Mexico Alopecia (Hair Loss) Therapeutics Market Analysis

Mexico Alopecia Therapeutics Market Analysis: Executive Summary

The Mexico Alopecia (Hair Loss) Therapeutics Market is at around US $123 Mn in 2022 and is projected to reach US $223 Mn in 2030, exhibiting a CAGR of 7.75% during the forecast period.

Alopecia, characterized by irregular hair loss, is an autoimmune hereditary condition that impacts a significant number of individuals, presenting as localized or diffuse, temporary or permanent, and affecting people of all ages and genders. The condition has various risk factors, including elevated stress levels, diabetes, poor nutrition, and environmental influences, which can cause significant distress among patients, influencing their overall quality of life. Common symptoms include hair loss, thinning hair, and bald patches on the scalp. Treatment options vary from applying topical medications like minoxidil or corticosteroids directly to the scalp to utilizing injections and oral medications with more potent immunosuppressive effects. Light therapy and hair transplantation are also viable alternatives. Notably, companies like Eli Lilly, with their JAK inhibitor Baricitinib, and Bayer, with Rogaine (minoxidil), are actively leading advancements in treatments for this condition.

The overall prevalence of alopecia is approximately between 0.2% and 4% in Mexico, which differs for different age groups. The increased prevalence of alopecia in Mexico is attributed to risk factors like stress, changes in the environmental landscape, and poor nutrition. The market is being propelled by crucial factors such as the growing aging population and the subsequent surge in alopecia, increasing awareness and diagnosis, and the growing disposable income of the population contributing to the therapeutics industry. However, challenges such as high costs of treatments like gene therapy, limited market accessibility, and gaps in research are a few factors that limit the market's potential.

Market Dynamics

Market Growth Drivers

Surge in prevalence of Alopecia: The overall prevalence of Alopecia ranges approximately between 0.2%-4% for different age groups in Mexico. The prevalence of Alopecia, specifically androgenetic Alopecia and Alopecia areata, is on the rise in Mexico. This increasing demand contributes to the growth of the market. Risk factors like stress, environmental changes, and lifestyle shifts play a role in the rising cases of alopecia, thereby further increasing the demand in the market.

Increase awareness and diagnosis: Enhanced public awareness and increased accessibility to dermatologists result in earlier diagnosis and the pursuit of treatment, thereby propelling market potential.

Growing disposable income: The rising disposable income and changing lifestyles of the population have led to a heightened demand for treatments for alopecia. With increased awareness and a growing disposable income, individuals now have greater financial resources to afford innovative and potentially expensive alopecia treatments.

Advanced treatment options: The recent authorization of JAK inhibitors such as Baricitinib (Olumiant) in the United States presents promising oral treatment possibilities for moderate-to-severe alopecia, with the potential for future introduction into Mexico. Ongoing research and progress in various alopecia therapies, such as hair follicle cloning, gene therapy, and mesotherapy, hold the potential for revolutionary advancements in the future, contributing to investments in the market.

Market Restraints

High costs of medications: JAK inhibitors such as Xeljanz and Baricitinib often have coverage limits that are higher than usual for insurance, which results in high expenditures for many patients. The financial burden is increased even by topical treatments and surgeries, making it difficult for those with low incomes to finance these therapies.

Market accessibility and reimbursement: The complex regulations and delays in obtaining approvals from COFEPRIS can restrict the prompt initiation of treatment with novel medications for alopecia. Disparities in healthcare delivery based on geography may emerge, especially in rural areas, where restricted access to specialists and specialized medications can be challenging. The lack of local manufacturing, as most Alopecia medications are imported, contributes to their cost and raises the chances of disruptions in the supply chain.

Research gap: Research initiatives focused on developing therapeutics for alopecia in Mexico are at a nascent stage, necessitating dependence on advancements in the global market.

Healthcare Policies and Regulatory Landscape

In Mexico, several key authorities and agencies are responsible for managing healthcare policies and the regulatory framework. The Federal Commission for Protection against Sanitary Risk (COFEPRIS) serves as the primary entity overseeing healthcare products, including pharmaceuticals. COFEPRIS is tasked with the regulation, supervision, and authorization of health-related products, covering a broad spectrum of therapeutics.

In addition to COFEPRIS, Mexico's healthcare system incorporates a combination of public and private healthcare services. The Ministry of Health (Secretaría de Salud) manages the public healthcare sector, responsible for delivering healthcare services to the population.

Compliance with COFEPRIS requirements is mandatory for obtaining a license in Mexico. Companies must obtain registration and marketing licenses from COFEPRIS before commercializing therapeutics. The registration process involves submitting technical and scientific data to demonstrate the product's efficacy, safety, and quality.

Mexico boasts a robust regulatory framework and a resilient healthcare system, providing a favorable environment for businesses to operate effectively.

Competitive Landscape

Key Players

• Johnson & Johnson
• Eli Lilly
• Pfizer
• Merck & Co
• Cipla Limited
• Sun Pharmaceuticals
• GlaxoSmithKline plc
• Aurobindo Pharma
• iRestore Hair Growth system
• Theradome