MINOXIDIL MARKET ANALYSIS

Minoxidil MarketSize and Trends

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).

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

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

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.

Market- Trends
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 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.