by Minoxidil, an oral medication used primarily to treat high blood pressure, is also effective in regrowing hair and preventing or reducing hair loss. It is available over-the-counter in topical solutions or foams for treating androgenetic alopecia. There has been an increase in consumer awareness and acceptance of hair loss as a medical condition that needs treatment, resulting in greater spending on hair care products and medications.
The global Minoxidil Market is estimated to be valued at US$ 1095.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing consumer expenditure on anti-hair loss treatments along with rising cases of androgenic alopecia is projected to drive the demand for minoxidil over the forecast period. Minoxidil continues to be one of the most effective and affordable over-the-counter options for treating male pattern baldness. Increasing preference for non-invasive and low-cost treatment options compared to hair transplant surgeries is expected to boost the minoxidil market growth. Rising adoption of sedentary lifestyle along with changing dietary patterns have led to elevated stress levels and unhealthy hair habits which in turn, are factors fueling the incidence of hair loss globally. This is anticipated to present lucrative opportunities for minoxidil market participants over the coming years.
SWOT Analysis
Strength: Minoxidil is an effective treatment option for hair loss, with proven results. The product formulations are well-researched and developed for efficacy and tolerability.
Weakness: Frequent use of minoxidil may cause side effects like skin irritation, excessive hair growth in unwanted areas, dizziness, etc. which can impact compliance to the treatment regimen.
Opportunity: Untapped markets in developing regions with increasing consumer awareness about hair treatment options present new growth opportunities. Combination therapies using minoxidil with other modalities also offer scope for innovation.
Threats: Entry of generic and cheaper alternatives can intensify competition. Stringent regulatory approvals for new products delay market entry of innovation.
Key Takeaways
The global minoxidil market is expected to witness high growth over the forecast period driven by the growing prevalence of alopecia and an expanding base of aware consumers.
Global Minoxidil Market Demand is estimated to be valued at US$ 1095.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America currently dominates the market owing to the high adoption of prescription hair loss treatments in the region. However, Asia Pacific is likely to emerge as the fastest growing market led by countries like China and India where the growing middle-class population is driving the consumer demand for minoxidil products.
Key players operating in the minoxidil market are Janssen Pharmaceuticals, Inc., Viatris Inc., Johnson & Johnson, Taisho Pharmaceutical Holdings Co., Ltd., Cadila Healthcare Ltd., Wallis Laboratories Pvt. Ltd., Dr. R. Pfleger GmbH and others. All these players are engaged in new product launches and strategic geographic expansions to strengthen their market position. Players are also exploring combination therapies using minoxidil along with targeted approaches like low-level laser therapy for enhanced effect.
