As per a recent industry report put forward by Global Market Insights Inc., Minoxidil Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1.2 billion by 2024 with a projected CAGR of 4% over 2018-2024.
Increasing prevalence of hair loss disorders and rising consumer awareness regarding available treatments have proliferated the minoxidil market, with several products containing the drug being sold globally. Improved marketing efforts by companies to promote hair growth products have helped expand the reach of the minoxidil industry, as upsurge in consumer spending towards healthcare has reaped tremendous monetary gains for the vertical. Incidentally, busier lifestyles of the global populace have led to unhealthy eating habits, which in combination with a rise in air and water pollution have caused innumerable people to suffer from ailments such as alopecia areata.
Higher competitiveness in the personal care products market coupled with strong investments in advertisements is among the key factors augmenting the personal care market expansion. Hair care and skin care products account for a substantial share in the cosmetics & personal care market. Willingness to pay more for branded and certified products owing to growing purchasing power and easy availability will drive minoxidil market growth.
Hair fall is caused by several factors, including diseases, physical stress, hormonal changes, and unhealthy eating habits. Male and female pattern baldness and androgenetic alopecia are among the primary reasons stimulating product demand. Alopecia is an autoimmune disorder resulting in visible scalp hair falls. According to National Alopecia Areata Foundation (NAAF), in the United States around 6.8 million people suffer from alopecia areata. Rising Population suffering from hair fall disease will propel minoxidil market.
Geriatric population is experiencing pattern hair loss instances will propel the industry growth. Also, younger age population using hair products with harmful chemicals is leading to alopecia and thinning of hairline, thus witnessing high demand for minoxidil. Rising preference for effective hair treatment for diversified demographics will escalate minoxidil market revenue over the study timeframe.
To access a sample copy or view the minoxidil market report in detail along with the table of contents, please click the link below:
Varying government regulations from country to country can restrain the minoxidil market growth. Initially, in 1988, the U.S. FDA approved 2% variant and later the 5% variant was introduced to the market. Minoxidil regulations are still under development phase in emerging countries that may reduce the industry growth. The U.S. government limited its usage for women, however, in 2014, the FDA approved the use of minoxidil by women.
5% minoxidil products generated more than USD 715 million revenue in 2017. Increasing demand for the higher effective scalp damage preventing products among men to maintain the remaining hair, re-growth of lost hair and nourishment of scalp coverage. The product provides superior performance against patchy hair loss and increasing non-vellus hair count. Rising hair loss issues among the male population are enhancing demand for the result-oriented or effective products in the minoxidil market.
2% minoxidil will witness over 4% CAGR from 2018 to 2024. The 2% variant is used for hair growth in women witnessing thinning hair. Availability of mild topic hair treatment solution for women will induce demand for hair treatment products in several countries. The solution reduces baldness at the front of the scalp and receding hairline among men and women.
North America minoxidil market was worth over USD 450 million in 2017. Early product adoption along with higher personal care spending in the U.S. are among the key reasons for expanding minoxidil industry. As per the United States Food and Drug Administration (FDA), around 500,000 people suffer from alopecia areata. Developing hair treatment market owing to early hair loss among men and women has significantly contributed to the business growth. New product development along with a willingness to spend exceedingly on hair treatment will create notable gains.
Asia Pacific minoxidil market is projected to observe more than 5% CAGR from up to 2024. Industry growth is credited by the rising disposable income per capita and improving living standards across the region. The highest population along with continuous attention to physical appearance is further expanding the market size.
Major industry players in the minoxidil market include: Par Pharmaceuticals, McNeil PPC and Dr. R. P Fletcher Chemical Factory. Other prominent market participants include Kumar Organic products, Nanz Mad Science and Renata limited. Industry players are expanding their regional presence to serve larger consumer base. For instance, in February 2018, Kumar Organic Products Limited inaugurated a new office in Basel, Switzerland to expand its sales, service support, and distribution network in pharmaceutical, cosmetic, and personal care markets in Europe.