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Finasteride Market Size By Product (1 mg, 5 mg), By Application (Prostate Enlargement, Prostate Cancer, Scalp Hair Loss, Excessive Hair Growth, Hormone Therapy {Transgender Women}), Industry Analysis Report, Country Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

  • Report ID: GMI732
  • Published Date: Mar 2020
  • Report Format: PDF

Industry Trends

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.

Urge for cost effective and high efficacy alopecia treatment

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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.

Growing prevalence of prostate disease owing to hormonal disfunctions

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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 adoption in the North America owing to strong branding and presence of major pharma companies

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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 86th 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.

R&D activities and product innovations to remain major business strategies by manufacturers

The major players involved in finasteride industry including Merck, Teva Pharmaceuticals, Novartis, RelonChem, Dr. Reddy and Henan Topfond. Merck serves as a major player and pioneer in the market owing to its patents. However, product generalization has led to the entrance of more player and extensive research is being done in order to formulate effective products.

Finasteride market research report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Tons) and revenue (USD Thousand) from 2015 to 2026, for the following segments:

By Product

  • 1mg
  • 5mg

By Application

  • Prostate Treatment
    • Prostate Enlargement
    • Prostate Cancer
    • Hormone therapy (Transgender Women)
  • Hair Treatment
    • Scalp Hair Loss
    • Excessive Hair Growth

The above information has been provided for the following regions and countries:

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Malaysia
  • LATAM     
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
Authors: Kunal Ahuja, Tushar Malkani

Frequently Asked Questions (FAQ) :

Finasteride market was valued at USD 110 million in 2019.
The finasteride market is likely to register a CAGR of 2.5% over the forecast period.
According to the report published by Global Market Insights Inc., the finasteride business is supposed to attain $130 million (USD) by 2026.
Rising cases of prostate cancer, increasing trend for hair care products that will prompt consumers to rely on hair medication, growing consumer spending on hair care products accompanied by expanding distribution channel are the major key factors expected to drive the growth of global market.
Merck, Novartis, Teva Pharmaceuticals, Cipla, RelonChem, Dr. Reddy, Henan Topfond, Zhejiang CONBA Pharmaceutical, Shandong Renhetang Pharmaceutical, Guangdong Eashu Pharmacetical are some of the top contributors in the industry.
The 1mg products segment registered a significant market share in 2019 and is projected to record a remarkable growth rate throughout the forecast period.

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Premium Report Details

  • Base Year: 2019
  • Companies covered: 10
  • Tables & Figures: 176
  • Countries covered: 21
  • Pages: 120
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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