Philippines Alopecia (Hair Loss) Therapeutics Market Analysis

Philippines Alopecia Therapeutics Market Analysis: Executive Summary

The Philippines Alopecia (Hair Loss) Therapeutics Market is at around US $18 Mn in 2022 and is projected to reach US $33 Mn in 2030, exhibiting a CAGR of 8% during the forecast period.

Alopecia, marked by irregular hair loss, impacts a substantial number of individuals, presenting as localized or diffuse, temporary or permanent, and affecting people of all ages and genders. The condition, arising from various causes such as stress, diabetes, poor nutrition, smoking, and alcohol consumption, 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 range 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 spearheading advancements in treatments for this condition.

The prevalence of alopecia is approximately 1.8% in the Philippines. This upward trend in prevalence is linked to various factors, including poor nutrition, diabetes, alcohol consumption, and smoking. The market is being driven by factors such as the growing aging population and rise in alopecia, expanding treatment options, rising disposable income, and others. However, challenges such as limited affordability for several treatments and system disparities are a few factors that limit the market's potential.

Market Dynamics

Market Growth Drivers

Rising prevalence of Alopecia: The prevalence of alopecia in the Filipino population is estimated to be around 1.8% in both genders. Increasing awareness among healthcare professionals is resulting in timelier and more precise diagnoses, broadening the potential pool of patients. A surge in risk factors like poor nutrition and smoking is leading to an increase in the occurrence of alopecia in the Philippines, particularly among the younger population.

Expanding treatment options: The emergence of novel medications such as JAK inhibitors for Alopecia areata (AA) presents hopeful alternatives to conventional treatments like minoxidil or corticosteroids, raising expectations for enhanced efficacy and better patient outcomes. The advancement of minimally invasive procedures like hair transplantation and platelet-rich plasma (PRP) therapy, although not universally applicable, introduces additional options for treatment.

Rising disposable income and investments: The growing disposable income in the Philippines, especially within the middle and upper-middle classes, enhances the affordability of alopecia treatments, expanding the market to a more extensive segment of the population. Recognizing the market's potential, pharmaceutical companies and medical device manufacturers are investing in research and development to introduce new and improved alopecia treatments.

Market Restraints

Low affordability: PhilHealth insurance in the country may not provide immediate coverage for recent alopecia treatments such as JAK inhibitors, placing a substantial financial burden on patients. Those depending on private healthcare or undergoing treatments not covered face elevated out-of-pocket costs for consultations, medications, and procedures.

Low Public awareness: knowledge and awareness regarding alopecia and its varied treatment options are not at an optimal level in the Philippines, resulting in delayed diagnosis and a delay in seeking care. Hair loss is linked to negative stereotypes and social stigma in certain Filipino communities, which deters individuals from pursuing treatment, causing non-compliance and negatively affecting market growth.

System disparities: Access to dermatologists, trichologists, and specialized clinics with the capability to address various alopecia requirements is often limited in rural areas, which restricts market growth.

Lack of local research: Additional research is necessary to acquire a thorough comprehension of the prevalence and distinct characteristics of alopecia in Malaysia. This involves investigating potential genetic or environmental factors that may impact the condition, with the goal of refining and optimizing treatment approaches.

Healthcare Policies and Regulatory Landscape

In the Philippines, healthcare regulations and licensing are under the purview of the Department of Health (DOH) and the Philippine Health Insurance Corporation (PhilHealth). Adhering to the regulations established by the DOH and PhilHealth is essential for obtaining a license for healthcare products in the country.

To secure a license for healthcare products in the Philippines, companies must comply with regulations set forth by the Food and Drug Administration Philippines (FDA) under the DOH. Oversight by these entities extends to healthcare services, encompassing the approval and monitoring of medical and healthcare products. Companies seeking registration and marketing authorization for pharmaceuticals and medical devices need approval from the DOH, involving the submission of technical and scientific data to validate the product's safety, quality, and effectiveness.

The healthcare policy and regulatory framework in the Philippines involve various authorities and agencies, with the DOH playing a pivotal role in healthcare product regulation. Opportunities abound for companies in both the public and private healthcare sectors in the country.

Competitive Landscape

Key Players

• Sun Pharmaceuticals
• Merck & Co
• Cipla Limited
• Johnson & Johnson
• Lexington International LLC
• Cirrus Hair Centers
• Vita-Cos-Med-Klett-Loch
• Capillus
• Follica Inc
• Transitions Hair Pty Ltd