Minoxidil Market by Manufacturers, Countries, Type and Application, Forecast, Market Development and Trends Forecasts Report 2023-2030

Minoxidil, an antihypertensive topical formulation, promotes hair growth. Minoxidil is majorly prescribed for treatment of androgenetic alopecia and it is also used as an off-label treatment for other hair loss conditions. Minoxidil is U.S. Food & Drug Administration (U.S. FDA) approved, 2% minoxidil solution and was first launched in the market in 1986, followed by the 5% solution in 1993, and they are majorly applicable in hair growth promotion. According to the National Center for Biotechnology Information (NCBI), in August 2015, the global prevalence of severe androgenetic alopecia (AGA) was 15.33% overall and varied significantly by geographical region. The risk of having severe androgenetic alopecia (AGA) increased by 1.092 per year for the 30 and 40 age group.

Rising incidence of androgenetic alopecia is expected to drive the global minoxidil market growth. According to the National Library of Medicine (NLM), a medical library which is part of the National Institutes of Health (NIH), androgenetic alopecia affects approximately 50 million men and 30 million women in the U.S.

However, side effects of minoxidil is expected to hinder the market growth. For instance, according to the National Center for Biotechnology Information (NCBI), August 2019, topical minoxidil show some side effects such as irritant contact dermatitis with the typical symptoms of itching and scaling.

Development of drugs by market players is expected to boost the market growth over the forecast period. For instance, in March 2016, Galderma Laboratories, a Swiss-based pharmaceutical company specializing in dermatological treatments and skin care products, launched qilib, Hair Regrowth + Revitalization System and Hair Health Reinforcement Biotin + Multivitamin Supplement. The product contains clinically proven, prescription-strength minoxidil specifically formulated for men (5% minoxidil) or women (2% minoxidil). qilib portfolio features a breakthrough, dual action system to address hair thinning and hair loss. 

However, side effects of minoxidil is expected to hinder the market growth. The US Pharmacist, a clinically-focused pharmacy publication, published an article- Treatment Options for Androgenetic Alopecia, in 2018 that medication used for the treatment of androgenetic alopecia has many side effects. For example, topical minoxidil can cause local erythema and pruritus.

 

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