Market Challenge - High cost of prescription treatments

Global prescription hair loss and hair removal drugs market growth can be hampered due to high cost of prescription treatments. Currently, two most common prescription drugs for treating hair loss are Minoxidil and Finasteride. However, both of these drugs come at a very high monthly cost for patients. Minoxidil treatment can cost anywhere between US$ 50-US$ 150 per month depending on the strength and brand. Finasteride treatment runs around US$ 60-90 per month. This high recurring cost is a major barrier for many patients and discourages them from seeking and adhering to prescription treatment plans. The high costs especially impact the younger demographic as well as those in developing markets. With such high costs, many patients resort to alternative cheaper but less effective options. Bringing down the treatment costs through generics or new innovative formulations is crucial for market growth.

Market Opportunity- Development of innovative drug formulations

Global prescription hair loss and hair removal drugs market can witness growth opportunities from development of more innovative drug formulations. Currently available options like topical minoxidil solutions and finasteride pills have certain limitations. The development of advanced drug delivery mechanisms like nanotechnology-based topical solutions, mini-pills, transdermal gels, and patches can help address some of these limitations. For example, a minoxidil transdermal gel or patch may provide similar efficacy with less frequent applications. Nanoparticle-based topical formulation of finasteride may help in better penetration and delivery of the drug to hair follicles. Such innovative formulations have the potential to not only enhance treatment efficacy but also improve patient convenience and compliance. This can expand the consumer base by attracting more new patients. Focused R&D on next-generation drug formulations can drive the market growth. For instance, on June 2, 2022, Cynosure, a provider of laser and RF (radio frequency) technologies, launched the Elite iQ aesthetic workstation for laser hair removal. Featuring patented Skintel technology, the Elite iQ platform is designed to be suitable for all skin types, offering personalized laser hair removal treatments.