Global Alopecia Drugs Market 2016-2020

Alopecia drugs market outlook 

The global alopecia drugs market is anticipated to grow at a steady rate and will post a CAGR of more than 5% during the forecast period. The increasing popularity of off-label and over-the-counter (OTC) drugs will drive the growth prospects for the global alopecia drugs market during the forecast period. Off-label drugs are used extensively by the consumers because the exact therapy targeted at remission of alopecia is currently unavailable. For instance, AVODART is approved for the treatment of prostate cancer, but this drug is also used for the treatment of alopecia. Such drugs are used in the absence of any proven remission track and can be a threat to the market’s growth in the future. However, at present, the increasing use of off-label drugs is fuelling the sale of these drugs. Also, these drugs are being used for unapproved clinical indication or extension to a milder form of approved indication or extension to related conditions. For instance, alopecia market heavily uses spironolactone and cyclosporine, which are primarily approved for other indications.

Based on the alopecia drugs industry analysis, the Americas accounted for the maximum market share in 2015 because the US was the largest revenue contributor in the region. During the forecast period, the Americas will continue to dominate the market due to the increasing awareness about the disease and drugs in the region. Furthermore, the changing lifestyle of individuals is resulting in hormonal imbalances due to increased stress, consumption of junk food, and physical inactivity. Also, the increasing rate of hormonal imbalances in the region can cause disorders that will increase the consumption of drugs.

Competitive landscape and key vendors