Technavio analysts forecast the global alopecia drugs market to grow at a compound annual growth rate (CAGR) of more than 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global alopecia drugs market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of branded, generic and off-label drugs used for the treatment of alopecia.
The global alopecia drugs market is expected to witness steady growth during the forecast period due to the introduction of JAK inhibitors such as tofacitinib and ruxolitinib for the treatment of alopecia. Also, the U.S. FDA approval of the JAK drugs that stimulate the growth of hair follicles with fewer side effects is further anticipated to boost the alopecia treatment market.
Technavio healthcare and life sciences analysts highlight the following three factors that are contributing to the growth of the global alopecia drugs market:
- Lifestyle changes
- Popularity of off-label and OTC drugs
- High uptake of approved therapies
(Credit: Business Wire)
Lifestyle Changes
Modern lifestyle changes such as physical inactivity and stress can lead to the development of alopecia. Research studies report that people, who are physically inactive, are prone to develop insulin resistance compared with active individuals. Over time, insulin resistance leads to the production of higher levels of cortisol, which have been elevated in the hair cells of those with androgenic alopecia. Research studies also put forth that excess insulin can increase the levels of androgens in the body. High levels of androgens affect the hair cells production, resulting in androgens alopecia development.
Sapna Jha, a lead infectious and rare diseases analyst at Technavio, says, “Physical stress, smoking, and alcohol consumption can cause alopecia among individuals aged 12-50 years. Physical stress can interrupt the normal cycle of hair growth. The factors mentioned above can also lead to other health issues such as diabetes, thyroid problems, polycystic ovary syndrome, digestive imbalances, and metabolism complications, which can result in alopecia.”
Popularity of Off-Label and OTC Drugs
Considering there is a lack of exact therapy targeted at remission of alopecia, the off-label drugs are used extensively by the individuals. Although, these drugs are ideally a threat to market growth in the absence of any proven remission track, these drugs come quite helpful to fuel the drug sales for alopecia market. For instance, AVODART is approved for the treatment of prostate cancer, but this drug is also used for the treatment of alopecia. Usage of approved drugs is classified as “off-label” when the same drug is used for unapproved clinical indication or extension to a milder form of approved indication or extension to related conditions.
“The introduction of novel JAK inhibitor drugs as potential treatments for alopecia is the important milestone in the alopecia therapeutics development. Within the body, JAK inhibitors suppress the function of JAK enzymes. These enzymes are responsible for hair growth cycle,” adds Sapna.
High Uptake of Approved Therapies
The alopecia market has a huge unmet need in terms of approved therapies. Globally, the market has only two approved drugs, one (minoxidil) being topical in nature, whereas the other (finasteride) being oral. However, these two drugs have a huge success story with the individuals affected with alopecia and command nearly 80% of the market share. Lately, the Japanese, South Korean, and Australian market have seen the entry of AVODART, impact of which is yet to be quantified by the market. However, considering the efficacy and safety of this drug, once approved for the U.S. and the EU market, the alopecia drug market should witness stronger growth on a global scale.
Top Vendors:
- GlaxoSmithKline
- Johnson & Johnson
- Merck
About Technavio
Technavio is a leading global technology research and advisory company. A sample of the alopecia drug report is available at: http://www.technavio.com/request-a-sample?report=54531.
(Source: Business Wire)
