May 20, 2024

The Global Minoxidil Market Growth Accelerated By Rising Demand For Hair Loss Treatment

Minoxidil is an anti-hypertensive vasodilator medication primarily used to treat high blood pressure and female pattern baldness in menopausal women. It helps regrow hair and reduces hair loss by extending the growing or anagen phase of hair growth and shortening the shedding or telogen phase. The increasing incidence of male pattern baldness and hair loss is driving the demand for Minoxidil based treatments as it offers an affordable alternative to other treatment options.

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:
Minoxidil, which was initially developed as an oral antihypertensive drug, is now widely used as a topical solution to stimulate hair re-growth in case of hair thinning/baldness. It gained popularity as an effective over-the-counter treatment option due to its easy availability, affordable price and positive clinical trial results demonstrating its efficacy in reversing hair loss. Various generic versions of Minoxidil solutions are available at much lower price compared to other popular hair loss drugs like Finasteride, further propelling its demand among cost-conscious consumers.

Segment Analysis
The global minoxidil market is dominated by the topical solution segment which held around 70% market share in 2023. Topical solution form of minoxidil is primarily used for treatment of androgenetic alopecia or male/female pattern baldness. It has emerged as the most effective and preferred treatment option for baldness as it directly applies the drug to the affected areas of the scalp and roots using a solution or liquid. This ensures maximum absorption of minoxidil and better efficacy compared to other formulations.

Key Takeaways
The Global Minoxidil Market Size is expected to witness high growth at a CAGR of 4.8% during the forecast period of 2023 to 2030. The market was valued at US$ 1,095.5 Mn in 2023 and is projected to reach US$ 1,598.3 Mn by 2030.

Regional analysis
North America currently dominates the global minoxidil market with a share of over 35% in 2023. Increased awareness regarding hair fall treatments and strong presence of leading players in the region is driving the market. Asia Pacific is expected to witness fastest growth during the forecast period due to rising disposable incomes, large patient pool and growing medical tourism in countries such as India and China.

Key players
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. Pfizer Inc. holds the leading market share globally backed by its popular branded minoxidil product Rogaine. Other key players are focusing on introducing generic versions and strengthening their distribution networks across major markets.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it