevalent form of hair loss affecting both men and women. The discovery opens avenues for potential treatments targeting this molecular pathway.

The over-the-counter segment is expected to witness substantial growth. Patent expiries of the key FDA-approved therapeutics, such as Avodart (dutasteride), Rogaine (minoxidil), and Propecia (finasteride), led to large-scale penetration of generics into this market. Furthermore, the lack of approved drugs has driven the usage of several products, including OTC or off-label drugs. The increasing demand for affordable hair loss treatments, increased consumer awareness regarding the potential side effects of prescribed drugs, and growing accessibility of over-the-counter (OTC) medications are key factors driving the market. OTC products are particularly prevalent in developing regions, presenting multiple opportunities for industry players to address unmet medical needs through product reformulation.

Regional Insights

North America dominated the market and accounted for a share of 38% in 2023. Growth in the region is driven by a high disease prevalence, rising consumer awareness, proactive government measures, technological advancements, and improvements in healthcare infrastructure. Moreover, the presence of major companies involved in developing treatments for AGA, such as Concert Pharmaceuticals, Inc.; Eli Lilly & Company; RepliCel Life Sciences; & Triple Hair, is anticipated to drive market growth. In addition, the presence of non-invasive therapies with minimal side effects, such as laser therapy, is anticipated to improve the treatment rate in North America.

Androgenetic alopecia market in Asia Pacific is anticipated to witness significant growth from 2024 to 2033. Increasing awareness is a major factor driving the market growth in this region. The local presence of key players, such as Cipla, Dr. Reddy’s Laboratories Ltd, & Aurobindo Pharma, is expected to drive overall market growth. Increasing avenues of scientific research, untapped opportunities in the form of unmet medical needs, and economic growth are expected to be additional growth drivers.

Androgenetic Alopecia Market Key Companies

• Johnson & Johnson Services, Inc.
• Cipla, Inc.
• Sun Pharmaceutical Industries Ltd.
• Merck & Co., Inc.
• Dr. Reddy’s Laboratories Ltd.
• Aurobindo Pharma
• Lexington Intl., LLC
• Freedom Laser Therapy, Inc. (iRESTORE Hair Growth System)
• Curallux, LLC
• Apira Science, Inc. (iGROW Laser)
• Theradome Inc.

Androgenetic Alopecia Market Segmentations:

By Gender

• Male
• Female

By Treatment

• Pharmaceuticals
• Devices

By End-use

• Dermatology Clinics
• Homecare Settings

By Sales Channel

• Prescriptions
• OTC

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)