May 18, 2024
Minoxidil Market

Minoxidil Market: Growing Demand for Hair Loss Treatment Drives Market Growth

The global Minoxidil Market is estimated to be valued at US$ 951.8 million in 2020 and is expected to exhibit a CAGR of 4.8% over the forecast period 2020-2027, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Minoxidil is a medication used to stimulate hair growth in individuals experiencing hair loss. It is available in various forms, including topical solution and foam. Minoxidil is widely used for the treatment of male pattern baldness and has shown effective results in promoting hair regrowth. The global Minoxidil Market is primarily driven by the increasing prevalence of hair loss problems, both among men and women. Factors such as stress, hormonal imbalances, and genetic predisposition contribute to hair loss, creating a significant demand for products like minoxidil that can help in hair regrowth. The easy availability of minoxidil products over-the-counter and its affordability further boost market growth.

Market Key Trends:

One key trend in the Minoxidil Market is the growing preference for minoxidil foam over topical solutions. Minoxidil foam is easy to apply and dries quickly, making it more convenient for users. It also provides better coverage to the scalp and has a less greasy appearance compared to topical solutions. These advantages have resulted in increasing consumer preference for minoxidil foam, thereby driving its demand in the market. Companies operating in the market are focusing on launching foam formulations and innovative packaging to cater to this growing demand. For instance, Johnson and Johnson Services, Inc. offers a minoxidil foam product under the brand name Rogaine, which has gained significant popularity among consumers.

Porter’s Analysis

Threat of New Entrants: The threat of new entrants in the minoxidil market is moderate. While there are no significant barriers to entry such as high capital requirements or strict government regulations, the market is already crowded with well-established players. Additionally, there may be challenges associated with obtaining regulatory approvals, which can deter new entrants.

Bargaining Power of Buyers: The bargaining power of buyers in the minoxidil market is relatively high. This is because there are multiple suppliers in the market, offering similar products, which gives buyers the option to choose from a variety of options. Buyers can negotiate for better prices and terms, especially if they have high purchase volumes or are able to switch suppliers easily.

Bargaining Power of Suppliers: The bargaining power of suppliers in the minoxidil market is low. This is because there are several suppliers available and the demand for minoxidil is relatively high. Suppliers may have limited power to dictate prices or terms, as buyers have the option to switch suppliers or source alternative products if necessary.

Threat of New Substitutes: The threat of new substitutes in the minoxidil market is low. Minoxidil is a widely used medication for hair loss and is considered effective by many consumers. While there may be alternative treatments available, they may not offer the same level of efficacy or may have different mechanisms of action.

Competitive Rivalry: The competitive rivalry in the minoxidil market is high. There are several key players operating in the market, including Pfizer Inc., ATOM PHARMA, LGM Pharma, and Perrigo Company plc, among others. These companies compete for market share through product innovation, pricing strategies, and marketing initiatives.

Key Takeaways

The Global Minoxidil Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period. This growth can be attributed to increasing awareness about hair loss treatments and growing consumer willingness to invest in personal care products. Additionally, advancements in technology and the development of new formulations are expected to drive market growth.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the minoxidil market. This can be attributed to a large consumer base, high disposable incomes, and a strong presence of key market players. The Asia Pacific region is also anticipated to witness significant growth due to rising population, increasing urbanization, and growing emphasis on personal grooming.

Key players operating in the minoxidil market include Pfizer Inc., ATOM PHARMA, LGM Pharma, Perrigo Company plc, and Johnson and Johnson Services, Inc. These players have a strong market presence and contribute to the competitive landscape through product launches, mergers and acquisitions, and partnerships. Other key players in the market include Sigma Aldrich (Merck KGaA), Actavis Pharma, Inc., Remedy Repack, and Apotex Corporation, among others. These companies play a crucial role in driving innovation and meeting the growing demand for minoxidil-based products.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it