Minoxidil Market Size

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

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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.