Finasteride Market Estimated To Discern 2x Expansion By 2022 – 2031
Finasteride is considered as an oral medication used in the treatment of benign prostate hyperplasia (BPH) caused due to enlargement of the prostate in men. Benign prostate hyperplasia in men creates urination difficulties for which finasteride is used. The drug also helps in reducing the chances for prostate surgery alone or in combination with other drugs. Finasteride also provides the benefit of preventing hair loss caused due to benign prostate hyperplasia and increases the number of hair on the scalp. According to the Asian Journal of Urology, the prevalence rate of benign prostate hyperplasia increases with age after 40 years and varies from 8% – 60% at the age of 90 years. Genetics and changing lifestyle patterns are expected to have a significant impact on global finasteride market growth in the coming decade.
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What are the Key Trends Impacting Growth of the Global Finasteride Market?
Increasing concern levels over aesthetic look are having a significant positive impact on the global finasteride market to improvise hair growth patterns. There has been a significant rise of finasteride adoption rate in regions like Europe where concern for aesthetics are higher as compared to other regions. Increasing competition from China is also one of the key trends of global finasteride market where Chinese pharmaceutical market has grown drastically over a while.
There has been an increasing rate of approval and commercialization of drugs like finasteride with large manufacturing capacities creating a it a moderately fragmented market providing competitive edge for the rest of the market players in the region. Adaption of high technology distribution channel including supply chain management (SCM) is expected to make import and export of finasteride easier to target countries where it has less adoption resulting into finasteride market expansion.
Increasing Adaption of E-commerce: How Online Pharmacies Became a Key Distribution Channel
The adoption rate of e-commerce into the global finasteride market has observed exponential rise leading to the increasing growth rate of online pharmacies segment into the global finasteride market distribution channel. The shift towards smart mobiles and digital technology has made supply of global finasteride market easier and product accessible on just one click. Online sales offered by such pharmacies have also led to increasing market share in global finasteride market. Whereas, currently hospital pharmacies is the leading distribution channel in finasteride market catering high number of patients suffering from benign prostate hyperplasia.
How is the Rising Geriatric Population Reshaping the Global Finasteride Market?
There has been a significant increase in geriatric population over a decade. This increase of geriatric population has led to the increase of consumer spending over geriatric population and is expected to boost global finasteride market growth. According to the United Nations, there will be twice the geriatric population that exist currently over the next four decades. On the other hand, Italy accounts for 21.7% of the population over the age of 65 years from the total population. According to the British Association of Urological Surgeons Limited (BAUS), the prevalence rate of benign prostate hyperplasia is estimated to be 42% for men aged 51 to 60 years, 71% for men aged 61 to 70 years and 82% for men aged 71 to 80 years in U.K.
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What are the Key Challenges that may Restrain Growth of the Global Finasteride market?
Less awareness among the general population regarding treatment options available for benign prostate hyperplasia is expected to hinder global finasteride market growth in the coming decade. Whereas, the less purchasing power of population belonging to regions like the Middle East and Africa is one the challenging factor for global finasteride market.
Alternative therapeutic options like minimally invasive and surgical procedures is expected to have negative impact on global finasteride market growth. Growing emergence of generic drugs into the finasteride market is expected to generate pricing restraints into the finasteride market. Patent expiry of finasteride drugs in the coming decade will lead to reduction of finasteride market growth. The warning issued to organization called Post-finasteride Syndrome Foundation regarding side-effects after the intake of finasteride such as suicidal thoughts can hinder the growth of global finasteride market.
Key Segments of Global Finasteride Market Covered in the Report
Based on drug dose, the Global Finasteride Market has been segmented as
- 1 mg
- 5 mg
Based on the indication, the Global Finasteride Market has been segmented as
- Benign Prostatic Hyperplasia (BPH)
- Male Pattern Baldness
- Hormone Replacement Therapy
Based on the distribution channel, the Global Finasteride Market has been segmented as
- Institutional Sales
- Speciality Clinics
- Research Institutes
- Retail Sales
- Retail Pharmacies
- Online Pharmacies
Based on the region, the Global Finasteride Market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Key players such as
- Merck and Company
- Novartis International AG
- Teva Pharmaceuticals Limited
- Dr Reddy’s
- RelconChem Limited
- Actavis Pharmaceutical Company
- Cipla Ltd.
- Accord Pharmaceuticals
- Henan Topfond
- Zhejiang CONBA Pharmaceutical
- Guangdong Eashu Pharmaceutical
- Shandong Renheteng Pharmaceutical
- And others are actively involved in offering finasteride for different applications.
What strategies are the Key Players adopting for Increasing their Market Share in the Global finasteride market?
Key players in finasteride market are adapting various strategies like product portfolio expansion to increase their revenue share. Whereas, on the other hand, there has been increase of mergers and acquisitions among the leading players and clinical-stage development bio-pharmaceuticals resulting into finasteride market expansion. Several strategies like marketing strategies, product strategy and distribution strategies are focus areas of finasteride market players.
- In August 2020, Mylan N.V. launched the generic version of Merck’s Propecia into the U.S. market after receiving approval from the U.S. Food and Drug Administration (FDA) for treatment of male pattern hair loss.
- In January 2021, Veru Inc. an oncology biopharmaceutical company has announced on advancing a new drug formulation involving Tadalafil and Finasteride Combination in its product pipeline keen to address the unmet medical needs in the department of urology.
What are the Key Opportunities for Finasteride Manufacturers?
Rising investment towards research and development activities in regions like North America and Europe is expected to create a large number of opportunities for global finasteride market growth. The shift of lifestyle patterns towards unhealthy lifestyle is expected to increase patient suffering from benign prostate hyperplasia creating large customer based for global finasteride market.
The increasing number of domestic players in countries like India will lead to a rise in production capacity and growth for global finasteride market. The emergence of online pharmacies and increasing adoption of e-commerce activities into the global finasteride market is a key opportunity for market expansion and growth. Increasing prevalence of baldness among men due to increased level of pollution and extreme weather conditions is expected to create ample opportunities for finasteride market growth.
Why is the U. S. a Big Market for Finasteride?
Global finasteride market is expected to generate a high share of the revenue from the U. S. market with the benefit of major players based in the region. There has been significantly higher cost per tablet in the U. S. as compared to other Asian regions making the U. S. an attractive country for global finasteride market. High product adoption and a high approval rate of global finasteride market in the U. S. creates an advantage for key manufacturers of global finasteride market. The country has high rate of diagnosis and treatment adoption rate as compare to any other country making it a leading area in terms of global finasteride market growth opportunities.
Will India’s Path for Finasteride Differ from that of the U.S.?
India’s population is expected to be the largest by 2030. Thus, the need for drugs to fulfil the demand of this growing population is anticipated to increase shortly. On the other hand, there is a significant increase in geriatric population which leads to increasing demand for global finasteride market. India has observed increasing foreign direct investments from the past few years, resulting in the opportunity of increasing its pharmaceutical manufacturing capacity benefitting global finasteride market. India is one of the leading countries in terms of generic drugs manufacturer having significant impact on finasteride market.
Whereas, in the case of U.S. the country has higher investments towards research and development activities with highly developed healthcare infrastructure. The U.S. has observed the significant rise of concern towards the aesthetics and an increasing number of patients opting for hair loss treatment and increasing global finasteride market growth.
What is the Repercussion of the Pandemic on the Growth of the Global finasteride market?
The pandemic is estimated to have a significant impact on the global finasteride market with lockdown implemented across various countries. There was a decline in patient visits and treatment adoption rate amid coronavirus having a negative impact on global finasteride market. The shutdown has also led to a halt in manufacturing activities for meanwhile which led to delay in growth of global finasteride market growth. A significant disruption in supply chain activities of global finasteride market was observed due the trade restrictions led on borders for import and exports of raw materials across the borders.
The report on the Global Finasteride Market covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2016 – 2020
- Market Size & Forecast 2021 to 2031
- Supply & Demand Value Chain
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Market Drivers and Restraints
Regional analysis for Global Finasteride Market includes
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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