May 13, 2020
According to the research report titled ‘Finasteride Market Size By Product, By Application, Industry Analysis Report, Country Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global finasteride market is expected to generate prominent returns by the year 2026.
Prevalence of male pattern baldness and rising cases of prostate cancer are major factors driving the finasteride market growth. The product is prescription drug for aforementioned ailments and is available as an oral tablet.
It is used reduce the size of prostate that is enlarged as well as for benign prostate hyperplasia (BPH) among adult men. Finasteride not only offers benefits such as lowered urge to urinate, decreased nighttime urination and urine with less straining, but also improves the symptoms of BPH. The product works by minimizing natural body hormone (DHT), which is a key factor causing prostate growth.
Finasteride is also employed to treat hair loss among men. Rising adoption of finasteride products for improving hair growth and decreasing hair loss is further aiding the market expansion.
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As per product type, 5mg finasteride market segment is predicted to expand substantially during the forecast period. The product is utilized to treat the symptoms of an enlarged prostate.
Global finasteride market share from prostate enlargement application was approximately 25% in 2019 and is anticipated to witness continuous growth during the estimated timespan. Meanwhile, prostate cancer application segment is expected to record a y-o-y growth rate of 2% during 2020-2026. The product helps in reducing the potential risk of low-grade prostate cancer among adult men.
Further elaborating on the application spectrum, scalp hair loss segment is reckoned to witness a 2% CAGR through 2026. Rising adoption of hair loss treatment is fueling the finasteride market share.
Considering the geographical landscape, Latin America finasteride industry is expected to grow with a CAGR of 1.5%, while Middle East & Africa market is poised to register a 1.5% growth rate between 2020 and 2026.
Guangdong Eashu Pharmaceutical, Shandong Renhetang Pharmaceutical, Zhejiang CONBA Pharmaceutical, Henan Topfond, Dr. Reddy, Relonchem, Cipla, Teva Pharmaceutical Industries Ltd., Novartis AG and Merck & Co. Inc. are key players operating in finasteride market.