Finasteride Market Size

Finasteride Market Size

Finasteride market size exceeded USD 110 Million, globally in 2019 and is estimated to grow at over 2.5% CAGR between 2020 and 2026. Growing prevalence of hair loss and baldness in men owing to extreme weather conditions and presence of toxic pollutants in domestic water supply is likely to foster industry growth.

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Finasteride serves as an active ingredient in manufacturing drug for controlling baldness and prostate cancer in men. The products improve BPH symptoms and decrease urge for urine and contributes to better urinating flow with less strain. The active ingredient works decreasing natural body hormone (DHT), which serves a main factor for prostate growth.

Continuous surge in the pharmaceutical industry has benefited these ingredient for formulating different drugs. The global pharmaceutical is likely to reach USD 1.5 trillion by 2023, which is anticipated to promote finasteride market growth in forecast timeframe. Heavy R&D investments in the pharma industry in order to formulate more effective and innovative drugs will further propel the industry growth.

Strong measures by U.S. government has turned the focal point to biosimilar and generic drug approvals. The proposition for assertive negotiations on drug purchase is likely to promote the product demand by 2026. Growing share of rebates offered by the U.S. government has increased from 28% in 2012 to 41% in 2018, which will further surge R&D activities in pharma sector, thereby driving industry growth.

Continuous expansion activities by Merck, Teva Pharmaceuticals, and Cipla for developing and manufacturing and innovative drugs will stimulate the finasteride market share by 2026. Furthermore, incessant testing and manufacturing new products in order to cater growing demand low cost and highly effective drugs will further foster industry growth.

Increasing product penetration in rural and underdeveloped regions in Asia Pacific and Middle East and Africa will boost the finasteride market revenues over the next few years. Higher product launches along with developing sales network in these regions will proliferate the industry landscape.

Expanding consumer spending on hair treatment products particularly in emerging economies will buttress the market demand. Social media and photo sharing have also largely influenced consumer promptness towards hair and skin beauty.

Importance of physical appearance coupled with alopecia among youngsters has promulgated the demand for finasteride. Moreover, failures of expensive shampoos, hair oils, serums and conditioners to treat hair loss have encouraged consumers to opt for finasteride.