U.S. Minoxidil Market Size & Share 2021 to 2027
Market Size by Product (5%, 2%), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Industry Analysis Report, Country Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast.
Report ID: GMI5017
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Published Date: March 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
U.S. Minoxidil Market Size
U.S. minoxidil market size exceeded USD 600 Million, in 2020 and is estimated to grow at over 4.35% CAGR between 2021 and 2027. Growing number of individuals with hair loss problems along with increasing demand for hair care products should spur the product demand.
Minoxidil is an organic compound that has molecular formula C9H15N5O and weight 209.25g/mol. It is soluble in water and organic solvent such as methanol, acetone and propylene glycol. The product is an anti-alopecia and antihypertensive agent which is used in the treatment of hair loss in females and males and promotes hair growth. It is available in tablet, oral form, topical liquid and foam. Furthermore, the product is used to slow down of baldness process and stimulating hair growth.
Minoxidil works by prolonging the growth phase of hair follicles and is used to treat female baldness. Moreover, minoxidil can potentially increase hair density when applied to the scalp and increases hair growth rate. Rising usage and demand for hair products to increase strength and volume of hair should boost the U.S. minoxidil market share from hair care product manufacturers.
Rising consumer inclination towards hair treatments for aesthetic hair looks has led to increased hair loss issue. Consumer demand for hair loss products to meet functional purposes is expected to grow the product market in forecasted time period. Manufacturers are focusing on developing variety of products for hair loss problems in aging population and male targeted products which are anticipated to boost U.S. minoxidil market growth.
U.S. Minoxidil Market Analysis
The 2% formulation product type surpassed USD 100 million in 2020 which represents opportunity for product market growth. It is bifurcated based on formulation as 2% concentration and 5% concentration. 2% minoxidil formulation is used in hair regrowth solutions and made for women facing hair loss problems. Increased use of hair tools with high heat, hairstyle and treatments and stress has led to hair loss problems in women.
The 2% solution formulation is used to help hair growth in treatment of male pattern baldness which should boost product demand for male hair care product manufacture. Hair loss in men can be a result of heredity, medical conditions, hormonal changes and part of aging which has stimulated demand for hair products to boost hair growth. Rising consumer consciousness regarding hair loss along with increasing number of hair acre product to prevent hair fall should boost the U.S. minoxidil market sales.
U.S. minoxidil market by retail pharmacies may witness growth of about USD 460 million by 2027. Minoxidil topical solutions and oral medications are easily available in retail pharmacies as generic medicine. Retail pharmacies offer convenient services including home delivery of medicines and availability of all types of drugs and medicines. Moreover, consumer preference for easy availability of products due to busy lifestyles and hectic work schedule is anticipated to foster product market growth.
Owing to issues such as over-excursion and stress have led to hair loss problems and are expected to boost product demand from retail pharmacies. The increasing consumer focus on health and wellness is expected to boost demand for quality healthcare products which should boost retail pharmacies business. Growing retail pharmacies along with rising demand for hair growth products is likely to accelerate the U.S. minoxidil market value.
U.S. Minoxidil Market Share
U.S. minoxidil industry is competitive with key players including:
Companies are primarily engaged in launching new products which allow convenient and safe use and should provide greater opportunities to product market.
In July 2020, LGM Pharma acquired pharmaceutical development and manufacturing unit of Nexgen Pharma which should open opportunities for new product pathway for company’s pharmaceutical products, distribution expansion and R & D and clinical developments which is likely to boost the U.S. minoxidil market trends.
High product cost and sometimes the product can lead to side effects such as acne at site of application and reddened skin may be restrained to product market growth.
The U.S. minoxidil market report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Kilo Tons) and revenue (USD Million) from 2016 to 2027, for the following segments:
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