Minoxidil Market to Achieve Considerable Growth In 2024, North America to Remain A Dominant Growth Avenue
Category: #business  By Sachin Pashte  Date: 2019-08-13
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Minoxidil Market to Achieve Considerable Growth In 2024, North America to Remain A Dominant Growth Avenue

North America will lead the global minoxidil market owing to high adoption of hair-loss treatment products. According to the American Hair Loss Association, over 80% of men experience hair loss by the age of 50. Further, over 21 million women suffer from hair loss problems and about 40% of them opt for active treatments. The consumers are actively utilizing safe and healthy hair loss treatment products. The rising availability of oral medication and hesitation for surgical procedures will drive the product demand over the forecast period.

The Asia Pacific minoxidil market will witness significant growth owing to a surge of age population with the thin hair line problem. According to the United Nations Economic & Social Commission for Asia and the Pacific (ESCAP) in North & Central Asia, the population ratio aged 60 and above will increase from around 16% in 2016 to over 24% by 2050. Europe is experiencing a similar trend as Asia Pacific with increasing penetration of an aging population. As per Eurostat, middle age population is experiencing bald headedness thereby escalating product demand.

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As reported by the American Hair Loss Association, nearly two-thirds of men in America suffer some amounts of hair fall by 35 years of age, indicating that the minoxidil industry witnesses consumption from nearly all adult age groups. It has also been suggested that approx. 40% of women will experience visible hair loss by the age of 40, underscoring the immense potential existing for the global minoxidil market from products targeting women. With unhealthy sleeping routines and inadequate nutrition intake combined with pollutants faced in daily life, it is estimated that over the next few years about 147 million people will develop alopecia areata worldwide.

Increasing prevalence of hair loss disorders and rising consumer awareness regarding available treatments have proliferated the minoxidil market, with several products containing the drug being sold globally. Improved marketing efforts by companies to promote hair growth products have helped expand the reach of the minoxidil industry, as upsurge in consumer spending towards healthcare has reaped tremendous monetary gains for the vertical. Incidentally, busier lifestyles of the global populace have led to unhealthy eating habits, which in combination with a rise in air and water pollution have caused innumerable people to suffer from ailments such as alopecia areata.

It is thus overt that continuous efforts by healthcare institutes to educate hair loss patients about the roots of their disorders and find suitable treatment options for them will fuel minoxidil market. Significant hair loss is common among people aged 50 or older, with many of them preferring to try out hair growing solutions being marketed. Some experts have said that almost 80% of cases for hair loss are hereditary and often younger population, around the ages of 20-30, start experiencing hair problems due to genetics, in addition to an increasingly stressful lifestyle.

Researches conducted on people having androgenetic alopecia showed that the group of men who were treated with 5% minoxidil, another group treated with 2% minoxidil and women treated with 2% minoxidil gave superior results as compared to the placebo groups. Such scientifically proven benefits have considerably boosted the minoxidil market growth and driven global consumers towards opting for suitable treatments. People from Europe have also displayed a penchant for shelling out part of their income to stop their hair from thinning and falling, since, according to reliable data, Europeans are most likely to experience baldness, creating a sizable customer-base for the minoxidil industry.

Browse key industry insights spread across 187 pages with 199 market data tables & 14 figures & charts from the report, “Minoxidil Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/minoxidil-market

Major industry players in the minoxidil market include: Par Pharmaceuticals, McNeil PPC and Dr. R. P Fletcher Chemical Factory. Other prominent market participants include Kumar Organic products, Nanz Mad Science and Renata limited. Industry players are expanding their regional presence to serve larger consumer base. For instance, in February 2018, Kumar Organic Products Limited inaugurated a new office in Basel, Switzerland to expand its sales, service support, and distribution network in pharmaceutical, cosmetic, and personal care markets in Europe.

Glimpse of Table of Content (ToC)

Chapter 3 Minoxidil Market Insights

3.1    Minoxidil Market segmentation

3.2    Minoxidil Market landscape, 2013- 2024

3.3    Minoxidil Market ecosystem analysis

3.3.1   Raw materials

3.3.2   Manufacturers

3.3.3   Distributors

3.3.4   Distribution channel analysis

3.3.5   Profit margin trend

3.3.6   Vendor matrix

3.4    Raw material analysis

3.5    Technology Landscape

3.5.1   Potential application scenario

3.5.1.1 Minoxidil for beard growth

3.5.1.2 Alternative minoxidil formulations

3.5.2   Formulation Process

3.5.3   Solid lipid nanoparticles

3.5.4   Propylene glycol minoxidil topical formulation for hair loss

3.6    Global alopecia industry scenario

3.6.1   Demographic trends

3.6.2   Consumer buying behaviour

3.6.2.1 Unmet needs

3.6.2.2 Social & Cultural impact forces

3.6.2.3 Information search

3.6.2.4 Evaluation of alternative

3.6.2.5 Purchase decision

3.6.2.6 Post purchase evaluation

3.6.3   Minoxidil vs other hair loss treatments

3.6.3.1 Dermatology Uses of Minoxidil

3.6.3.1.1   Androgenetic Alopecia (AGA)

3.6.3.1.2   Hair Transplant

3.6.3.1.3   Alopecia Areata

3.6.3.2 Minoxidil Side Effects

3.6.3.3 Other Hair Loss Treatments

3.6.3.3.1   Androgen-dependent medications

3.7    Industry best practices and key buying criteria

3.8    Regulatory landscape

3.8.1   North America

3.8.1.1 Department of Health and Human Services (NDA 021812/S-009)

3.8.2   Europe

3.8.2.1 Medicines & Healthcare products Regulatory Agency (PL 15513/0135-0020)

3.8.3   Asia Pacific

3.8.3.1 Pharmaceutical and Medical Devices Agency (PMDA)

3.8.4   Latin America

3.8.4.1 The Argentinean Law of Lealtad Commercial

3.8.4.2 Brazil Reglacion 335/99

3.8.5   Middle East & Africa

3.8.5.1 Saudi Food & Drug Authority (SFDA)

3.9    Pricing analysis, by region

3.9.1   5%

3.9.2   2%

3.9.3   Cost structure analysis, 2017

3.10  Minoxidil Market impact forces

3.10.1   Growth drivers

3.10.1.1 Growing consumer spending on hair care products accompanied by expanding distribution channel

3.10.1.2 Developing personal care market along with increasing prevalence of alopecia areata

3.10.2   Industry pitfalls & challenges

3.10.2.1 Stringent regulations along with possible side effects of minoxidil

3.11  Innovation & sustainability

3.12  Growth potential analysis, 2017

3.13  Competitive landscape, 2017

3.13.1   Global company market share analysis, 2017

3.13.2   Top players overview

3.13.3   Key stakeholders

3.13.4   Strategy Dashboard

3.14  Porter’s analysis

3.15  PESTLE analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/minoxidil-market

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About Author

Sachin Pashte    

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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