According to a new research report by Global Market Insights Inc., the U.S. Minoxidil Market size is set to surpass USD 800 Million by 2027.
Rising number of individuals with hair loss problems along with growing consumer spending on hair care products should stimulate the U.S. minoxidil market growth. The adoption of hectic lifestyles and increased stress level has led to hair loss problems. The product is available in different forms including oral medication form and for topical application.
Rising demand for 5% concentrated product formulation for its utilization as anti-alopecia agent will foster product demand
In 2020, U.S. Minoxidil market from 5% concentration formulation surpassed USD 495 million which should boost product demand in forceable time span. Minoxidil is highly effective against reducing hair thinning, effective in hair growth and stimulating growth of adipose-derived stem cells. It is applied at high dosage level and has minimal side effects. 5% concentration formulation is used in foam hair products and is effective against androgenic alopecia for male individuals.
A higher concentration of 5% was developed based on glycol and alcohol and the formulations are manufactured commercially in similar way to maintain similar composition which should raise the U.S. minoxidil market share from hair product manufacturers.
The 5% concentrated formulation can be produced on a commercial scale without any technical issue and is cost effective which is likely to augment product demand. Rising consumer concern for hair problems have led to increased purchasing of hair products which is anticipated to stimulate the U.S. minoxidil market growth. Furthermore, increasing use of hair tools with heat leads to hair damage which has led to demand for functional hair care products which is likely to accelerate product market growth.
“As per industry forecasts, 2% concentration formulation is forecasted to witness a substantial growth of 3.85% by the end of 2027 owing to its rising application in hair products for women”
Browse key industry insights spread across 90 pages with 31 market data tables and 24 figures & charts from the report, “U.S. Minoxidil Market 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, 2021 – 2027” in detail along with the table of contents:
Rising internet penetration to stimulate online pharmacies which should spur minoxidil market
According to market insights, online pharmacies market was estimated to be over USD 32.05 million in 2020 which represents an opportunity for product market growth. Global pandemic has led to increased online purchasing of medicines which should boost product market growth. Rising trend of e-prescription method and lockdown measure due to COVID-19 pandemic is expected to be the key driving factor for U.S. minoxidil market growth.
Increasing penetration of internet and smartphones in the U.S. region shall drive product sales through online sales channels. Due to COVID-19 pandemic large gatherings of people are minimized due to which online business witnessed growth as compared to retail business. Furthermore, online purchasing reduced effort of consumers to reach pharmacy stores to know about medicine availability and prices which should further stimulate product market growth. Better discounts on online purchase, convenience purchase option and benefits of wide scale product availability of medical products is expected to raise minoxidil product sales through e-commerce channels.
“As per industry forecasts, retail pharmacies should witness significant gains of 4.45% by the end of 2026 pertaining to benefits for consumers to purchase quality and affordable products”
Rising occurrence of disorders and growing healthcare expenditure to drive minoxidil hospital pharmacy market size
According to market analysis and trends, hospital pharmacy surpassed USD 225 million in 2020 which shows opportunity for the product in the forecasted time period. Availability of world class hospital services and growth in aging population will propel demand for hospital pharmacies. The U.S. healthcare market was estimated to be over 2600 billion in 2020. Easy availability and accessibility should boost the U.S. minoxidil market sales through hospital pharmacies.
Key market participants in U.S. minoxidil industry are Walmart, Costco Wholesale Corporation, LGM Pharma, Renata Limited, FLAMMA GROUP, Perrigo Company PLC, Johnson and Johnson Consumer Inc, Par Pharmaceuticals, Metapharmaceutical Ind S.L. and Kumar Organics Products Limited.
Side effects such as selling and face redness from the product use and high price may challenge the product market growth. Furthermore, changing government regulations on use of product which may harm consumer health can restrain the U.S. minoxidil market revenue.
According to market trends, several industry players are also involved in various strategies and initiatives including product launches, and mergers & acquisitions in order to gain substantial market share.