Minoxidil Market

Global Minoxidil Market Size (2023 to 2028)

The global minoxidil market is expected to be worth USD 1.95 billion by 2028 from USD 1.56 billion in 2023, growing at a CAGR of 4.5% from 2023 to 2028.

Impact of COVID-19 on the global minoxidil market:

The global COVID-19 pandemic had a significant impact on businesses worldwide, disrupting their operations across various industries. To control the rapid spread of the disease, numerous countries implemented lockdown measures, resulting in the temporary closure of manufacturing facilities and a halt in production. The healthcare industry encountered significant challenges as the outbreak caused widespread confusion and misinformation, placing immense pressure on hospitals and healthcare systems worldwide. Therefore, the impact of the COVID-19 pandemic is also anticipated to limit the growth of the minoxidil market worldwide during the forecast period. The lockdown causes a decrease in hospital visits and appointments with dermatologists, turning it into the least prioritized disease to be treated. Nevertheless, with the uplifting of lockdown, the demand for hair loss treatment using minoxidil is again increasing.

MARKET DRIVERS:

The growing number of R&D activities, increasing number of new product launches, rapid adoption of sedentary lifestyles and the rising prevalence of alopecia primarily drive the growth of the minoxidil market. The market participants have been actively pursuing strategic initiatives to enhance their competitive position. These initiatives include mergers and acquisitions, partnerships, increased investments in research and development, and the launch of new products. The continuously evolving lifestyles and the rising purchasing power of people in developing countries contribute to the growth rate of the minoxidil market. Reliable sources indicate that Asian and Middle Eastern countries are considered key hotspots for the minoxidil market. As these economies mature and become more industrialized, they are transforming into profitable markets for personal care products, including minoxidil.

The growing patient population of alopecia areata and androgenetic alopecia propel the global minoxidil market growth. According to the National Library of Medicine, approximately 50 million men and 30 million women in the U.S. are affected by androgenetic alopecia.

MARKET RESTRAINTS:

The side effects associated with minoxidil use are one of the major factors hampering global market growth. In addition to common side effects such as an itchy, dry, scaly, irritated, or burning scalp, there are more severe but rare effects of minoxidil that require immediate medical attention if experienced. These include unexplained weight gain, swelling in the face, ankles, hands, or stomach, shortness of breath, increased heart rate, chest pain, and light-headedness. It is important to note that minoxidil is not suitable for individuals taking vasodilators, and it is found to be most effective for people under 40 years of age. For instance, the National Center for Biotechnology Information reported in August 2019 that topical minoxidil may cause side effects like irritant contact dermatitis, characterized by symptoms such as itching and scaling. Thus, these side effects can hamper the market growth of minoxidil.

REPORT COVERAGE:

The research report on the global minoxidil market has been segmented into type, application, distribution channel and region.

Global Minoxidil Market - By Type:

• 2% Minoxidil
• 5% Minoxidil

The 5% minoxidil segment is predicted to account for the major share of the global minoxidil market during the forecast period owing to the increasing prevalence of hair loss and hair fall among both men and women. The rising incidence of hair loss in individuals due to various factors, such as stress, disease treatments, and hereditary conditions, has contributed to the higher demand for hair care products. Consequently, the utilization of 5% minoxidil solution in various hair care formulations is another major factor propelling the growth of the 5% minoxidil segment in the global market.

On the other hand, the 2% minoxidil segment is expected to hold a considerable share of the global market in the coming years. 2% minoxidil is primarily used to address hair loss issues in women, which is anticipated to drive the usage of minoxidil products in the forthcoming years. According to the National Library of Medicine, female pattern hair loss (FPHL) affects approximately 40% of women by the age of 50.

Global Minoxidil Market - By Application:

• Male
• Female

Based on application, the male segment is expected to hold the leading share of the global market during the forecast period. Male Pattern Baldness is more common compared to females and stands as one of the most widespread health conditions in Europe, primarily in the UK. According to a Men's Health Forum article released in 2022, it is suggested that approximately 66% of all men will experience male pattern hair loss at some stage in their lives. This infers that over 7.5 million men are being affected. The American Hair Loss Association reported that androgenic alopecia is responsible for 95% of hair loss cases in men. In contrast, the NHS estimates that this condition only affects around 30% of women by the time they reach the age of 70. Therefore, the market of minoxidil application is dominated by males over the forecast period.

Global Minoxidil Market - By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on the distribution channel, the retail pharmacies segment is expected to account for the dominating share of the global market during the forecast period. The positive influence of the efforts of large retail pharmacy companies to expand their physical presence and capture a larger share of the worldwide market.

The online pharmacies segment is estimated to account for a substantial share of the global market during the forecast period. Minoxidil sales through online pharmacies have seen significant growth. This can be attributed to the increasing penetration of the internet, easy access to nearby stores, and the wide range of products available on e-commerce platforms, offering convenience and variety to consumers.

Global Minoxidil Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

North America is predicted to account for the major share of the worldwide market during the forecast period owing to the increasing research and development efforts in treating androgenetic alopecia. For instance, the U.S. has a relatively high percentage of men experiencing hair loss, with approximately 39% of men either having lost their hair or being in the process of doing so. The causes for hair loss in the United States vary, with some individuals experiencing hereditary factors while others may have medical conditions that contribute to hair loss. Factors such as the high prevalence of hair loss issues, the availability of a wide range of minoxidil-based products, robust healthcare infrastructure and consumer awareness of hair loss treatments further boost the growth rate of the North American market. The U.S. is expected to hold the largest share of the North American market during the forecast period owing to the growing investments in research and development for hair loss solutions.

Europe is a noteworthy regional market for minoxidil and is expected to capture a substantial share of the worldwide market during the forecast period. The Czech Republic stands as the world's most balding country in Europe, with a bald rate of 42.79%. Factors such as increasing concern over hair loss, growing aging population, rising consumer awareness and willingness to invest in hair restoration products and the presence of established pharmaceutical and cosmetic companies in the European region drive the European market growth.

In the Asia Pacific region, the minoxidil market is anticipated to grow at the fastest CAGR during the forecast period owing to the growing population, increasing awareness of physical appearance, and rising concerns about hair thinning and hair fall in countries such as India, China, and Japan It has been reported that 40% of the Indian population suffers from hair loss, often associated with hormonal imbalances.

KEY MARKET PLAYERS:

Some of the notable key market players include Pfizer Inc., ViaDerma, ATOM PHARMA, LGM Pharma, Sigma Aldrich (Merck KGaA), Perrigo Company plc, TRILOGIC LTD, AmWiner & Raphe Holdings, Incredible Products, Johnson and Johnson Services, Inc., Actavis Pharma, Inc., Remedy Repack, Apotex Corporation, DS LABORATORIES, INC., S.A. de C.V., and Taisho Pharmaceutical Co., Ltd.

RECENT MARKET DEVELOPMENTS:

• In March 2023, ViaDerma, Inc. announced its intention to launch an innovative hair regrowth product that utilizes Minoxidil through the topical route. The company plans to leverage its exclusive patent-pending dual carrier transdermal delivery technology to create this new and advanced hair regrowth solution.