According to the report, the global platelet rich plasma & stem cell alopecia treatment market was valued at approximately US$ 250Mn in 2017. The market is anticipated to reach a value of US$ 450.5 Mn by 2026, expanding at a higher single digit CAGR during the forecast period. Rise in awareness about platelet rich plasma & stem cell alopecia treatment and increase in funding for alopecia treatment research and stem cell research are expected to augment the global market from 2018 to 2026. The global platelet rich plasma & stem cell alopecia treatment market is projected to expand, owing to a rise in the incidence of alopecia and technological advancements.
Rise in Awareness about Platelet Rich Plasma Therapies and Stem Cell Therapies is Propelling the Global Alopecia Treatment Market
The global platelet rich plasma & stem cell alopecia treatment market is expanding at a high growth rate, driven by an increase in awareness about platelet rich plasma & stem cell therapies for treating many types of alopecia. The prevalence of various types of hair loss is increasing rapidly across the world, due to a rise in the geriatric population, anxiety, vaccination, side effects of drugs, etc.. A rise in the incidence of autoimmune hair loss disorders such as alopecia is boosting the platelet rich plasma & stem cell alopecia treatment market. According to a report in the International Journal of Endocrinology and Metabolism, 2013, female pattern hair loss (FPHL), which is also known as female androgenetic alopecia, is a common condition afflicting millions of women across the world.
Increase in Funding for Alopecia Treatment Research and Stem Cell Research
Stem cells hold promise for the treatment and cure of more than 70 major diseases, including alopecia and other conditions that affect millions of people worldwide. Several private and government organizations are supporting funding for stem cell research. According to Change.org, Inc., in the U.S., 64% of people support federal funding of research on the treatment of chronic diseases using stem cells taken from human embryos. Internationally, stem cell research is supported by significant government investments, with Asia being one of the most favorable regions.
Stem cell research funding by the National Institutes of Health (NIH) has increased 17% from US$ 1.2 Bn in 2013 to US$ 1.5 Bn in 2016. In 2017, nonprofit organization Alopecia UK donated US$ 0.6 Mn to the University of the West of Scotland for the development of early treatment to prevent the progression of alopecia areata. Research conducted by the university aims at developing a treatment for alopecia areata using a nonchemical stem-cell based technology based on Nano vibrations known as Nano kicking.
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North America Dominates the Global Platelet Rich Plasma & Stem Cell Alopecia Treatment Market owing to a Rise in Technological Advancements and Prevalence of Alopecia
North America dominates the global platelet rich plasma & stem cell alopecia treatment market, owing to technological advancements, investments in research & development, and developed health care infrastructure. As per research, in 2015, 21% of women suffered from alopecia in the U.S, which supports the fact that alopecia has a higher prevalence in the country. Moreover, development of innovative products and increase in demand for products among the population in the region are contributing factors for the dominance of North America in the platelet rich plasma & stem cell alopecia treatment market.
Expansion in the Contract Research Industry Offers Significant Opportunities for Companies to Invest in Clinical Trials for Alopecia Treatment
Small and large biopharmaceutical companies have become increasingly reliant on contract research organizations (CRO) and other clinical services specialists to provide research services for their R&D operations. There are numerous government-funded medical and pharmaceutical institutions, with state-of the-art facilities, that can serve as ideal centers for multicentered clinical trials. Companies are expanding their footprints in developing countries, mainly in Asia Pacific. R&D costs in India are substantially lower as compared to those in developed countries. It is possible to conduct both new drug discovery research and novel drug delivery system programs at competitive rates. India offers cost efficiency, as the cost of conducting a trial in the country is 50% to 75% lower compared to that in the U.S.