Minoxidil Market Size, Share, Industry, Forecast and outlook (2024-2031)

Minoxidil Market is segmented By Type (5% formulation, 2% formulation), By Gender (Males, Females), By Distribution channels (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2024-2031

Minoxidil Market Size

Minoxidil Market is estimated to reach at a CAGR of 4.7% during the forecast period (2024-2031). 

Minoxidil is an antihypertensive topical formulation, promotes hair growth. Minoxidil is majorly prescribed for the treatment of androgenetic alopecia, and it is also used as an off-label treatment for other hair loss effects for males and females. The topical application of Minoxidil on the scalp helps increase blood flow through the vasodilation process, which provides more nutrition and oxygen to the hair follicle, preventing hair cell death and enhancing new hair growth. This is how it works to treat hair loss (alopecia). It is available in tablet, oral form, topical liquid and foam. Furthermore, the product is used to slow down of baldness process and stimulate hair growth. Minoxidil works by prolonging the growth phase of hair follicles and is used to treat female baldness. Moreover, Minoxidil can increase hair density when applied to the scalp and increase hair growth rate. It may be rarely used to treat high blood pressure.

Minoxidil Market Summary

For More Insights Request Free Sample

Minoxidil Market Trends

The global minoxidil market growth is driven by the growing various factors such as health issues like depression, arthritis, hypertension, and cancer, which tend to hair loss from patient body, changing lifestyle, increased stress, poor diet habits, rising prevalence of androgenetic alopecia & alopecia areata, increasing ongoing research and development on minoxidil are the major factors.

The rising incidence of androgenetic alopecia is expected to drive the growth in the forecast period

Androgenetic alopecia (AGA) is the most common form of alopecia, affecting up to 80% of men and 50% of women in the course of their life. AGA is caused by a progressive reduction in the diameter, length and pigmentation of the hair. For example, as per the National Center for Biotechnology Information (NCBI), in August 2015, the global incidence of severe androgenetic alopecia (AGA) was 15.33% overall. It varied significantly by region, and the risk of having severe androgenetic alopecia (AGA) has been raised by 1.092 per year for the 30 and 40 age groups.

Strategic Initiatives of major players is expected to drive the growth in the forecast period

The companies are involved in various strategic mergers and collaborations to expand their customer base and range. To stay ahead in the competition and acquire a competitive edge over their competitors, businesses are developing their supply chain network. For instance, In July 2020, LGM Pharma acquired the pharmaceutical development and manufacturing unit of Nexgen Pharma which should open opportunities for new product pathways for the company’s pharmaceutical products, distribution expansion and R & D and clinical developments which is likely to boost the U.S. minoxidil market trends.

Minor & Major side effects of the drug are likely to hinder the market growth

Minoxidil has some side effects like Edema (swelling), excessive hair growth on the face, hair discoloration, tachycardia, breast pain. The US Pharmacist, a clinically-focused pharmacy publication, published an article- Treatment Options for Androgenetic Alopecia, in 2018 that medication used for the treatment of androgenetic alopecia has many side effects. For example, topical minoxidil can cause local erythema and pruritus. These are the major restricting factors of the market growth.

COVID-19 Impact Analysis on Minoxidil Market

Due to the covid-19 pandemic outbreak, the market for Global Minoxidil Market was seen to be down, due to the barriers in production and sales segments. Since the outbreak led to the shutdown of all manufacturing firms except for masks, sanitisers and ventilators. Hence, the Drugs were manufactured less compared to previous years, during the outbreak.

Minoxidil Market Segmentation Analysis

Based on the product type, the global minoxidil market is segmented into 5% and 2%

Minoxidil is bifurcated based on the formulation as 2% concentration and 5% concentration. 5% minoxidil formulation is used in hair regrowth topical solution and made for women facing hair loss problems.  Due to increased use of hair tools with high heat, hairstyle and treatments and stress has led to hair loss problems in women. The 5% solution formulation is used to help hair growth in the treatment of male pattern baldness which will boost the product demand for male hair care product manufacture. Hair loss in men can be a result of heredity, medical conditions, hormonal changes and part of ageing. According to the National library of medicine reported data, 5% topical minoxidil was significantly superior to 2% topical minoxidil and placebo in terms of change from baseline in nonvellus hair count, patient rating of scalp coverage and treatment benefit.

Based on gender, the global minoxidil market is segmented into males, females

Generally, alopecia is less prominent in women than in men. According to the U.S. National Library of Medicine and the American Hair Loss Association, nearly 50% of men experience some grade of hair fall by 50 years of age, whereas 40% of women tend to suffer from alopecia. Androgen is a leading cause of androgenetic alopecia in men. Moreover, expanding geriatric population base and increasing intake of tobacco are some of the additional factors that increased the minoxidil market growth.

Based on distribution channel, the global minoxidil market is segmented into hospital pharmacies, retail pharmacies, online pharmacies and others

The retail pharmacies segment is expected to dominate during the forecast period. Minoxidil topical solutions and oral medications are easily, readily available in retail pharmacies as generic medicine. Retail pharmacies offer convenient services, including home delivery of medicines and availability of all types of drugs and medicines. Moreover, consumer preference for easy availability of products due to busy lifestyles and hectic work schedules is anticipated to boost minoxidil market growth.

Global Minoxidil Market Geographical Share

North America region holds the largest market share global minoxidil market

North America is expected to hold the largest share in the global minoxidil market, owing to research and development of treatments for alopecia in the region. The existence of a highly developed healthcare system, the high degree of acceptance by medical practitioners of therapies, the total availability of advanced technological tools, FDA approval of new drugs and also the presence of a vast number of organizations engaged in R&D activities related to cancer vaccines. For instance, McNeil PPC has sold its Daramine to a U.S company Prestige Brand Holdings. This was done to enter the U.S market by the company and increase its profit quotient.

The Asia Pacific is expected to be the fastest-growing minoxidil market over the forecast period owing to increasing prevalence rate, increasing focus on preventive care, government initiatives promoting technological innovations, increasing pollution, excessive usage of chemical shampoos, improper eating habits.

Minoxidil Companies and Competitive Landscape

The global minoxidil market is highly competitive with some key competitors like Pfizer Inc., Renata Limited, LGM Pharma, Perrigo Company plc, Taisho Pharmaceuticals, Johnson and Johnson Consumer, Inc., Sigma Aldrich (Merck KGaA), Actavis Pharma, Inc, McNeil Consumer Healthcare, Follica Inc. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the market’s growth globally. For instance, In April 2018, Par Pharmaceuticals acquired Somerset Therapeutics. It was one of the main steps involved in the global expansion of the company.

Follica Inc

Overview: Follica Inc is a biotechnology company developing a regenerative platform designed to treat androgenetic alopecia, epithelial ageing and other related conditions. Headquartered in Boston, Massachusetts. Founded on July 7, 2005, by PureTech Health, a group of world-renowned experts in hair follicle biology and regenerative medicine, Follica’s experimental treatment platform is designed to induce an embryonic window via a device with optimized parameters to initiate hair follicle neogenesis, the formation of new hair follicles from epithelial (skin) stem cells. This process is enhanced through the application of a topical compound.

Key developments: On June 4, 2020, Follica, Inc., a biotechnology company developing a regenerative platform designed to treat androgenetic alopecia and other related conditions, announced positive feedback from the U.S. Food and Drug Administration (FDA) for its FOL-004 Phase II released in December 2019. The company advanced its lead program, FOL-004 into Phase III development, following a successful safety and efficacy optimization study for the treatment of hair loss in male androgenetic alopecia.