Minoxidil Market Driven by Growing Hair loss Concerns

 

Minoxidil Market 

Minoxidil is an oral medication that is available in topical solutions and foams used widely to re-grow hair and treat male pattern baldness and female pattern baldness. It works by prolonging the growth phase of hair, allowing each hair follicle to grow to a longer length before shedding. Minoxidil helps stimulate dormant hair follicles to re-grow hair. It penetrates the scalp and stimulates hair follicles to grow new hair follicles along with prolonging the growth phase.

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.

The global minoxidil market size is growing due to the rising prevalence of hair loss and increasing appearance consciousness among youth as well as aging population. As per statistics provided by the International Society of Hair Restoration Surgery, more than 50 million men across the globe suffer from some degree of hair loss or thinning especially in the age group of 30-40 years. Moreover, around 138 million women worldwide suffer from hair loss or thinning out of which approximately 80 million have female pattern baldness. The easy availability of over-the-counter minoxidil products without prescription coupled with innovative product formulations such as foams, gels, and sprays have further expanded the customer base.

Market key trends:

The key trend observed in the minoxidil market includes the launch of new and innovative product formulations. For instance, in June 2021, DS LABORATORIES, INC. launched a new premium version of their Rogaine Extra Strength Minoxidil topical solution for men named Rogaine Extra Strength for Men 5% Minoxidil Extra Strength Solution, to support thicker, fuller hair. Another key trend is the increasing awareness about hair fall treatment options through various marketing and publicity campaigns by companies. For example, organic advertising campaigns on social media platforms are educating consumers about healthy hair care and minoxidil as a treatment option for hair fall.

Porter's Analysis

Threat of new entrants: The threat of new entrants is low as minoxidil market is dominated by established key players and requires huge research and development investments.

Bargaining power of buyers: Bargaining power of buyers is moderate as the market offers standardized products and buyers have few alternatives.

Bargaining power of suppliers: Bargaining power of suppliers is moderate as key raw materials suppliers cater to various industry segments.

Threat of new substitutes: Threat of new substitutes is low as minoxidil offers effective treatment with minimal side effects.

Competitive rivalry: Competition in the market is high as key players compete on the basis of product offerings, pricing, and marketing.

Key Takeaways

The Global Minoxidil Market Size is expected to witness steady growth over the forecast period of 2023 to 2030. North America dominated the market in 2022 supported by high awareness regarding hair care products and rising cases of hair loss.

Regional analysis: Europe is anticipated to grow at a notable pace during the forecast period owing to growth in cosmetic sector and presence of major players in the region.

Key players: Key players operating in the minoxidil market are Pfizer Inc., Johnson and Johnson Services, Inc., Merck KGaA, Actavis Pharma, Inc., Apotex Inc., and Taisho Pharmaceutical Co., Ltd. Pfizer Inc. is one of the leading players in the market.

 

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