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Minoxidil Market size to surpass USD 2.5 Bn by 2032

Published Date: April 20, 2023

Minoxidil Market size is anticipated to reach USD 2.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The surging incidences of alopecia is likely to be among the leading factor contributing to the industry growth. Alopecia Areata, an autoimmune disorder identified by patches of non-scarring alopecia impacting the body hair and scalp. The condition with no preventive therapy or cure can be psychologically devastating and has an unpredictable natural history. According to NCBI, Alopecia Areata can occur in approximately 1 in every 1000 individuals globally, involving a lifetime risk of around 2%.

A visible rise in disease burden, in tandem with the growing consumer inclination toward improving and maintaining physical appearance, has resulted in the increased intake of personal care products, thus driving the minoxidil market growth. Moreover, changing lifestyles, improving disposable incomes across developed economies, and increasing penetration of multinational brands across developing markets have further boosted the sales of personal care products, which will further transform market dynamics.

Escalating R&D efforts to increase the sales of 2% minoxidil

Based on the product, The 2% concentration segment to exceed USD 420 million by 2032. Frontal baldness, especially among men, has become a prominent issue, which will promote the use of minoxidil products. The rising problem of receding hairline and excessive hair fall is making customers more concerned about their hair will augment product demand. Besides, a number of companies focusing on introducing new products will further aid segment growth through.

Browse key industry insights spread across 240 pages with 103 market data tables & 33 figures & charts from the report, “Minoxidil Market Size By Product (5%, 2%), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Positive outlook of the personal care industry to impact product demand across Europe

Geographically, Europe minoxidil industry is projected to grow at over 5% CAGR from 2023 to 2032. The regional growth is attributed to the escalating research & development projects focused on developing new hair care formulations. Europe is recognized for its strong economic landscape and flourishing cosmetics and personal care industry. The growing consumer awareness about hair disorders and the subsequent rise in the uptake of personal care products will drive minoxidil demand across the region.

Novel innovations to strengthen the competitive landscape

Notable players in the minoxidil market include Maruti Futuristic Pharma Pvt. Ltd., Changzhou Tianhua Pharmaceutical Co., Nanz Med Science Pharma Private Limited,  Par Pharmaceuticals, Provizer Pharma, Bakul Group of companies,  Metapharmaceutical Ind. S.L, LOY Pharma Lab, Inc.,  Dr. R. Pfleger Chemical Factory GmbH, Kumar Organic Products Limited,  Pharhome International Limited, McNeil Consumer Healthcare, Pfizer, Renata Limited, and others.These companies have been consistently focusing o new product launches as part of their growth strategy.

Authors: Kiran Pulidindi, Kunal Ahuja