The Minoxidil Market Is Anticipated To Witness High Growth Owing To Rising Prevalence Of Hair Loss

Minoxidil Market

Minoxidil is a medication mainly used to treat high blood pressure and hair loss. As a treatment for hair loss, it is used for pattern baldness in men and androgenetic alopecia or female-pattern hair loss in women. When applied topically, minoxidil helps new hair regrowth and reduces hair shedding which can help to regrow some hair lost due to hair loss. It works by prolonging the growing phase of hair growth and shortening the resting phase.

The Global Minoxidil Market is estimated to be valued at US$ 1262.02 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Minoxidil Market Analysis are GE Healthcare, Koninklijke Philips N.V., Welch Allyn, Spacelabs Healthcare, A&D Company, Limited, SunTech Medical, Inc., OMRON Healthcare, Inc., American Diagnostic Corporation, Withings, Briggs Healthcare, Kaz, Inc., GF Health Products, Inc., Rossmax International Ltd. The increasing demand for minoxidil is creating significant opportunities for market players to expand their product portfolios. For instance, in 2022, Koninklijke Philips N.V. launched the SmartSleep Snoring Relief Band, which uses gentle vibrations to help reduce snoring.

Some of the major opportunities in the minoxidil market include increasing focus on development localized and personalized treatment solutions and growing demand for consumer-oriented diagnostic and monitoring devices. For instance, in 2022, American Regent, Inc. launched a generic version of minoxidil topical solution in the US. Globally, companies are also focusing on expanding their presence in emerging markets like Asia Pacific and Latin America to tap the high growth opportunities in these regions.

Market Drivers

Growing awareness regarding hair fall treatment options is a key factor driving the growth of the global minoxidil market. Easy availability of generic versions of minoxidil at lower costs as compared to branded products is also expected to support the market growth. Moreover, rising disposable income is increasing the affordability of minoxidil products among consumers.

Market Restrains

However, availability of alternative treatment options and medicines for hair fall like finasteride and natural remedies like green tea, rosemary oil, etc. are expected to restraint the growth of minoxidil market. Severe side effects such as rapid or irregular heartbeat, swelling of the hands or feet, and unusual weight gain or loss associated with long term use of minoxidil are also likely to hamper the market growth. Stringent regulatory guidelines for approval of hair loss drugs delay the entry of new products which may act as a challenge for this market.

Segment Analysis

This market is dominated by the topical solution sub-segment which accounts for over 60% share due to its non-invasive nature and effectiveness. It is easy to apply and provides concentrated dose of minoxidil directly on the bald area. The foam sub-segment is the next biggest segment and is growing at a fast pace given its greater convenience of application and better absorption. It does not leave any residue and allows for quick drying of the applied area.

Global Analysis

North America currently holds the largest share in the global minoxidil market due to high awareness levels and aggressive spending on hair treatments. The Asia Pacific region is witnessing the fastest growth led by countries like India and China where rising disposable incomes are boosting spends on appearance-centred hair treatments. Growing geriatric population prone to age-related hair loss also contributes to sales growth. European market is mature but still growing steadily with Germany, UK, France being major revenue generators.

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