Finasteride market to expand US$130 million by 2026 | Key Players are Merck, Novartis, Cipla, RelonChem, Dr. Reddy
Latin America finasteride market is estimated to exhibit a growth rate of 1.5% through 2026. The antiandrogenic effects of finasteride have shown promising results in hormone replacement therapy for transgender women. Revenues from hormone therapy segment in the market in transgender women is estimated to exceed USD 0.105 thousand by 2026.
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A 5 mg dosage is given to patients to treat the signs of enlarged prostate and it takes a few months to see the full effect. However, it is advised not to continue with the medication if a patient turns out to be allergic to the drug. Also, finasteride is unfit for use in women and children.
The various prostate related treatments include prostate enlargement, prostate cancer and hormone therapy in transgender women. In 2019, the prostate enlargement segment held over 25% of the finasteride market share and is estimated to showcase substantial growth over the coming years. In the BHP cases, it improves symptoms of the disease by providing benefits like decreased nighttime urination, lowered urge to urinate, lowers the feeling of not being able to completely empty the bladder and better flow of urine with less straining.
Over the years, finasteride is being used in the treatment of male pattern hair loss, and men with benign prostatic hyperplasia (BPH). It is worth noting that men with BPH tend to witness a reduced flow of urination. Even though there are several over-the-counter hair loss treatments prevalent in the industry, surgery and steroid injections have become expensive, thereby making finasteride a favorable treatment solution. Notably, buoyancy in the market is attributed to FDA approval for the hair loss treatment. In the latest research report collated by Global Market Insights, Inc., finasteride market size has been projected to surpass US$130 million by 2026.
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Major key players in the finasteride market are Merck, Novartis, Teva Pharmaceuticals, Cipla, RelonChem, Dr. Reddy, Henan Topfond, Zhejiang CONBA Pharmaceutical, Shandong Renhetang Pharmaceutical, and Guangdong Eashu Pharmacetical.
Finasteride, which is marketed under the brand names Propecia and Proscar, and some others, is a medication largely used to treat hair loss or enlarged prostate in men. The drug prevents the conversion of testosterone to dihydrotestosterone (DHT), which is a leading factor for the development of benign prostatic hyperplasia (BPH) and androgenic alopecia, also known as male pattern baldness (MPB). Propecia is used in the treatment of male pattern hair loss in men whereas Proscar is used to treat the symptoms of BPH.
With growing focus on haircare, a large number of men are willing to spend heavily on haircare products. These trends will undeniably propel the adoption of finasteride in the future. It is estimated that global finasteride market size will exceed a valuation of more than US$130 million by 2026, with increasing occurrence of male pattern baldness and BPH across the globe.
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