The global market for hair loss products continues to grow, a report on one market highlights the challenge for hair loss sufferers.
Hair Loss Is A Growth Market
The global market for products aimed at addressing hair loss grows steadily, if not spectacularly. In 2010, according to Statista, it was a market worth $2B. That was forecast to grow to $2.8B by 2017. Unspectacular if you consider that at over a similar period, from 2008 to 2014, the number of hair transplant procedures performed globally increased from 252,002 to 397,048.
There are several reasons behind the disparity. Primarily that the offering to hair loss sufferers by pharmaceutical companies has not changed during that time. More of that in a moment. Combine the fact that there remain only two FDA approved drugs on the market, one of which is considered unsuitable for that half of the market who happen to be women, with known side-effects and a generally disappointing level of efficacy... not to mention the cost and commitment to a lifetime of taking the medication, and you begin to see why there is a lack of enthusiasm.
Spotlight On Korea
Published in the Korea Biomedical Review (KBR) this month we came across a study of the local market for hair loss products, it illustrates perfectly the problem with this market. Their own has long been dominated by two main products - Dongkook Pharmaceutical's Pansidil and Hyundai Pharmaceutical's Minoxyl. Both use Minoxidil as their active ingredient. KBR report that their combined sales estimate the market size at around $10M.
Now looking to muscle in on that market, which grew by 40% between 2012 and 2016, are three new actors. JW Shinak, Tai Guk Pharmaceutical and Dong-A Pharmaceutical are all coming to market with "new" products to challenge that dominance. But the fact is that they are all minoxidil based too. To be fair they each come in a different format... be it capsule, foam or gel.
See the original KBR article here
HIS Hair Clinic
There have been similar things happening in the US and European markets too with seemingly endless minoxidil rebrandings and no meaningful improvement in what can be achieved by what is on offer. The options for hair loss sufferers remain extremely limited and that does not look set to change anytime soon. Console yourselves in the knowledge that Scalp Micropigmentation has created a genuine alternative to traditional hair systems and transplants. A fuss-free confident and cool look that can make stress over hair loss a thing of the past.
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