by Minoxidil is an oral and topical medication that is widely used for treating hair loss conditions such as androgenic alopecia and alopecia areata. It helps promote hair growth by prolonging the anagen or growth phase of hair follicles. Minoxidil is available over-the-counter in topical solutions and foams at concentrations of 2% and 5%. It is applied directly to the affected areas on the scalp once or twice daily. The continuous application of minoxidil helps improve hair thickness and growth, while slowing or preventing further hair loss. Its effectiveness in treating male and female pattern hair loss has made minoxidil a popular remedy for alopecia.
The global Minoxidil Market is estimated to be valued at US$ 1095.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends prevailing in the global minoxidil market is the launch of new hair growth products containing minoxidil. In recent years, several topical hair growth serums and shampoos containing minoxidil have been introduced, especially targeting female consumers. These new formulations help deliver minoxidil more efficiently to the scalp without the greasy residue associated with traditional topical solutions and foams. For instance, in 2021,HairMax launched a new Ultra Rapid Hair Regrowth Serum containing 6% minoxidil especially developed for female hair loss. Such innovative product launches are expected to boost the overall market demand. Another notable trend is the increasing popularity of generic minoxidil formulations. As minoxidil patents expire, several generic drug makers are introducing affordable generic versions of branded minoxidil products to tap growing market potential. This has intensified competition and kept prices low, making treatment affordable for a larger consumer base.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the minoxidil market due to high R&D and branding costs. However, with growing awareness of generic drugs, the threat stands to increase.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Additionally, buyers have low switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as manufacturers depend on a limited number of suppliers for raw materials. However, suppliers have low differentiation in products.
Threat of new substitutes: The threat of new substitutes is moderate as other generic drugs can be used as substitutes for hair loss and baldness treatment withsimilar effectiveness.
Competitive rivalry: The competitive rivalry in the minoxidil market is high owing to the presence of numerous global and regional players competing on pricing and product differentiation.
Key Takeaways
The global minoxidil market is expected to witness high growth over the forecast period. Global Minoxidil Market Demand is estimated to be valued at US$ 1095.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis
North America is anticipated to hold the leading share of the global minoxidil market due to the rising geriatric population and increasing cases of hair fall and baldness in the region. The market in Asia Pacific is projected to grow at the fastest rate during the forecast periodowing to rising environmental pollution levels and changing lifestyles in the developing countries of China and India.
Key players
Key players operating in the minoxidil market are Johnson & Johnson, Taisho Pharmaceuticals, Costco Wholesale Corporation, Wal-Mart, and Dr.R.PFLEGER. Johnson & Johnson has a strong brand presence worldwide with its leading Rogaine brand. Taisho Pharmaceuticals dominates the Japanese market. Costco Wholesale Corporation and Wal-Mart are major retailers for generic minoxidil products in the U.S.
