North America minoxidil market slated to amass substantial gains through 2024
Selbyville, Delaware, United States, October 7 2020 (Wiredrelease) Global Market Insights, Inc –:Rising cases of alopecia coupled with thinning of hair in both men and women owing to mental-physical stress are likely to drive global minoxidil market outlook.
Stress caused by unhealthy modern-day lifestyles has resulted in increasing occurrence of hair loss among masses. In addition, deteriorating climatic conditions, varying quality of water, hormonal changes and unhealthy eating habits are some of the key factors leading to hair fall. Rising demand for hair care products along with increasing consumer disposable income will positively impact minoxidil industry growth.
Cases of androgenetic alopecia and male & female pattern baldness are majorly stimulating product demand. According to NAAF (National Alopecia Areata Foundation), in the U.S., around 6.8 million people suffer from alopecia areata.
Highly competitive personal care products market has prompted industry players to make robust investments in advertisements to attract more customers. In the cosmetics & personal care market, hair care products account for a substantial share. Consumer willingness to spend on branded and certified hair care products may fuel the demand for minoxidil over the coming years. In terms of revenue, worldwide minoxidil market is forecast is to cross the USD 1 billion mark by 2024.
Speaking in terms of product type, 5% product concentrate leads minoxidil industry owing to increasing demand for medicines with high dosage and minimal side effects. Such high concentration is effective in stimulating growth of ASCs (adipose-derived stem cells) in the scalp and reducing hair thinning. Also, rise in hair loss problems owing to excessive hair color application and harmful hair styling products is encouraging product adoption. Moreover, product advancement to eliminate irritation and burning sensation will further escalate product demand over the coming years.
2% products concentrate is likely to witness heavy demand owing to improved quality and higher effectiveness. The product directly stimulates hair growth through dermal papilla and the epithelial cells. The concentration reduces baldness at the front, as well as receding hairline. It also imparts minimal side effects and is suitable for sensitive skin. Additionally, increasing utilization of topical supplementation to boost hair density may influence product demand.
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North America region is expected to dominate global minoxidil industry owing to heavy adoption of hair-loss therapy products. As per the American Hair Loss Association, around 80% of men experience hair loss above the age of 50. Also, more than 21 million women suffer from hair loss and receding hair-line problems, out of which 40% opt for active treatments. Rising consumer inclination towards safe and healthy hair loss treatment products along with availability of oral medication will drive regional industry growth over the analysis period.
Asia Pacific minoxidil market is poised to witness substantial growth owing to expanding geriatric base, who are more prone to hair-loss problems. According to the ESCAP, in North & Central Asia, the population ratio aged 60 and above will increase over 24% by 2050, which was around 16% in 2016. Increasing aging population experiencing bald headedness across the region may foster minoxidil market size.
Key players operating in minoxidil market include McNeil PPC, Dr. R. P Fletcher Chemical Factory and Par Pharmaceuticals. Other major market participants include Nanz Mad Science, Renata limited and Kumar Organic products.
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