Hair Loss Market to Hit $16B by 2030: New Treatments & Korean Companies Leading the Way

The global market for hair loss treatments is experiencing significant growth, fueled by a rise in younger individuals seeking solutions. Pharmaceutical companies worldwide are intensifying their research and development efforts, with several promising candidates currently undergoing clinical trials.

A Growing Market

According to a February 15th report by Grand View Research, the worldwide hair loss market is projected to reach $16 billion (approximately ₩23 trillion) by 2030. This represents an annual growth rate of 8.7% from last year. Currently, pharmaceutical treatments account for 98.8% of all hair loss therapies, significantly outpacing other methods.

Rising Demand

The demand for effective treatments is driven by increasing prevalence of hair loss conditions. Globally, an estimated 147 million people suffer from alopecia areata. Analysis suggests that 40% of men experience some degree of hair loss by the age of 35.

Innovative Approaches in Development

Several companies are pursuing novel approaches to combat hair loss. Cosmo Pharmaceuticals, an Italian firm, has demonstrated promising results in Phase 3 clinical trials for ‘clascoterone’ 5% solution, a new treatment for male pattern baldness. The topical solution, tested on 1465 men across 50 locations in the US and Europe, increased hair count by up to five times compared to a placebo. It works by blocking the binding of dihydrotestosterone (DHT) – a hormone linked to hair loss – to receptors on the scalp, potentially reducing systemic side effects.

Did You Know? Cosmo Pharmaceuticals’ ‘clascoterone’ was tested on participants in 50 different geographic locations.

Pelage Pharmaceuticals, a US-based company, is advancing ‘PP405’, a hair loss treatment utilizing stem cell technology, into Phase 3 clinical trials. Positive results were observed in a Phase 2a trial targeting androgenetic alopecia. The company recently secured $120 million in Series B funding led by Arch Venture Partners and Google Ventures.

Veradermics, also based in the US, is developing ‘VDPHL01’, an extended-release oral formulation of minoxidil, a drug known to expand scalp blood vessels and promote hair growth. This aims to improve patient convenience compared to the currently available topical minoxidil products.

Domestic Efforts in South Korea

South Korean companies are also actively involved in hair loss treatment development. JW Pharmaceutical’s ‘JW0061’ is a novel drug candidate that directly binds to the GFRA1 receptor on hair follicle stem cells, stimulating hair growth. Unlike existing treatments that focus on hormone suppression or vasodilation, ‘JW0061’ aims to physiologically activate hair growth pathways. The company received approval for Phase 1 clinical trials this month and has secured a US patent for the technology.

Oliks has recently completed initial patient dosing in a Phase 1b/2a trial in Australia for ‘OLX104C’, a treatment designed to reduce androgen receptor (AR) expression, thereby blocking hormone-driven hair loss.

Expert Insight: The diverse approaches being explored – from topical solutions to stem cell technology and oral formulations – highlight the complexity of hair loss and the ongoing search for more effective and convenient treatments.

Chong Kun Dang is developing ‘CKD-843’, a dutasteride-based injectable hair loss treatment currently in Phase 3 clinical trials. PromBio is securing pre-clinical safety data for its stem cell-based hair loss treatment candidate, paving the way for clinical trials.

Government Support in South Korea

The hair loss treatment market in South Korea is expected to continue growing, supported by government policies. President Lee Jae-myung has described hair loss as a “matter of survival” and has directed the Ministry of Health and Welfare to consider expanding health insurance coverage for hair loss treatments.

Frequently Asked Questions

What is driving the growth of the hair loss market?

The global hair loss market is growing due to an increase in the number of individuals experiencing hair loss, particularly among younger demographics, and advancements in treatment options.

What is ‘clascoterone’ and how does it work?

‘Clascoterone’ is a new drug candidate developed by Cosmo Pharmaceuticals for male pattern baldness. It is a topical solution that blocks the binding of DHT to receptors on the scalp.

Which South Korean companies are involved in developing hair loss treatments?

JW Pharmaceutical, Oliks, Chong Kun Dang, and PromBio are all South Korean companies actively developing hair loss treatments.

As research continues and clinical trials progress, what impact will these advancements have on the future of hair loss treatment and accessibility?