Global Minoxidil Market, by Type (5% Minoxidil and 2% Minoxidil), by Route of Administration (Oral and Topical), by Gender (Male and Female), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies, such as the launch of new products, which will drive the global minoxidil market growth. For instance, in September 2021, Dr. Reddy’s Laboratories Ltd., a pharmaceutical company, announced the launch of a minoxidil topical solution for the treatment of female pattern hair loss in India. The company has launched a prescription drug, minoxidil topical solution, at 2 percent and 5 percent for the treatment of female pattern hair loss. The company sells its products under the brand names, Mintop 2 percent and Mintop Eva 5 percent, respectively.
Global Minoxidil Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation from one place to another.
The key players operating in the global minoxidil market are faced major challenges on various fronts due to the COVID-19 pandemic. The major challenges include the supply of raw materials for manufacturing drug formulations due to irregularities in transportation facilities. Moreover, product distributors are experiencing irregular demand for products from retailers due to the increasing patient population suffering from COVID-19 and other life-threatening disorders.
The COVID-19 pandemic caused major disruptions in clinical trial executions in the U.S., impacting key stakeholders across the market Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, CROs, and other organizations that support drug development shifted to remote-working environments.
Global Minoxidil Market: Key Developments
On January 19, 2023, Sun Pharmaceutical Industries Ltd., a pharmaceutical company, announced the acquisition of Concert Pharmaceuticals, Inc., a pharmaceutical company, to expand its dermatology product portfolio.
On July 25, 2023, Jupiter Wellness, Inc., a diversified company that supports health and wellness, announced the launch of Cosmofix MinoxiBoost in India. MinoxiBoost is a patented breakthrough hair booster system that improves response to minoxidil for increased hair growth. MinoxiBoost helps support healthy hair growth by enriching the hair and its sulfotransferase enzymes to give hair the boost it needs.
In September 2022, Jupiter Wellness, Inc. announced that the U.S. Patent and Trademark Office (USPTO) had granted a notice of allowance for patent application No. 16/747,685, titled “Minoxidil Adjuvant Therapies.” The patent relates to the composition and methods for inducing (up-regulating) the expression of sulfotransferases in the hair follicles on the scalp.
Browse 46 Market Data Tables and 33 Figures spread through 210 Pages and in-depth TOC on “Global Minoxidil Market”- Forecast to 2030, Global Minoxidil Market, by Type (5% Minoxidil and 2% Minoxidil), by Route of Administration (Oral and Topical), by Gender (Male and Female), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/minoxidil-market-4375
Key Takeaways of the Global Minoxidil Market:
- The global minoxidil market is expected to exhibit a CAGR of 4.8% during the forecast period, owing to increasing inorganic growth strategies, such as collaborations, by key market players to expand their product portfolios. For instance, in April 2020, Kintor Pharmaceutical, Inc., a pharmaceutical company, announced a collaboration with Sinopharm Holding Co., Ltd., a pharmaceutical company, for the innovation of topical drug Pyrilutamide (KX-826) in Shanghai, China. Pyrilutamide is a targeted drug designed for topical use in hair loss treatment.
- Among type, the 5% minoxidil segment is expected to hold a dominant position in the global minoxidil market during the forecast period, and this is attributed to the increasing organic growth strategies, such as product launches, by key market players to expand their product portfolios. For instance, in June 2021, Hims & Hers Health, Inc., a multi-specialty telehealth platform focused on providing modern personalized health and wellness experiences to consumers, announced the launch of Minoxidil 5% Foam and Hers Minoxidil 5% Foam. These new offerings join the existing Hims Minoxidil 5% solution and Hers Minoxidil 2% solution to provide consumers with even more topical hair regrowth options to fit their individual needs.
- Among region, North America is expected to be the dominant region in the global minoxidil market owing to increasing research and development activities undertaken by key market players to expand their product portfolios. For instance, on June 4, 2020, Follica, Inc., a biotechnology company developing a regenerative platform designed to treat androgenetic alopecia and other related conditions, announced positive feedback from the U.S. Food and Drug Administration (FDA) for its FOL-004 Phase II, released in December 2019. The company advanced its lead program, FOL-004, into Phase III development following a successful safety and efficacy optimization study for the treatment of hair loss in male androgenetic alopecia.
- The major players operating in the global minoxidil market are 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
