Minoxidil market is projected to exceed USD 1 billion by 2024. Rising disposable income in conjunction with urbanization is propelling the hair care product demand, thereby positively influencing industry growth. Unhealthy lifestyles accompanied by emotional & physical stress are resulting in hair loss among both men and women. Further, varying climatic conditions leading to hair fall will enhance minoxidil demand in the forecast timeframe.
Higher competitiveness in the personal care products market coupled with strong investments in advertisements is among the key factors augmenting the personal care market expansion. Hair care and skin care products account for a substantial share in the cosmetics & personal care market. Willingness to pay more for branded and certified products owing to growing purchasing power and easy availability will drive minoxidil market growth
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Hair fall is caused by several factors, including diseases, physical stress, hormonal changes, and unhealthy eating habits. Male and female pattern baldness and androgenetic alopecia are among the primary reasons stimulating product demand. Alopecia is an autoimmune disorder resulting in visible scalp hair falls. According to National Alopecia Areata Foundation (NAAF), in the United States around 6.8 million people suffer from alopecia areata. Rising Population suffering from hair fall disease will propel minoxidil market.
Geriatric population is experiencing pattern hair loss instances will propel the industry growth. Also, younger age population using hair products with harmful chemicals is leading to alopecia and thinning of hairline, thus witnessing high demand for minoxidil. Rising preference for effective hair treatment for diversified demographics will escalate minoxidil market revenue over the study timeframe.
Varying government regulations from country to country can restrain the minoxidil market growth. Initially, in 1988, the U.S. FDA approved 2% variant and later the 5% variant was introduced to the market. Minoxidil regulations are still under development phase in emerging countries that may reduce the industry growth. The U.S. government limited its usage for women, however, in 2014, the FDA approved the use of minoxidil by women.
5% product leads minoxidil market owing to increasing demand for high dosage medicines with minimal side effects. The concentration is highly effective in hair growth, reducing hair thinning and stimulating growth of adipose-derived stem cells (ASCs). Rising hair loss issues among the male population is enhancing product demand. Moreover, ongoing product advancement to overcome burning sensation and irritation will escalate its adoption over the forecast period.
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2% products are likely to boost minoxidil market share during the forecast time frame owing to the improved quality and higher effectiveness. It directly stimulates the hair growth through the epithelial cells and dermal papilla. The concentration is suitable for the sensitive skin patients type owing to its minimal side effects over the skins. The solution reduces baldness at the front and receding hairline. 2% solution is the minimal intensity formulation that prevents against hair thinning and aids in hair growth. Increasing adoption of topical supplementation to enhance hair density will propel product demand. However, limited effectiveness against inherited hair loss will restrict segment penetration over the study timeframe.
North America will lead the global minoxidil market owing to high adoption of hair-loss treatment products. According to the American Hair Loss Association, over 80% of men experience hair loss by the age of 50. Further, over 21 million women suffer from hair loss problems and about 40% of them opt for active treatments. The consumers are actively utilizing safe and healthy hair loss treatment products. The rising availability of oral medication and hesitation for surgical procedures will drive the product demand over the forecast period.
The Asia Pacific minoxidil market will witness significant growth owing to a surge of age population with the thin hair line problem. According to the United Nations Economic & Social Commission for Asia and the Pacific (ESCAP) in North & Central Asia, the population ratio aged 60 and above will increase from around 16% in 2016 to over 24% by 2050. Europe is experiencing a similar trend as Asia Pacific with increasing penetration of an aging population. As per Eurostat, middle age population is experiencing bald headedness thereby escalating product demand.
Major industry players in the minoxidil market include: Par Pharmaceuticals, McNeil PPC and Dr. R. P Fletcher Chemical Factory. Other prominent market participants include Kumar Organic products, Nanz Mad Science and Renata limited. Industry players are expanding their regional presence to serve larger consumer base. For instance, in February 2018, Kumar Organic Products Limited inaugurated a new office in Basel, Switzerland to expand its sales, service support, and distribution network in pharmaceutical, cosmetic, and personal care markets in Europe.