Minoxidil Market – Demand for the Market will Drastically Increase In The Future, finds Coherent Market Insights
SEATTLE, May 05, 2021, (PHARMIWEB) —
Increasing number of research and development activities for novel products by key players is expected to propel the growth of minoxidil market over the forecast period. For instance, in November 2018, Tabriz University of Medical Sciences, Iran declared the completion of assessing the topical herbal solution on the therapy of male pattern hair loss and correlation with minoxidil 5%. This medication is intended to evaluate the safety, tolerance level, and indicators of efficacy of androgenic alopecia in men. The Phase III was started in November 2018 and was finished in September 2019.
Since the outbreak of the COVID-19 pandemic in December 2019, the disease has spread to more than 100 nations across the globe and the World Health Organization has announced it a public emergency. As per the World Health Organization’s report, the outbreak of the Covid illness (COVID-19) has come about in over 84.78 million infected people worldwide as of January 6, 2021.
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Coronavirus can influence the economy in three ways; by affecting the development, production, and supply of drugs, by making disturbances in the distribution channel, and by its financial effect on firms and monetary business sectors. Because of nationwide lockdowns, a few nations like Saudi Arabia, UAE, Egypt, and others are confronting difficulties with respect to the transportation of crude materials.
Moreover, the COVID-19 pandemic has impacted the supply of raw materials and potent compounds, which are used for manufacturing drugs of androgenetic alopecia and this is expected to hamper the market growth in the near future.
Among product type, the antihypertensive segment held a dominant position in the minoxidil market in 2019. The growth in this segment is driven by effective product offerings by the manufacturers and its effectiveness. For instance, Johnson & Johnson offers Minoxidil, an antihypertensive topical agent, an evidenced-based and regulatory approved agent for hair regrowth in men and women with androgenetic alopecia (AGA). It has been marketed for over 20 years, with a proven post marketing safety record.
Among route of administration, topical segment held a dominant position in the minoxidil market in 2019. The growth in this segment is driven by effective indication for the prevention and treatment. According to an article published by the National Center for Biotechnology Information (NCBI) in August 2019, topical minoxidil is the mainstay treatment for androgenetic alopecia, as it affects follicular cells by enhancing hair growth and reducing hair loss.
Among gender, the male segment held a dominant position in the minoxidil market in 2019. The growth in this segment is driven by increasing incidences of androgenetic alopecia in males. According to the American Hair Loss Association, by the age of 35, 2/3 of American men will experience some degree of hair loss and by the age of 50, approximately 85% of men have significantly thinning hair.
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Increasing incidences of androgenetic alopecia is driving the minoxidil market growth. For instance, according to an article published in the American Society of Hair Loss Association, in 2015, androgenic alopecia affects up to 70% of men and also 40% of women at some point in their lifetime.
The global minoxidil market is expected to exhibit a CAGR of 4.8% during the forecast period, owing to rising incidence of alopecia areata. For instance, according to the National Alopecia Areata Foundation (NAAF), an article published in January 2018, alopecia areata affects up to 147 million worldwide.
Major players involved in the minoxidil market are Remedy Repack, Apotex Corporation, TRILOGIC LTD, DS LABORATORIES, INC., Incredible Products, Pfizer Inc., ATOM PHARMA, LGM Pharma, Perrigo Company plc, AmWiner & Raphe Holdings, Johnson and Johnson Services, Inc., Sigma Aldrich (Merck KGaA), Actavis Pharma, Inc. S.A. de C.V., and Taisho Pharmaceutical Co., Ltd among others.
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- 5% Minoxidil
- 2% Minoxidil
By Route of Administration:
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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