By 2024, Minoxidil Market in Asia Pacific to witness more than 5% CAGR | By key players Renata Limited, Nanz MED Science, Pharma Private Limited
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Top Key Players in The Market are:
McNeil PPC Inc., Par Pharmaceuticals, and Dr. R. Pfleger Chemical Factory GmbH is among the key dominating players. Other prominent manufacturers are Renata Limited, Nanz MED Science, Pharma Private Limited, and Kumar Organic product
Of late, dramatic surge in androgenetic alopecia and male and female pattern baldness have been attributed to strong demand for minoxidil. According to National Alopecia Areata Foundation (NAAF), over 6.8 million people in the U.S. are inflicted with alopecia areata.
Furthermore, overwhelmingly number of millennial and gen Z population using hair products with hazardous chemicals has led to alopecia and thinning of hairline. Accordingly, there has been inevitable inclination towards usage of an apt hair treatment which is said to fuel minoxidil market share.
According to the latest research report by Global Market Insights, Inc., minoxidil market size is projected to surpass US$ 1 billion by 2024.
2% product segment is likely to provide a positive impetus to the industry forecast as it is believed to bolster effectiveness and enhance quality of hair growth. Apparently, 2% formulation triggers the hair growth via dermal papilla and epithelial cells. Given it seemingly has minimal side effects to the skin, the product is said to be apt for patients with sensitive skin.
2% solution tends to reduce baldness at the receding hairline and at the front as the product offsets hair thinning and boosts hair growth. Prominently, soaring adoption of topical supplementation to improve hair density is expected to spur demand for 2% solution.
5% product is also expected to impel minoxidil market size as demand for high dosage medicines with minimal side effects continues to rise unabated. 5% solution is said to be highly efficacious in hair growth, thereby spurring growth of adipose-derived stem cells (ASCs) and reducing hair thinning. Stakeholders are increasingly being involved in product development to negate irritation and burning sensation.
Considering the geographical standards, Asia Pacific is predicted to emerge as one of the most profitable grounds for minoxidil market with an anticipated growth rate of 5 per cent through 2024. This regional development is accounted to the high economic affluence and transforming living standards of the people across the region.
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Furthermore, surging regional population and rising focus on the finer details of personal appearance are expected to provide an impetus to the APAC industry trends over the period of seven years.
According to UN ESCAP, the geriatric population ration across the region is likely to increase from 16 per cent in 2016 to approximately 24 per cent leading to proliferating demands for the product and exponential market growth by the end of 2024.
Meanwhile, North America is poised to hold a major stance in minoxidil market as well, on the grounds of an upsurge in the product adoption and high spending on personal care products, chiefly in the US.
The advent of advanced product development and R&Ds and willingness to spend extravagantly on hair treatments would create tremendous opportunities for the industry players over 2018-2024.
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