Minoxidil is an antihypertensive vasodilator used topically to atreat hair loss like androgenic alopecia (male or female pattern baldness). It is the only non-prescription medication approved by the FDA for treatment of androgenic alopecia. Minoxidil induces hair growth by prolonging the anagen phase of hair growth and prevents conversion of terminal hairs into vellus hairs. It can be purchased as an over-the-counter solution or foam under various brand names. Rising cases of hair loss among millennials coupled with the convenience of e-commerce platforms is fueling online sales of minoxidil products.
The global minoxidil market is estimated to be valued at US$ 1095.5 Mn in 2024 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 Dynamics:
Growing Online Drug Sales: Online drug stores provide convenience and privacy to consumers when purchasing sensitive products like minoxidil. Availability of broad product ranges, reviews, doorstep delivery, and discounts offered by online retailers are boosting online purchase of minoxidil. As Covid-19 reinforced the importance of e-commerce platforms, online pharmacies are expected to account for higher shares in the minoxidil market going forward.
Rising Hair Fall Cases: Frequent hair wash, pollution, hormonal imbalances, stress, and genetic predisposition are some leading causes for increased incidents of hair thinning and loss globally. As minoxidil is one of the few FDA-approved drugs available over-the-counter for treating hair fall, rising awareness coupled with hair fall cases is expected to drive the minoxidil market during the forecast period.
Segment Analysis
The global minoxidil market is segmented based on type, form, application, and geography. Based on type, the market is categorized into 2% and 5%. The 2% segment dominates the market and accounts for around 70% share owing to its ability to induce hair re-growth effectively at lower concentration. Based on form, the market is segmented into topical solutions and foam. The topical solution segment leads due to its easy availability as over-the-counter products. In terms of application, the market is divided into female and male baldness. The male baldness segment captures around 65-70% share due to the higher incidence of male pattern baldness worldwide.
PEST Analysis
Political: Stringent regulatory norms by FDA regarding testing and approval of drugs used for hair regrowth may impact market growth to some extent.
Economic: Rising disposable income coupled with increasing willingness to spend on aesthetic treatments is fueling demand for hair loss treatment products including minoxidil.
Social: Growing consumer awareness about various hair care treatments along with reduction in the social stigma associated with baldness is driving market expansion.
Technological: Rising R&D focus on improving the efficacy of minoxidil through newer delivery systems like liposomal gels and nano-emulsions can potentially enhance market appeal.
Key Takeaways
The global minoxidil market is expected to witness high growth at a CAGR of around 10% during the forecast period of 2023-2030. Global Minoxidil Market Demand is estimated to be valued at US$ 1095.5 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regionally, North America captured over 30% market share in 2024 led by rising baldness prevalence and high consumer spending on appearance and hair care products in the US and Canada. Asia Pacific is estimated to be the fastest growing regional market attributed to increasing per capita income, growing geriatric population, and expanding middle-class demographics in major Asian countries. In China, South Korea, and Japan, rising consciousness towards hair loss treatments especially for male baldness is catalysing regional demand.
Key players
Key players operating in the minoxidil market include Johnson & Johnson, Taisho Pharmaceutical, Sun Pharma, Cipla, Zhejiang Wansheng Pharmaceutical, Shin Poong Pharm, Sichuan Keruide Pharmaceutical, and Dr. R. Pfleger. Johnson & Johnson leads the market with over 35% value share attributed to strong brand value and wide distribution network for Rogaine brand minoxidil products.