MINOXIDIL MARKET ANALYSIS

The global minoxidil market is estimated to be valued at US$ 1,095.5 million in 2023 and is expected to exhibit a CAGR of 4.8% during the forecast period (2023-2030).

Analysts’ Views on the Global Minoxidil Market:

The increasing research and development activities by key market players to expand the use of minoxidil for the treatment of cancer is expected to drive the market growth over the forecast period. For instance, in June 2022, according to data published in the Journal of Clinical Oncology, oral Minoxidil was used for the treatment of late alopecia in cancer patients. Late alopecia is defined as incomplete hair regrowth >6 months following cytotoxic chemotherapy or from initiation of endocrine therapy. Minoxidil is an aminopyridine potassium channel opener, resulting in vasodilation and the premature entry of resting hair follicles into the anagen (growth) phase and an increase in the hair follicle size.

Figure 1. Global Minoxidil Market Share (%), By Type, 2023

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Global Minoxidil Market - Drivers

• Increasing geriatric population: The increasing geriatric population is expected to drive the global minoxidil market growth over the forecast period. For instance, in October 2022, according to data provided by the World Health Organization (WHO), in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. The share of the population aged 60 years and over will increase from 1 million in 2020 to 1.4 million. . By 2050, the world’s population of people aged 60 years and older will double (2.1 million). The number of people aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
•  Increasing prevalence of cancer: The increasing prevalence of cancer is expected to propel the growth of the global minoxidil market over the forecast period. For instance, in February 2022, according to data provided by the World Health Organization, cancer was a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. The most common cancers are breast, lung, colon, rectum, and prostate cancers. The most common cancer in 2020 (in terms of new cases of cancer) was breast cancer (2.26 million cases); lung cancer (2.21 million cases); colon and rectum cancer (1.93 million cases); and prostate cancer (1.41 million cases).

Figure 2. Global Minoxidil Market Share (%), By Region, 2023

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Global Minoxidil Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global minoxidil market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global minoxidil market is expected to witness significant growth in the coming years owing to increasing inorganic growth strategies, such as collaborations, by key market players to expand their product portfolios. For instance, in January 2022, Hims & Hers Health, Inc., the multi-specialty telehealth platform focused on providing modern personalized health and wellness experiences to consumers, announced a collaboration with walmart.com, an online platform to distribute its high quality hair care solutions at select Walmart retail locations and on walmart.com. Hims & Hers hair care offerings include the Hers minoxidil 5% topical foam and Hers minoxidil 2% topical solution, Hers Triple Threat shampoo, Hims minoxidil 5% topical foam and Hims minoxidil 5% topical solution, and others.

Global Minoxidil Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, were faced problems with the transportation from one place to another.

However, the COVID-19 pandemic had a negative impact on the global minoxidil market, owing to a reduction in beds and operating room capacity, which further led to considerable delays in urgent and semi-elective surgical interventions. According to an American College of Surgeons (ACSs) 2021 report, the nature of surgery and anesthesia practices changed during the COVID-19 pandemic as the most elective and non-urgent cases were postponed. 

Global Minoxidil Market Segmentation:

The global minoxidil market report is segmented based on type, route of administration, gender, distribution channel, and region.

• By type, the market is segmented into 5% minoxidil and 2% minoxidil. Out of which, 5% minoxidil is expected to hold a dominant position in the global minoxidil market during the forecast period, and this is attributed to increasing inorganic growth strategies such as collaborations by key market players.
• By route of administration, the market is segmented into oral and topical. Out of which, topical is expected to dominate the market over the forecast period, and this is attributed to increasing organic growth strategies such as product launches and approvals.
• By gender, the market is segmented into male and female. Out of which, male is expected to dominate the market over the forecast period, and this is attributed to the increasing use of minoxidil in the male population.
• By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which, hospital pharmacies is expected to dominate the market over the forecast period, and this is attributed to the increasing number of hospital pharmacies.
• By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of which, North America is expected to dominate the market over the forecast period, and this is attributed to the increasing growth strategies such as acquisitions.
• Among all the segmentation, the type segment is expected to dominate the market over the forecast period, and this is attributed to increasing organic growth strategies, such as product launches, by key market players to expand their product portfolios. For instance, in April 2020, Aytu BioScience, Inc., a specialty pharmaceutical company, announced the launch of Regoxidine, an over-the-counter foam formulation of  5% minoxidil available for use by both men and women. Regoxidine is indicated for hair treatment and regrowth.

Global Minoxidil Market - Cross Sectional Analysis:

Increasing inorganic growth strategies, such as agreements, by key market players to expand their product portfolios are expected to drive the market growth in the Asia Pacific region. For instance, in January 2022, Jupiter Wellness, Inc., a health science company, announced it had signed an agreement with Cosmofix Technology Pvt Ltd, an India-based healthcare company, and Sanpellegrino Cosmetics Pvt Ltd, a company engaged in the development, manufacture, and distribution of cosmetics and dermatology products,  for manufacture, sale, and distribution of cosmetic products in 31 countries in Asia Pacific and the Middle East including India, the Philippines, Malaysia, Kuwait, Morocco, and Saudi Arabia.

Global Minoxidil Market: Key Developments

• On March 16, 2023, ViaDerma, Inc., a pharmaceutical company, announced that the company has recently submitted their application for its planned minoxidil hair regrowth product for U.S. FDA registration status approval. The company has chosen Nupelo as the brand name for its new hair regrowth product.
• On March 8, 2023, ViaDerma, Inc., announced the launch of a new hair regrowth product using minoxidil (topical route). The company will incorporate its proprietary, patent-pending dual-carrier transdermal delivery technology with minoxidil to create its new hair regrowth product.
• In June 2022, Jupiter Wellness, Inc., a pharmaceutical company, announced the acquisition of Applied Biology, Inc., a leading biotechnology company specializing in hair and skin science. Applied Biology, Inc. is a developer of breakthrough drugs and medical devices for the treatment of skin and hair disorders.

Global Minoxidil Market: Key Trends

• Increasing Inorganic Growth Strategies, Such as Agreement: Increasing inorganic growth strategies, such as agreements, by key market players to expand their product portfolios are expected to drive the market growth over the forecast period. For instance, in June 2022, Jupiter Wellness, Inc. announced a licence agreement with Taisho Pharmaceutical Co., Inc., a pharmaceutical company, for Jupiter Wellness's minoxidil booster in the Japanese market.

Global Minoxidil Market: Restraint

• Product recalls: Factors, such as product recalls and side effects associated with minoxidil, are expected to hamper the growth of the global minoxidil market over the forecast period. For instance, on July 3, 2023, Hyundai Pharm, a South Korea-based pharmaceutical company, recalled some 20,000 bottles of Minoxidil, a drug for hypertension that is also widely used for treating hair loss, following a report by a pharmacist that a Minoxidil bottle was found to have contained tablets of the dementia drug Tamirin instead of Minoxidil.
• Moreover, in May 2020, MasterPharm, LLC, a pharmaceutical company, recalled 1 lot of Finasteride Plus 1.25 mg, a medication designed to treat hair loss. The recall is due to the medication containing undeclared amounts of minoxidil. The recalled product is a compounded drug and is shipped in orange prescription pill bottles containing 30 capsules.
• Key players are focusing on maintaining the quality of their products, which is expected to drive the market growth over the forecast period.

Global Minoxidil Market - Key Players

The major players operating in the global minoxidil market include Pfizer Inc., Atom pharma, Perrigo Company plc, Johnson and Johnson Services, Inc., Merck KGaA, Actavis Pharma, Inc., Apotex Inc., UltiMed Inc., DS LABORATORIES, INC., Taisho Pharmaceutical Co., Ltd., NIKSAN PHARMACEUTICAL, SALVAVIDAS PHARMACEUTICAL PVT. LTD., Maruti Futuristic Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Lupin, Steris Healthcare PVT Ltd, Salvus Pharma, Unison Pharmaceuticals Pvt Ltd , Par Pharmaceutical, and QndQ Derma.

Definition: Minoxidil solution and foam are used to help hair growth in the treatment of male hair loss. It is not used at the front of the scalp or receding hairline in men. The foam and 2 percent minoxidil solution is also used to help hair growth in women with thinning hair. Minoxidil belongs to a class of drugs known as vasodilators. Minoxidil when applied to the scalp is used to stimulate hair growth in adult men and women.