Minoxidil Market Size, Price Trend, Competitive Market Share & Forecast by 2016 – 2024: Global Market Insights, Inc.
Minoxidil Market size growth will be driven by the overall demand for hair loss treatment. Dilating small blood vessels and allowing hair regrowth by enhancing cell clichés are key factors for this product, an attractive hair regrowing medication among men and women. Hectic lifestyle, change in eating habits, rising stress level and hormonal changes are responsible factors for hair loss.
Global alopecia (hair loss treatment) market was valued at more than USD 7.2 billion in 2015, which expects to exceed USD 10 billion revenue by 2024. Approval from FDA to be sold the medication without prescription over the counter for men and women makes the product more approachable in the market.
According to American Hair Loss Association, worldwide more than 700 thousand people involved in hair loss treatment, androgenic alopecia holds about 90% of hair loss cases among men and women. Coronary heart disease, different types of cancer, diabetes & obesity, and high blood pressure are major factors causing hair loss.
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The product is widely used in alopecia, male & female pattern hair loss treatment, and after hair replacement surgery or chemotherapy. The solution comes under 2% and 5% formulation, medically 5% formulation is designed for men and 2% for women due to its high concentration which may adversely affect women.
It helps in dilating small blood vessels when used on the affected scalp areas twice daily it has been resultant to hair regrowth by enhancing cell clichés. There is also a possibility for an effect on the immune cells in the hair follicle. Usually the medication results will be visible after four months’ treatment and claimed to result in thin and fine hair than the original. However, skin irritation, itching, scalp dryness, dizziness, chest pain, and increased or decreased blood pressure are some side effects may occur on product consumption.
Moreover, unwanted hair growth if solution dropped on forehead, hair growth in chest, arms and lower back is observed when 5% solution is used. It also claims to be avoided for pregnant women owing to its harmful effect on fetus.
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North America minoxidil market may witness significant growth due to its dominance in hair loss treatment industry. The region valuation for alopecia market was more than USD 2 billion in 2015. The U.S. has registered more than 45 million and 26 million cases for hair loss among men and women. However, less than 8% of them go for surgical treatments; resistance for surgery and large availability of oral drugs should optimize U.S. minoxidil market growth.
APAC driven by pharmaceutical industry expansion backed with rise in economies mostly in China, India, and Japan should stimulate regional minoxidil industry growth. In China, about 6% women and 21% of men suffer from hair loss causing from hormonal change. India has registered more than 110 million men has a disability hair loss. Presence of large population along with increased per capita income are potential factors to fuel APAC minoxidil demand.
Minoxidil market share comprises of Changland Technology, Proderma SRL, Pharhome International, McNeil Consumer Healthcare, Metapharmaceutical Ind., Suzhou Habourbiotech, Carnosine, Darkar Holdings, and Loy Pharma Lab.