Minoxidil Market Size

Minoxidil Market size crossed USD 1.5 billion in 2022 and is estimated to exhibit a 4.5% CAGR between 2023 and 2032. Increasing sales of hair care products to strengthen the business outlook.

A commendable rise in consumer expenditure on hair care products and the subsequent expansion of the product distribution channel will help the industry garner lucrative gains.The consistent surge in the global population has resulted in a noticeable rise in pollution levels, leading to a growing prevalence of several hair disorders, such as dry hair, hair fall, hair loss, etc. To deal with such issues, consumers worldwide have been purchasing numerous hair care products. The easy access to products, combined with a broad distribution network, will therefore foster market development.

Large retail pharmacy companies have also been concentrating on increasing their physical presence to capture a larger market share, which will positively influence the industry landscape. Another factor largely contributing to minoxidil sales through online pharmacies is the expanding e-commerce sector, mainly due to the increasing trend of e-prescriptions, e-prescribing technology, and lockdown measures during the pandemic. Besides, collaborations with specialists have aided corporate growth via the distribution network, which will further strengthen the minoxidil market outlook.

Potential side effects associated with minoxidil to impede market progress

Topical usage of minoxidil may cause issues such as localized erythema and pruritus. These conditions can lead to tiredness and drowsiness as potential side effects, while in rare cases, the patient can also experience tachycardia and breast pain. That is why regulatory authorities globally have imposed stringent regulations pertaining to the use of minoxidil, which is poised to hamper industry growth.

Minoxidil Market Analysis

Regarding the product, the minoxidil market share is bifurcated into 2% and 5% concentration variants. The 5% concentration segment size is expected to grow at over 5% CAGR from 2023 to 2032. There has been a noticeable surge in men and women suffering from hair loss, owing to a number of factors, including stress, disease treatments, and hereditary conditions, which have boosted the uptake of hair care products. The increasing usage of 5% minoxidil solution in a range of hair care formulations will, in turn, augment segment gains.

North America minoxidil market size is projected to be worth over USD 1.3 billion by 2032. People in the region have been increasingly dealing with baldness, scanty scalp, and premature hair loss. This has prompted companies operating in North America to introduce effective hair care products. The availability of the chemical in numerous forms, such as tablets, injections, capsules, and gels, and the growing consumer inclination toward these products will foster new growth opportunities for the regional industry. U.S. minoxidil industry size exceeded USD 600 Million in 2020 and is estimated to grow at over 4.35% CAGR through 2027 due to growing number of individuals with hair loss problems along with increasing demand for hair care products should spur the product demand.

Minoxidil Market Share

Prominent companies constituting the competitive landscape of the minoxidil market include :

• Maruti Futuristic Pharma Pvt. Ltd.
• Changzhou Tianhua Pharmaceutical Co.
• Nanz Med Science Pharma Private Limited
• Par Pharmaceuticals
• Provizer Pharma
• Bakul Group of companies,
• Metapharmaceutical Ind. S.L
• LOY Pharma Lab, Inc.,
• Dr. R. Pfleger Chemical Factory GmbH
• Kumar Organic Products Limited,  Ltd.,
• Pharhome International Limited
• McNeil Consumer Healthcare
• Pfizer
• Renata Limited

Enterprises in this business segment are undertaking R&D initiatives to introduce improved product formulations in the market and gain access to a broader consumer base. For instance, in March 2023, ViaDerma, Inc. unveiled its goal to introduce a new hair regrowth product using topical route Minoxidil. The company plans to incorporate Minoxidil with its exclusive patent-pending dual carrier transdermal delivery technology to develop a new hair regrowth product.

ViaDerma’s distinctive transdermal delivery system enables the transfer of chemicals via the stratum corneum, with a 10,000x higher diffusion constant than other products on the market. This permits much more of the active ingredient to be soaked into the skin and work faster and better, often delivering remarkably better results than conventional topical treatments.

The global minoxidil market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Thousand Units & in terms of revenue in USD million from 2018 to 2032 for the following segments:

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By Product

• 5%
• 2%

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • Indonesia
  • Malaysia
  • Australia
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE