Minoxidil Market Incredible Growth by 2024 With Top Key Player Renata Limited, Nanz MED Science, Pharma Private Limited

Worldwide Minoxidil market is forecast is to cross the USD 1 billion mark by 2024. Highly competitive personal care products market has prompted industry players to make robust investments in advertisements to attract more customers. In the cosmetics & personal care market, hair care products account for a substantial share.
Consumer willingness to spend on branded and certified hair care products may fuel the demand for minoxidil over the coming years.
Speaking in terms of product type, 5% product concentrate leads minoxidil industry owing to increasing demand for medicines with high dosage and minimal side effects. Such high concentration is effective in stimulating growth of ASCs (adipose-derived stem cells) in the scalp and reducing hair thinning. Also, rise in hair loss problems owing to excessive hair color application and harmful hair styling products is encouraging product adoption. Moreover, product advancement to eliminate irritation and burning sensation will further escalate product demand over the coming years.

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Speaking in terms of the product spectrum, 5% minoxidil products stood out as one of the biggest revenue generators of minoxidil market. Reliable sources claim that, 5% minoxidil products market procured a business share of USD 715 million in 2017 and is likely to grow at a prodigious pace over the stipulated time.

2% products concentrate is likely to witness heavy demand owing to improved quality and higher effectiveness. The product directly stimulates hair growth through dermal papilla and the epithelial cells. The concentration reduces baldness at the front, as well as receding hairline. It also imparts minimal side effects and is suitable for sensitive skin. Additionally, increasing utilization of topical supplementation to boost hair density may influence product demand.

North America region is expected to dominate global minoxidil industry owing to heavy adoption of hair-loss therapy products. As per the American Hair Loss Association, around 80% of men experience hair loss above the age of 50. Also, more than 21 million women suffer from hair loss and receding hair-line problems, out of which 40% opt for active treatments. Rising consumer inclination towards safe and healthy hair loss treatment products along with availability of oral medication will drive regional industry growth over the analysis period.

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Top Key Players in Minoxidil Market:
• McNeil PPC Inc.
• Par Pharmaceuticals
• Dr. R. Pfleger Chemical Factory GmbH
• Renata Limited
• Nanz MED Science
• Pharma Private Limited
• Kumar Organic products

Asia Pacific minoxidil market is poised to witness substantial growth owing to expanding geriatric base, who are more prone to hair-loss problems. According to the ESCAP, in North & Central Asia, the population ratio aged 60 and above will increase over 24% by 2050, which was around 16% in 2016. Increasing aging population experiencing bald headedness across the region may foster minoxidil market size.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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