Home > Pressrelease > Finasteride Market size worth over $130 million by 2026
Finasteride Market size worth over $130 million by 2026
- Published Date: March 9, 2020
According to a new research report by Global Market Insights Inc., the Finasteride Market size is set to surpass USD 130 Million by 2026. Rising prevalence of androgenetic alopecia among both young and geriatric populace coupled with preference for home-based hair loss treatments will lead to market growth.
Increasing number of R&D activities in order to commercialize new applications of finasteride will foster the industry demand. Finasteride has proved to be relatively safe and effective in the therapeutic management of male androgenic alopecia.
The product is safe, reliable, inexpensive, and effective as a preventive strategy for prostate cancer among men. It also improves the symptoms of BPH and reduces the requirement of prostate surgery among men. According to ACS, prostate cancer is most widespread cancer affecting males in the U.S. with an estimated 1,91,930 new cases of prostate cancer in 2020. This will further escalate the finasteride market growth.
Rising prevalence of scalp hair loss due to misfunctioning of hormones will foster product demand
According to the reports, finasteride plays a vital role in hair treatment controlling pattern hair loss among men. Growing adoption of tablet-based drugs in order to avoid operations complexities will promote industry growth. Rise in number of people observing male pattern hair loss accompanied by need to maintain a social status will surge the finasteride market share. According to NHS data, more than 6.5 million men in the UK are affected by male pattern baldness every year.
As per industry trends, shift in lifestyles with increased stress levels coupled with disrupted dietary patterns has also spurred the product demand. Rising work pressure along with emotional stress have led to the incorporation of finasteride in many hair treatment products.
Also, genetic disorders and longer working hours are among the key factors resulting in higher thinning or loss among men and women. The product acts as active ingredient that helps to stop gradual thinning of the hair on the scalp while allowing growth of new hair by blocking DHT.
“As per industry forecasts, scalp hair loss segment is forecast to witness a substantial growth of 2.5% at the end of 2026 owing to robust utilization in treatment of hair loss”
Browse key industry insights spread across 120 pages with 167 market data tables and 9 figures & charts from the report, “Global Finasteride Market By Product (1 mg, 5 mg), By Application (Prostate Treatment {Prostate Enlargement, Prostate Cancer, Hormone Therapy [Transgender Women]}, Hair Treatment (Scalp Hair Loss, Excessive Hair Growth)), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/finasteride-market
Increasing demand for 5mg concertation in treatment and controlling of benign prostatic hyperplasia to fuel finasteride market growth
According to market analysis and trends, finasteride with 5mg composition helps in treating enlarged prostate, improve urinary flow, and symptoms associated with BPH. Growing cases of prostate related diseases along with strong preference for edible medicines in comparison with surgery will augment the industry size. 5mg based active ingredient is well tolerated having transient and mild adverse reactions, thus have been recommended or prescribed by authorized doctors.
“As per the analysis, finasteride market based on 5mg product is forecast to grow over 3.0% through 2026 owing to increasing prevalence of BPH among adult men”
Increasing product adoption by adult men suffering from prostate cancer in Europe will foster product demand
As per regional market analysis, finasteride can be used an effective drug in order to treat prostate diseases. High percentage of alopecia in European males has caused a significant rise in the product adoption rate. Environmental pollution, use of harmful products, hormonal disorder and stress causes alopecia in males.
It serves as a cost-effective solution for treating alopecia, there by driving the finasteride market demand. Also, as per industry analysis more than 3.3 million prescriptions were issued for prostate problems alone in England and Wales in 2017.
Key market participants in finasteride industry are Merck, Shandong Renhetang Pharmaceutical, Novartis, Teva Pharmaceuticals, RelonChem, Mylan N.V., Henan Topfond and Dr. Reddy.
According to market trends, several players are also involved in various strategies and initiatives including technological advancements, product launches, and mergers & acquisitions in order to gain substantial industry share.