North America Minoxidil Market: Current Business Trends & Growth Opportunities 2018-2024 | Top Key Players McNeil PPC Inc., Renata Limited, Par Pharmaceuticals, and Dr. R. Pfleger Chemical Factory GmbH, Nanz MED Science, Pharma Private Limited, and Kumar

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.

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

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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. McNeil Consumer Healthcare
2. Renata Limited
3. Dr. Pfleger Arzneimittel GmbH
4. MARUTI FUTURISTIC PHARMA PRIVATE LIMITED
5. LOY Pharma Lab, Inc.
6. Pharhome International Limited
7. Metapharmaceutical Ind. S.L.
8. Provizer Pharma
9. Par Pharmaceutical
10. Changzhou Tianhua Pharmaceutical Co., Ltd.
11. Kumar Organic Products Limited
12. Bakul Group of companies
13. Nanz Med Science Pharma P Ltd

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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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 from the report, “Minoxidil Market ” in detail along with the table of contents:
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In essence, the study demonstrated the potential of the minoxidil market if novel approaches are developed to support and enhance the outcome of the drug. Use of technology and subsequent growth of online market places will assist in improving the visibility of hair fall therapies and products. Anticipated to garner proceeds of more than USD 1.2 billion by 2024, the global minoxidil market consists of key suppliers such as Dr. R. Pfleger Chemical Factory GmbH, McNeil PPC Inc., Renata Limited, Kumar Organic products, Par Pharmaceuticals and Nanz MED Science.

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