by The global minoxidil market is growing significantly owing to increasing incidences of alopecia and male pattern baldness due to sedentary lifestyle and busy schedules. Minoxidil is a popular anti-baldness agent that is available over the counter in the form of topical solutions and foams. It is a vasodilator drug applied on the scalp that prolongs the anagen or growth phase of hair follicles promoting hair growth. Minoxidil is effective for treating androgenetic alopecia affecting over half the population over the age of 50 years.
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 Dynamics:
According to National Alopecia Areata Foundation, over 6.8 million people in the U.S. have alopecia areata resulting in hair loss. Minoxidil aids in restoring hair growth addressing a widespread unmet medical need. Additionally, increasing consumer awareness regarding available treatment options for alopecia complemented by easy over-the-counter availability of minoxidil products is driving its demand. Manufacturers are investing in new product formulations to capture evolving consumer preferences. For instance, minoxidil is available in foam, spray, and liquid formulations for improved efficacy and convenience. However, low treatment success rates and potential side effects including skin irritation and excessive hair growth is restraining market growth to some extent.
SWOT Analysis
Strength: Minoxidil has gained popularity over the years as an effective treatment for hair loss. It works by stimulating hair follicles to initiate a growth phase of the hair cycle. Minoxidil is backed by extensive clinical research demonstrating its efficacy. Being available over-the-counter also allows for easy accessibility without a prescription.
Weakness: Minoxidil must be applied topically two times a day, which can be an inconvenient regimen for some users. If application is inconsistent, hair regrowth may plateau or hair can be lost again. Topical solutions can also cause unwanted side effects like itching or skin irritation in some individuals.
Opportunity: The rising concern about hair loss issues among both men and women presents a large market potential. New product formulations and delivery methods coming to market aim to enhance efficacy while reducing side effects and inconvenience of treatment. Populations in developing regions with growing disposable incomes represent untapped markets for minoxidil products.
Threats: Generic and private label competitors chip away at branded product sales by undercutting on price. Alternative hair loss treatments that don’t require daily application, such as low-level laser light therapy devices, offer a competitive option. Strict regulations around drug ingredients and marketing claims pose compliance challenges.
Key Takeaways
The Global Minoxidil Market Size is expected to witness high growth over the forecast period of 2023-2030 at a CAGR of 4.8%. North America currently dominates the market aided by the large hair loss patient population and high disposable incomes facilitating greater access to branded treatments. However, Asia Pacific is anticipated to grow at the fastest rate going forward as awareness of hair loss prevention rises among the expanding middle class populations in countries like China and India.
Regional analysis: Asia Pacific is emerging as a key region for the minoxidil market growth. Countries like India, China, Japan and South Korea are experiencing increasing concerns about hair fall due to pollution, stress, changing lifestyles and growing fashion consciousness. This has propelled the demand for effective hair loss treatments like minoxidil products. Availability of affordable generic versions also helps drive the market in APAC. By 2030, Asia Pacific is projected to account for over 30% of the global minoxidil market share.
Key players: Key players operating in the minoxidil market include 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., Lup
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
