Burgeoning urbanization and sustained investment in advertisements are set to provide an impetus to minoxidil market size. Stiff competition in the personal care products has surfaced on the back of sedentary lifestyle and stress. Accordingly, prevalence of hair fall is anticipated to boost minoxidil industry revenue. Adoption of sophisticated lifestyle has furthered the expansion of minoxidil market size as hair care and skin care products amass significant share in the cosmetics and personal care landscape.
Of late, dramatic surge in androgenetic alopecia and male and female pattern baldness have been attributed to strong demand for minoxidil. According to National Alopecia Areata Foundation (NAAF), over 6.8 million people in the U.S. are inflicted with alopecia areata.
Furthermore, overwhelmingly number of millennial and gen Z population using hair products with hazardous chemicals has led to alopecia and thinning of hairline. Accordingly, there has been inevitable inclination towards usage of an apt hair treatment which is said to fuel minoxidil market share.
According to the latest research report by Global Market Insights, Inc., minoxidil industry size is projected to surpass US$ 1 billion by 2024.
2% product segment is likely to provide a positive impetus to the industry forecast as it is believed to bolster effectiveness and enhance quality of hair growth. Apparently, 2% formulation triggers the hair growth via dermal papilla and epithelial cells. Given it seemingly has minimal side effects to the skin, the product is said to be apt for patients with sensitive skin.
2% solution tends to reduce baldness at the receding hairline and at the front as the product offsets hair thinning and boosts hair growth. Prominently, soaring adoption of topical supplementation to improve hair density is expected to spur demand for 2% solution.
5% product is also expected to impel minoxidil market size as demand for high dosage medicines with minimal side effects continues to rise unabated. 5% solution is said to be highly efficacious in hair growth, thereby spurring growth of adipose-derived stem cells (ASCs) and reducing hair thinning. Stakeholders are increasingly being involved in product development to negate irritation and burning sensation.
According to the American Hair Loss Association, more than 80% of men suffer from hair loss by the age of 50. Strikingly, 40% of the 21 million women who are inflicted with hair loss problems opt for active treatments. As it pans out, North America minoxidil market size is expected to expand substantially. Prevalence of oral medication and skepticism towards surgical procedures are anticipated to bolster North America minoxidil industry share.
Stakeholders will continue to invest in APAC minoxidil market as number of people with thin hair line problem has soared drastically in the region. According to reports from United Nations Economic & Social Commission for Asia and the Pacific (ESCAP) in North & Central Asia, population ratio aged 60 or above will rise to 24% by 2050—up 8% from 2016. As regions such as APAC and Europe witness an uptick in middle-age population, minoxidil market value will rise significantly in the next half a decade.
New product roll outs and mergers & acquisitions are expected to grab headlines among leading companies such as Renata Ltd., Kumar Organic Products, McNeil PPC, Par Pharmaceuticals, and Dr. R.P Fletcher Chemical Factory, among others. For instance, Kumar Organic Products Ltd. inaugurated a new office in Switzerland in February 2018 to expand market footprints.
Guest author: Mr. Sumant Ugalmugale
is a research lead at Global Market Insights, He has authored several reports in Healthcare and Medical devices Industry. He graduated from National Institute of Pharmaceutical Education and Research (NIPER) with an MBA degree. Formerly worked on Pharma Forecasting engagements with Novartis and IQVIA.