The global prescription hair loss and hair removal drugs market has been exhibiting tremendous growth over the last few years. The rising skin related disorders due to changing lifestyle of consumers have been augmenting the demand for the same.
In a report, titled “Prescription Hair Loss and Hair Removal Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023,” Transparency Market Research presents a comprehensive overview of the various factors fuelling demand from the market.
Manufacturers of hair loss drugs target men more than women, as the problem seems more persistent in men. Finasteride and Corticosteroids are among the commonly prescribed hair loss drugs in the market. Over the next few years, TMR expects their demand to considerably increase. However, the rising popularity of organic products poses a serious challenge for Finasteride and Corticosteroids producers.
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In contrast, the hair removal drug manufacturers mainly focus on catering to their women consumers. Drugs produced for hair removal are either anti-androgens or androgen inhibitors. Despite witnessing favorable opportunities over the past few years, emergence of organic products is creating bottlenecks for this segment as well. Nevertheless, the rising clinical studies aimed at evaluating the efficacy of hair loss and hair removal drugs are likely to aid the expansion of the market.
The prescription hair loss and hair removal drugs market is primarily divided into oral birth control and contraceptive pills, vaniqa, hair removal drugs, spironolactone, flutamide, ketoconazole, and finasteride. Besides these, a novel anti-androgen drug called Fluridil has been developed for the treatment of hyperandrogenic skin conditions such as hirutism.
Regionally, North America has been dominating the global prescription hair loss and hair removal market. Europe follows next in terms of exhibiting sales opportunities for prescription hair loss and hair removal drugs producers. Hormonal issues among women living in developed regions have been increasing at a rapid pace since the last few years. Changing lifestyle and addiction to smoking and drinking are among the key factors contributing to the prevalence of hair loss problems among women in developed regions.
According to the Washington Post, Americans spend over US$3.5 bn annually for the treatment of hair loss. As staggering as the amount may seem, TMR expects it to rise considerably in the forthcoming years, thus fuelling opportunities for sales of prescription hair loss and hair removal drugs. Furthermore, the market in Asia Pacific is also staging robust growth. Among the emerging economies in Asia Pacific, China has emerged as a major revenue generating market for hair loss and hair removal drugs. However, complaints of side-effects such as redness and irritation of skin, changes in menstrual cycle, and mood swings post consumption of these drugs in some cases are restraining the market’s expansion to an extent.
Nevertheless, with the rising investment in the research and development of novel therapeutics, the market for prescription hair loss and hair removal drugs is expected to gain significant impetus in the near future, says TMR.
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