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
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.
Minoxidil Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 1,095.5 Mn |
Historical Data for: | 2018 to 2022 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 4.8% | 2030 Value Projection: | US$ 1,521.1 Mn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
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 |
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Growth Drivers: |
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Restraints & Challenges: |
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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.
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
Global Minoxidil Market: Key Trends
Global Minoxidil Market: Restraint
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.
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About Author
Vipul Patil is a dynamic management consultant with 6 years of dedicated experience in the pharmaceutical industry. Known for his analytical acumen and strategic insight, Vipul has successfully partnered with pharmaceutical companies to enhance operational efficiency, cross broader expansion, and navigate the complexities of distribution in markets with high revenue potential.
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