Finasteride Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI732
Finasteride Market addresses hair loss, brought about by change in consumer eating habits, sedentary lifestyle and rise in stress levels. Blocking the male hormone testosterone and conversion into androgen dihydrotestosterone (DHT), which is responsible for hair loss is intrinsic property responsible for global finasteride market size growth.
Global alopecia (hair loss treatment) market was worth over USD 7 billion in 2015 and may surpass USD 11 billion valuation by 2024. Finasteride, being the solely oral medication approved by FDA for male hair loss treatment have an upper hand in alopecia market growth.
Oral drugs market valuation was over USD 500 million in 2015and may exceed USD 990 million by 2024. The segment is gaining popularity due to its safe as well as minimum dosage intake with increased drug efficacy properties. Rising stress level among people due to change in lifestyle has led to early male-pattern baldness. Increase consumer disposable income coupled with presence of easy scalp treatment process may drive finasteride market demand.
As per American Hair Loss Association, globally approximately 750 thousand people are engaged in hair loss treatment and androgenetic alopecia accounted for more than 90% of hair loss among men in 2015. Coronary heart disease and prostate enlargement are primary reasons to cause this male pattern baldness. Moreover, prostate cancer, diabetes & obesity, and high blood pressure are other responsible factors to lead men hair loss.
U.S. finasteride market size may witness significant gains owing to its global dominance in alopecia treatment industry. North America generated over 2 billion revenue in alopecia market in 2015. Government approval to use finasteride in men hair loss treatment and other health problems accompanied by better results from other alternatives are influencing factors to foster regional growth.
Positive outlook on pharmaceutical sector accompanied by increase in per capita income particularly in China and India should fuel Asia Pacific industry growth. As per industry estimates, around 20% males in China are suffering from hair loss due to hormonal changes which may stimulate China finasteride market demand.
Pilot projects conducted by European Urology to screen trial for bladder cancer risk reduction in men from the prostate, colon, and lung, who used finasteride are positive indicators for product being host of multiple applications.
Major application includes treatment of benign prostatic hyperplasia (BPH), male pattern baldness, hormone replacement therapy. The product is demonstrated effective in men; it has contrary effects on female and children thus it is recommended to be not in touch with the medicine. In BPH, the prostate gland becomes larger in older men which causes problems with passing urine as it is situated near bladder.
Finasteride shrinks an enlarged prostate in men which positively results in decreased urge to urinate, decreased night time urination, and less straining. The medication decreases the natural body hormone (DHT) amount in body which causes prostate growth. Effective results and no need for surgery are key reasons to drive demand in this segment.
Male pattern baldness mainly caused by androgenetic, among men, a condition occurs in defined pattern, beginning above both temples. The hairline recedes to form a "M" shape with hair turns thins at the top of the head, and eventually developing to fractional or complete baldness. The medication helps to regrow visible hair and decreases the risk of further hair loss.
Male -to-female hormone replacement therapy is an often used medical treatment application. It is used in estrogen form owing to its antiandrogen properties. Depression allergies, and risks pertaining to side effects are major threatening factors for finasteride market growth.
Finasteride market share comprises of Merck Sharp & Dohme, Sun Pharmaceuticals, Ranbaxy Laboratories, Dr. Reddys Laboratories and Intas Pharmaceuticals. Other prominent companies include Aurobindo Pharma, Teva Pharmaceuticals, Actavis, Hetero Labs, Yabao Pharmaceuticals, Cipla, Yangtze River Pharma, Gedeon Richter, Nanjing Sanhome, Shandong Renhetang Hangzhou Conba Group, New Asia Pharma, and Qianjin Pharma.
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