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SEOUL, december 28, 2025 – A proposal to cover hair loss medication under national health insurance is igniting debate in South Korea, sending ripples through the pharmaceutical industry and sparking a national conversation about what constitutes a medically necessary treatment.
Hair Loss Treatment: A Growing Market and a Contentious Debate
The rising prevalence of hair loss, particularly among younger adults, is fueling demand for treatments and raising questions about insurance coverage.
- The South Korean hair loss medication market reached 188 billion won in 2023, a significant increase from 154.2 billion won in 2020.
- President Lee Jae-myung’s suggestion to include hair loss treatment in health insurance has caused stock fluctuations in related pharmaceutical companies.
- Current hair loss medications primarily focus on maintenance, not regeneration, requiring lifelong use for continued effect.
- Pharmaceutical companies are investing heavily in developing new hair loss drugs, viewing the market as a lucrative “blue ocean.”
President Lee Jae-myung recently announced his consideration of including hair loss medication in the nation’s health insurance coverage, a move that promptly energized those struggling with alopecia and sent “hair loss-themed stocks,” like Shinshin Pharmaceutical and Withers Pharmaceutical, into flux. This has quickly elevated “hair security” to a national agenda item.
Hair loss related images ⓒGetty Image Bank
What was once considered a concern primarily for middle-aged men is now affecting people across all age groups. As of 2023,individuals in their 20s and 30s comprised approximately 40% of the 250,000 patients receiving treatment for alopecia. Even the traditionally bustling hair loss clinics in Jongno, Seoul, are now seeing a surge of younger patients.
The demand has propelled the domestic market for male pattern hair loss medicines to 188 billion won last year, a substantial jump from 154.2 billion won in 2020. This growth is also linked to the expiration of patents for original drugs like ‘Propecia’ (finasteride) and ‘Avodart’ (dutasteride), leading to the progress and availability of more affordable generic alternatives.Last year, generics accounted for 65% and 54% of the finasteride and dutasteride hair loss treatment market, respectively.
However, a crucial point often overlooked is that current hair loss treatments are largely focused on maintenance, not regeneration. As
However, the expanding market also brings increased risk of fraudulent products. The Ministry of Food and Drug Safety recently identified numerous advertisements for medical devices and cosmetics falsely claiming to prevent hair loss. Some cosmetics were marketed using terms like “hair loss medicine” and “hair growth promotion,” perhaps misleading consumers.
