May 08, 2020
According to the research report titled ‘Minoxidil Market Size By Product Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide minoxidil market is expected to surpass USD 1 billion by the year 2024.
Rapid urbanization and rising per capita income have impelled the demand for haircare products, which in turn is a major factor driving minoxidil market growth. Rising adoption of unhealthy lifestyles as well as high occurrence of emotional & physical stress have increased the pervasiveness of hair loss among men & women. Changing climatic conditions is also leading to hair fall, thereby fostering the demand for minoxidil across the globe.
Easy availability and increasing purchasing power have augmented the sales of high-quality and certified products. Rapid expansion of personal care industry owing to highly competitive nature of the market players is creating lucrative growth opportunities for minoxidil market. In addition, rising concerns regarding baldness among men & women is also stimulating the industry outlook.
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Growing elderly population are highly vulnerable to hair loss and millennials are using hair products with harmful chemicals leading to hairline thinning and alopecia, which are impelling the demand for effective hair treatment, hence favoring the market outlook. However, varying regulatory scenario in nations pertaining to use of minoxidil may act as a restraining factor to the overall market growth.
Based on the product landscape, 5% minoxidil segment accounted for a market substantial share as of 2020, primarily due to growing demand for high dose medicines with reduced side effects. The product is highly effective in stimulating growth of adipose-derived stem cells, reducing occurrence of hair thinning and promoting overall hair growth.
As per the regional scope, Asia-Pacific minoxidil industry is presumed to expand substantially during the forecast period. Rising prevalence of hair loss among aging population is a prime factor bolstering the regional product demand.
Meanwhile, North America market is reckoned to grow moderately over the analysis timeframe. As per American Hair Loss Association, 21 million women and about 80% men suffer from hair loss issues. Inclination towards oral medication and hair loss treatment is propelling the market growth.
The prominent companies operating in minoxidil market are Renata Ltd., Nanz Med Science, Kumar Organic Products, Dr. R.P. Fletcher Chemical Factory, McNEIL PPC and Par Pharmaceuticals among others.