The Minoxidil Market Propelled By Rising Male Pattern Baldness Cases
The Minoxidil Market offers an effective remedy for hair regrowth through the oral or topical application of minoxidil solutions or foam. Minoxidil, also known as Rogaine, is a medication that is used topically to treat hair loss and promote hair regrowth. It is effective for both male pattern baldness (androgenic alopecia) and female pattern hair loss.
The global Minoxidil Market is estimated to be valued at US$ 1,095.5 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidence of male pattern baldness across the globe is a major factor driving the demand for minoxidil-based products. As per estimations by the American Hair Loss Association, over 50% of men experience some degree of hair loss by age 50, and two-thirds of men are experiencing noticeably thinning hair. Minoxidil treatments are widely used as the first line treatment option owing to their effectiveness and low cost. The over-the-counter availability of generic versions further supplements the market growth. There is an increasing focus on product innovation with combination therapies of minoxidil along with other active ingredients to enhance the efficacy of hair regrowth. This is expected to present lucrative opportunities for established as well as emerging market players in the coming years.
SWOT Analysis
Strength: Minoxidil is an effective treatment for hair loss. It has been in use for over 40 years and generic versions are widely available and affordable.
Weakness: Minoxidil needs to be used indefinitely to maintain results. Hair growth may cease if treatment is stopped. Temporary side effects like itching and irritation are possible.
Opportunity: Growing hair loss rates globally due to lifestyle and age factors present an opportunity. New delivery forms like sprays and foams enhance treatment adherence.
Threats: Alternative treatments like laser therapy, stem cell therapy and herbal options compete in the market. Patent expiry of branded versions may hurt leading players.
Key Takeaways
The Global Minoxidil Market Size is expected to witness steady growth over the forecast period of 2023 to 2030. The market valued at US$ 1,095.5 Mn in 2023 is projected to reach US$ 1,551.4 Mn by 2030, expanding at a CAGR of 4.8%.
Regional analysis: North America holds the largest share of the global Minoxidil market currently. High awareness regarding hair loss treatments and a sizeable elderly population contribute to its dominance. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to rising disposable incomes and lifestyles changes in the region promoting hair loss.
Key players analysis: Key players operating in the Minoxidil market are Pfizer Inc., Atom pharma, Perrigo Company plc, Johnson and Johnson Services, Inc., Merck KGaA, Actavis Pharma, Inc., Apotex Inc., UltiMed Inc., DS LABORATORIES, INC., Taisho Pharmaceutical Co., Ltd., NIKSAN PHARMACEUTICAL, SALVAVIDAS PHARMACEUTICAL PVT. LTD., Maruti Futuristic Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy€TMs Laboratories Ltd., Lupin, Steris Healthcare PVT Ltd, Salvus Pharma, Unison Pharmaceuticals Pvt Ltd , Par Pharmaceutical, and QndQ Derma. Top players are focusing on developing innovative delivery forms and investing in emerging Asian markets to consolidate their market shares.
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