The Latin American alopecia market size is estimated to reach USD 1.09 billion by 2027. In 2022, the market was sized at USD 0.69 billion, at a CAGR of 9.72% during 2022 - 2027.
Alopecia is a medical condition that refers to sudden, excessive hair loss on the head area, mostly in circular patches. One such type of alopecia - Alopecia areata is a common autoimmune disease that causes baldness that results in partial or complete hair loss.
Chronic diseases such as cancer, rheumatoid arthritis, hypertension, hormonal imbalances such as polycystic ovary syndrome (PCOS), depression, the aging population, high levels of stress, increased alcohol and tobacco consumption, changing dietary habits, and chemotherapy-induced alopecia are driving the Latin America alopecia market.
In addition, people's growing concerns about aesthetic features and acceptable appearance for society are among the most important psychological causes leading people to adopt hair treatments and therefore propelling the rise.
The rising prevalence of POCS among women is majorly contributing to the recent market expansion. The hormonal imbalance caused by this condition affects the hair follicles; it is predicted to cause alopecia and drive the growth of the LATAM alopecia market.
Hair loss increases with age, especially in men, and is the primary cause of this disease. As a result, the senior population's demand for hair loss treatment products is growing at a rapid pace, propelling the market's growth rate.
Other key factors expected to contribute to the growth of the Latin American alopecia treatment market include increased awareness programs for the treatment and management of alopecia, increased prevalence of alopecia conditions such as androgenic alopecia, alopecia areata, alopecia totalis, and others, and environmental factors such as sun damage and hard water damage.
One of the key generators of growth is regarded Unhealthy eating habits. Malnutrition and micronutrient deficiencies impact hair development, which is also connected to a lack of specific nutrients in the body, such as vitamins and biotin. Thus, the health of the body's nutritional reservoir has a substantial impact on hair loss.
However, During the forecast period, certain factors are expected to restrain the growth of the Latin America alopecia treatment market, such as expensive drugs, possible side effects caused by the medicine, such as acne at the application site, scalp burn, facial hair growth, hair loss, inflammation, or pain at the root of the skin.
This research report on the Latin America alopecia market has been segmented and sub-segmented into the following categories:
By Disease Type:
By Sales Channel:
By End Use:
Latin America alopecia treatment market is anticipated to witness a moderate share due to medical tourism in Mexico, Argentina, Brazil, and Peru. Furthermore, the market is boosted by the growing healthcare industry, rising health reforms, and technological advancements in the field.
One of the most important psychological factors driving people to adopt hair treatment and thus propelling the rise is their growing concerns about aesthetic factors and presentable appearance for society.
Brazil has become one of the fastest-growing hubs for economical, high-quality treatments, with medical tourism expanding. In addition, patients here are mostly seeking treatments like hair transplants and other trichological and cosmetic procedures. These factors are projected to fuel the expansion of the LATAM alopecia treatment market in the coming years.
Hair transplantation is gaining popularity in Mexico as well. In this country, autoimmune disorders such as alopecia and cancer are on the rise. Hair loss therapy is becoming more common as a result of these factors. Furthermore, as consumers' disposable money rises and their demand for personal grooming develops, they are more likely to utilize hair loss products; this will help the Mexican market grow in the coming years.
KEY MARKET PLAYERS:
Johnson & Johnson, Inc., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Cipla Ltd., Cellmid Ltd., The Himalaya Drug Company, Taisho Pharmaceutical Holdings Co., Ltd, Shiseido Co., Ltd and Zhangguang 101 Science & Technology Co., Ltd are a few of the noteworthy companies in the Latin America alopecia market.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]