by Minoxidil is an antihypertensive vasodilator medication primarily used to treat high blood pressure and female pattern baldness. Minoxidil slows hair loss and helps regrow hair on the scalp in both men and women suffering from alopecia. The medication increases blood flow in the hair follicles, stimulating dormant follicles to re-grow hair and preventing the progression of further hair loss. The global minoxidil market is primarily driven by the growing prevalence of alopecia and technological advancements in hair treatment products.
The Global minoxidil market is estimated to be valued at US$ 1262.02 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the minoxidil market are GE Healthcare, Koninklijke Philips N.V., Welch Allyn, Spacelabs Healthcare, A&D Company, Limited, SunTech Medical, Inc., OMRON Healthcare, Inc., American Diagnostic Corporation, Withings, Briggs Healthcare, Kaz, Inc., GF Health Products, Inc., Rossmax International Ltd. Key opportunities in the market include rising demand for organic and herbal minoxidil products along with increasing e-commerce penetration. Technological advancements such as development of time-release minoxidil formulations, minoxidil solutions, and spray-type formulations are fostering market growth.
Market Drivers
The key driver propelling the growth of the Minoxidil Market Demand is the growing geriatric population worldwide coupled with the increasing prevalence of alopecia and hypertension. The rising burden of hair fall disorders owing to sedentary lifestyles, stress, pollution, and genetic predisposition is fueling the demand for effective anti-hair fall treatments like minoxidil. Easy availability of generic and affordable minoxidil preparations in the market is another factor boosting the market revenues.
Current challenges in Minoxidil market
The minoxidil market is facing various challenges owing to changing consumer preferences and rising prices of raw materials. The customers are increasingly opting for generic and over-the-counter products over branded ones to reduce expenses. This is posing a major threat to leading manufacturers in the market. Further, the prices of key raw materials used in production such as lanolin oil and menthol are witnessing a upward trend globally. This is negatively impacting the overall profit margins of companies. Managing high raw material costs without passing them entirely to the consumers remains a key challenge.
SWOT ANALYSIS
Strength: Minoxidil Market is an effective and well-established treatment for hair loss. It has proven results backed by scientific research.
Weakness: Overuse and long term use of minoxidil can cause side effects like skin irritation, unwanted hair growth, dizziness etc. This limits its usage.
Opportunity: Growing consumer awareness about hair fall treatments and increasing demand for herbal/natural products provide an opportunity to introduce herbal-based minoxidil products.
Threats: Stiff competition from generic minoxidil products and alternative treatments pose pricing pressure on established brands.
Geographical regions
In terms of value, North America accounts for the largest share in the minoxidil market currently owing to high consumer awareness and easy availability of branded products in the US and Canada. However, Asia Pacific region is emerging as the fastest growing market for minoxidil mainly because of increasing disposable incomes, growing middle class population and their rising focus on aesthetic appearances in countries like China and India. Latin America and Middle East & Africa also offer scope for steady market expansion during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
