Minoxidil Market 2024 expected to grow significantly | Top Key Players Renata Limited, McNeil PPC Inc., Par Pharmaceuticals, and Dr. R. Pfleger Chemical Factory GmbH, Nanz MED Science, Pharma Private Limited, and Kumar Organic products

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.

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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.

Rising occurrence of hair loss disorders among adults owing to environmental causes and stressful lifestyles has propelled minoxidil market revenue globally, with the substance being added to numerous shampoo and hair growth products. Male pattern baldness (MPB) is considerable common in most regions and it is estimated that two-thirds of men in the U.S. have some level of noticeable hair loss by the time they are 35 years old. Supposedly, 25% of men suffering from MPB start experiencing the disorders before they reach the age of 21, indicating a broad target range for the minoxidil industry.

The industry is also strengthened by the easy availability of products containing minoxidil for the consumers, with the rapid development of e-commerce platforms. Being an FDA-approved ingredient has resulted into an increased adoption by consumers, while growing awareness regarding its effectiveness has considerably driven the minoxidil market expansion.

Industry impact forces

• Growth drivers

1 Growing consumer spending on hair care products accompanied by expanding distribution channel

2 Developing personal care market along with increasing prevalence of alopecia areata

• Industry pitfalls & challenges

2. Stringent regulations along with possible side effects of minoxidil

As reported by the Academy of Dermatology (AAD) in the U.S., alopecia areata is believed to be an autoimmune disease where a body attacks its own hair. Though there is no cure for the disorder, use of minoxidil products help in treating affected people to stimulate hair regrowth. With the increasing prevalence of alopecia areata predicted to affect nearly 147 million people in the U.S. over the coming years, the minoxidil market could potentially become a key ingredient segment within the healthcare industry. Continuous attempts to make more effective products will also push the market penetration, as the population rises exponentially and hereditary hair loss problems carry forward to the next generation. Keeping in line with consistent efforts to improve product performance, the FDA had recently approved 5% minoxidil for women’s formula in hair growth products, particularly in Rogaine.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

14. McNeil Consumer Healthcare
15. Renata Limited
16. Dr. Pfleger Arzneimittel GmbH
17. MARUTI FUTURISTIC PHARMA PRIVATE LIMITED
18. LOY Pharma Lab, Inc.
19. Pharhome International Limited
20. Metapharmaceutical Ind. S.L.
21. Provizer Pharma
22. Par Pharmaceutical
23. Changzhou Tianhua Pharmaceutical Co., Ltd.
24. Kumar Organic Products Limited
25. Bakul Group of companies
26. Nanz Med Science Pharma P Ltd

Citing another instance which propagated the significance of the minoxidil market, a study had revealed in 2017 that using 5% minoxidil along with FDA-approved iGrow Hair Growth System helps women suffering from female pattern hair loss growth hair faster. When compared to using each treatment separately, the combination of both led to the most appreciable and fastest results and also generated the highest level of self-reported satisfaction. Similar approach to hair loss treatment, finding an effective combination to help patients, will further create demand for 5% minoxidil and proliferate the global minoxidil industry. Increasing affordability of treatment solutions and the upsurge in disposable income worldwide will also foster the industry growth.

In recent times, growing concerns about the use of harmful chemicals and substances in consumer products has caused manufacturers to obtain natural substances and oils to accompany their key ingredients. The trend will also have an impact on the minoxidil industry, supported by the favorable attitude of consumers towards green labelled products. Referring to an innovative discovery that can tremendously benefit the minoxidil market, researchers have recently found out remarkable uses of emu oil for various health related applications. Among these, it was observed that adding emu oil to 5% minoxidil showed incredible improvement in absorption and hair growth rates. The combination can lead to thicker and faster hair growth due to the presence of essential fatty acids and moisturizing properties in the oil.

Browse key industry insights spread across 187 pages with 184 market data tables & 14 figures & charts from the report, “Minoxidil Market ” in detail along with the table of contents:
www.gminsights.com/industry-analysis/minoxidil-market

All in all, unending efforts by researchers to develop more potent hair loss treatments will substantially transform the minoxidil industry over the next few years. Comprising prominent suppliers of the ingredient, including companies like Renata Limited, Dr. R. Pfleger Chemical Factory GmbH, A McNeil PPC Inc., Nanz MED Science and Par Pharmaceuticals, the minoxidil market is anticipated to surpass USD 1.2 billion in terms of revenue by 2024.

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