by The minoxidil market comprises products that facilitate hair growth by increasing blood circulation to hair follicles. They are available over-the-counter in topical solutions and foam formulations. Minoxidil helps prevent further hair loss and stimulates new hair growth over time. The rising prevalence of alopecia and other disorders resulting in excessive hair loss has propelled product demand.
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 2024 to 2031.
Key Takeaways
Key players operating in the minoxidil market 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.
Key opportunities in the Minoxidil Market Demand include increasing consumer awareness about available hair loss treatment options and rising focus of manufacturers on innovation to enhance formulation efficacy. Additionally, expanding e-commerce channels for product distribution and entry of new regional players are expected to provide growth opportunities over the forecast period.
The growing geriatric populace prone to age-related hair loss and changing lifestyles leading to nutritional deficiencies are driving the need for minoxidil globally. Advanced baldness clinics and rising medical tourism in low-cost destinations are supporting the market expansion. Additionally, the availability of generic alternatives is boosting the product affordability.
Market Drivers
Rising prevalence of alopecia areata, androgenetic alopecia, and telogen effluvium due to increasing psychological stress levels are driving the minoxidil market. According to statistics, over 50 million men in the United States suffer from androgenic alopecia. Minoxidil aids in reducing hair fall and encouraging regrowth by widening the hair follicles and increasing blood circulation to hair roots. This makes minoxidil highly effective in managing these disorders and stemming hair loss, thereby driving its demand.
PEST Analysis
Political: Introductions of stringent regulations regarding production and quality control of Minoxidil Market products. Growing awareness about hair loss and availability of treatment options drive market growth.
Economic: Rising disposable income and increasing spending on personal care and appearance boosts demand for minoxidil products. The economic growth witnessed in developing countries provide new opportunities.
Social: Changing lifestyles and increasing stress levels lead to premature hair loss in younger population. Growing consciousness about aesthetics and physical appearance increase acceptance of hair loss treatment options.
Technological: Advancements in drug delivery mechanisms help in improving the efficiency and reducing side effects of minoxidil treatment. New formulations allow for once-daily or less frequent dosing schedules.
Geographical Concentration
In terms of value, the market is highly concentrated in North America and Europe owing to high consumer awareness, easy access to treatment options and strong healthcare infrastructure. The United States represents the largest market globally supported by high spending on hair treatment products.
Fastest Growing Region
The Asia Pacific region is poised to witness the fastest growth during the forecast period supported by rapidly developing economies, growing medical tourism industry and rising focus on personal grooming in countries like China, Japan and India. Increasing patient pool suffering from hair loss due to genetic predisposition and changing lifestyles in Asia Pacific provides significant growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
