The U.S. minoxidil market has been impacted by the COVID-19 pandemic in the form of increased stress amid job losses and health issues, creating rising incidences of hair fall and associated problems. The industry is expected to gain commendable proceeds on account of an upsurge in research studies concerned with the effectiveness of minoxidil.
Citing one such instance, in January 2021, a study published in the Dermatologic Therapy supported the efficacy of intramedal injections with 0.5% minoxidil for the treatment of FAGA (Female Androgenetic Alopecia). The study revealed that, in comparison to women who obtained placebo injections, those treated with minoxidil demonstrated remarkable improvements in hair volume and hair loss.
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Such studies are expected to promote the penetration of minoxidil topical solutions through the forthcoming years. On this note, the U.S. minoxidil market size is expected to surpass USD 800 million by 2027, states the latest study by Global Market Insights, Inc.
This rise is attributed to the rising demand for over the counter sales of minoxidil products in the United States. This, in turn, is expected to drive the demand for retail pharmacies, which exceeded a valuation of USD 340 million in 2020. The segment is anticipated to record a CAGR of 4.45% between 2021 and 2027 due to the flexibility of consumers for purchasing affordable and quality products. In addition, the hospital pharmacies segment is expected to grow at a CAGR of 3.95% by 2027, driven by easy accessibility of the product in hospitals.
Considering the latest industry trends, the topical 2% minoxidil solution is in high demand owing to its usage for the prevention of severe hair loss issues amongst individuals suffering from androgenetic alopecia. The 2% concentration formulation is expected to surpass growth by more than USD 135 million as it is utilized as an antihypertensive drug for the treatment of hypertension and numerous hair loss issues in people. Furthermore, the 5% concentration is anticipated to account for a dominating share of the U.S. minoxidil industry by formulation type. This is because of the rising preference for the product in the manufacturing of men hair care products.
To add on, major players in the U.S. minoxidil industry are also focusing on numerous collaborative strategies such as acquisitions, mergers, and product launches for increasing their geographical footprint and enhancing product penetration. These players comprise Johnson and Consumer Inc., Walmart, Kumar Organics Products Limited, Costco Wholesale Corporation, Par Pharmaceuticals, Perrigo Company PLC, LGM Pharma, Metapharmaceutical Ind S.L., Renata Limited, and FLAMMA GROUP.
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The market is driven by the surging awareness in consumers regarding the risk associated with invasive methods of hair transplant and increasing inclination towards minoxidil topical solutions and medication for hair treatment.
However, numerous minoxidil side effects and high cost associated with the product represent market challenges that can restrict the growth of the U.S. minoxidil market value. Additionally, the altering nature of government regulations regarding the usage of products which can harm human health and can have side effects are likely to hinder industry growth to a certain extent.
On the whole, an increase in consumer adoption of numerous hair care products for the purpose of overcoming hair loss problems will augment U.S. minoxidil market size through the anticipated period.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.