April 24, 2024
Minoxidil Market

The Global Minoxidil Market Is Emerging Driven By Rising Hair Loss Problems

The minoxidil market provides effective and safe treatment options for hair regrowth and is used extensively for its efficacy in promoting hair growth. Minoxidil prolongs the active growth or anagen phase of hair follicles, stimulating hair growth. The increasing geriatric population more susceptible to age-related baldness and rising mental health issues causing hair loss are fueling demand for minoxidil.

The global minoxidil market is estimated to be valued at US$ 1262.02 Billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.

Minoxidil is an FDA-approved topical medication used to treat hair loss conditions like androgenic alopecia in both males and females. It is available over-the-counter in topical solutions and foams to apply directly to the scalp. Minoxidil enlarges hair follicles, increases hair shaft diameter, lengthens the growth phase of hair, and helps existing hairs on the scalp to re-grow. The need for safe and effective treatments for hair loss and regrowth is increasing globally.

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 rising sedentary lifestyles combined with increasing mental health issues are leading to greater instances of alopecia areata and telogen effluvium, thus driving demand for minoxidil treatments. Growing need for non-invasive and cost-effective treatment options is also boosting the market growth.

The global market is witnessing an expansion fueled by growing awareness about hair fall treatment options, increasing research into innovative minoxidil formulations, and expansion of e-commerce channels making products more accessible worldwide.

Market Key Trends

One of the key trends emerging in the minoxidil market is the development of innovative formulation technologies allowing for controlled or sustained release of minoxidil over longer durations. This helps improve patient compliance and treatment efficacy. Researchers are developing minoxidil formulations using drug delivery systems like nanoparticles, microspheres, gels, and liposomes to provide 24-hour gradual release and deep penetration into the scalp for better results. Sustained release technology could help drive greater adoption of minoxidil treatments.

Porter’s Analysis

Threat of new entrants: Low costs of production base may attract new entrants but established players have advantages of scale and brand reputation.

Bargaining power of buyers: Large buyers can negotiate better prices and terms but fragmented customer base overall limits their influence.

Bargaining power of suppliers: Suppliers of raw materials have moderate power as the industry doesn’t depend on few suppliers.

Threat of new substitutes: Potential for new products but industry is well-established with patents protecting brands.

Competitive rivalry: Strong competition among top manufacturers to develop innovative products and capture greater market share.

Geographical Regions

North America holds the largest share of the market currently owing to presence of major players and increased availability. Asia Pacific is expected to register the fastest growth rate during the forecast period due to rising income levels, growing awareness and expansion strategies of players in emerging countries.

Europe has substantial market share due to healthcare investments and demand for advanced products from major countries. Latin America and Middle East & Africa offer lucrative opportunities for players considering increasing medical spending and economic growth in the regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.