Finasteride Market to See Robust Growth in the Coming Years | CAGR 4.2%
Hair loss is a common concern for many individuals, affecting self-esteem and confidence. Fortunately, medical advancements have given rise to effective treatments such as finasteride. The finasteride offered a more convenient & effective treatment option, and has since become one of the most commonly prescribed medications for male pattern hair loss and benign prostatic hyperplasia (BPH). The global finasteride market size was valued at $362.1 million in 2021, and is projected to reach $546.7 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031. The demand for finasteride is not only limited to developed countries but is also being witnessed in the developing countries, such as China, Brazil, and India, which fuel the growth of the finasteride market share.
Finasteride Market in Short:
Current Market Size: USD 546.7 Million
Fastest Growing Region: APAC
Largest Market: North America
Projection Time: 2022-2031
Base Year: 2022
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Q1. What is finasteride drug?
A. Finasteride is a medication used to treat male pattern hair loss (androgenetic alopecia) and benign prostatic hyperplasia (BPH).
Q2. What is finasteride drug used for?
A. The finasteride drug is used to treat male pattern hair loss and benign prostatic hyperplasia (BPH).
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This FDA-approved medication, primarily used for male pattern baldness, works by inhibiting the conversion of testosterone into dihydrotestosterone (DHT), the hormone responsible for hair follicle shrinkage. By reducing DHT levels, finasteride promotes hair regrowth and helps prevent further hair loss. With its proven efficacy and minimal side effects, finasteride has become a game-changer in the battle against hair loss, offering hope to those seeking a fuller, healthier head of hair.
Region wise, North America is expected to witness highest growth, in terms of revenue, owing to rise in prevalence of male pattern baldness cases, advanced healthcare infrastructure and surge in healthcare awareness. The upsurge in healthcare expenditure in the emerging economies is anticipated to offer lucrative opportunities for the market expansion.
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Major Key Market Players in the Industry –
- Alkem Laboratories Ltd,
- HETERO LABS LIMITED,
- Merck & Co., Inc.,
- Sun Pharmaceutical Industries Ltd.,
- Teva Pharmaceutical Industries Ltd.,
- Intas Pharmaceuticals Ltd.,
- Organon & Co.,
- Aurobindo Pharma,
- Cipla Ltd,
- Reddy’s Laboratories Ltd.
Market: By Region Outlook
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)
Important Questions Being Answered by This Market Report Are –
Q1. What is the total market value of Finasteride Market report?
Q2. What would be forecast period in the market report?
Q3. What is the market value of Finasteride Market in 2027?
Q4. Which is base year calculated in the Finasteride Market report?
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Key findings of the study –
- On the basis of application, the male pattern baldness segment was highest contributor to the market in 2021.
- On the basis of type, the branded segment was highest contributor to the market in 2021. However, the generic segment is anticipated to grow at the highest CAGR during the forecast period.
- On the basis of distribution channel, the drug stores and retail pharmacies segment dominated the market in terms of revenue in 2021. However, the online providers segment is anticipated to grow at the highest CAGR during the forecast period.
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