MINOXIDIL MARKET ANALYSIS

Market Challenges And Opportunities

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).

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.

• Product recalls
• Side effects associated with minoxidil