Finasteride Market Analysis

Finasteride Market Analysis

Growing cases of male baldness owing to genetics, illness, stress and medicine side effects are likely to foster 1mg segment growth over the forecast timeline. The sales from 1 mg segment are expected to exceed $ 90 million by 2026. These products help in treating male hair loss and is approved by FDA, thus stimulating product demand. Widely used invasive hair loss therapies can be expensive and may lead to discomfort, thereby driving the finasteride market growth by 2026.
 

Increased aging population in Germany, UK, France, Italy, Spain, Russia, and Poland has driven the hair loss treatment products market. Consumers prefer safe and natural products rather than undergoing laser hair treatment since it is not cost effective and requires multiple sittings.
 

As per Eurostat, the population in Europe is at the highest risk of suffering from bald-headedness and the figures are expected to ascend rapidly in the forthcoming years. Additionally, the treatment for Alopecia and increased hair loss problems due to aging is expected to grow significantly over the forecast timeframe, that will support the finasteride market trends.
 

1mg products are 5-alpha reductase inhibitor which blocks body production of a male hormone in the scalp that reduces hair loss. These products are effective and low cost, thereby stimulating industry size. Growing demand for quick remedy pharma drugs for treating baldness and hair loss will further propel the finasteride market by 2026.
 

Prostate related diseases are one of the most common illness globally and expected to register finasteride consumption over 12 tons by 2026. According to the statistics, prostate melanoma is second most common cancer in the U.S. Prostate related diseases can be caused due to wrong nutrition, age, genetic susceptibility and socioeconomic situation. These products can be used to treat prostate enlargement and sometimes as cancer remedy, thereby driving the finasteride market.
 

These products improve symptoms of BPH and offers less straining bladder and reduces DHT, which causes prostate enlargement. It can be used individually or in combination with other drugs to successfully deal with prostate related diseases. According to the statistics, over 30 million men globally have BPH related symptoms which is anticipated to increase finasteride market over the forecast timeframe.
 

BPH prevails in one third of the total men over 50 years old and up to 90% in males over 85. The occurrence of prostate related diseases is more common African American males and can be severe and progressive owing to high testosterone level, thereby driving regional product demand.
 

Rising product popularity in the U.S. owing to strong branding by Merck is likely to foster industry growth. Finasteride is widely used in the U.S. for treating male pattern baldness and prostate related diseases. In 2017, the drug was 86^th most prescribed medicine in the U.S. The total prescription was over 9 million in 2017, thereby depicting a strong market for the product in the U.S.
 

Strong presence of key companies including Merck, Teva Pharmaceuticals and Cipla in North America has ensured a strong product penetration and branding, thus propelling finasteride market growth in forecast timeframe.