Selbyville, Delaware, March 09, 2020 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the global finasteride market was valued at $110 million in 2019 and is projected to surpass $130 million by 2026, registering a CAGR of 2.5% from 2020 to 2026. The report provides a thorough assessment of the drivers and opportunities, market size & estimations, competitive scenario, key investment pockets, top winning strategies, and wavering market trends.
Finasteride drugs are primarily used to treat male pattern hair loss and prostate gland enlargement. These drugs provide superior performance against patchy hair loss as well as help increase non-vellus hair count. Issues related to hair loss among the male population are driving the product demand. Furthermore, research & development initiatives undertaken by industry participants to overcome issues related to safety will also open new avenues for the finasteride market growth.
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Increasing patents, as well as regulatory laws that support the pharmaceutical industry, will have an influence on the finasteride market share over the estimated timeframe. Stringent government rules supporting the exclusive rights of the market players’ products are likely to bolster the industry proliferation by 2026. Citing an example, Merck has full rights for distributing finasteride based Propecia and Proscar in the global market.
With respect to application, the hair treatment application segment is projected to witness gains of over 2.5% through 2026. Determinants like growing emphasis on enhancing physical appearance and rising consumer income are anticipated to contribute to the demand for the treatment of alopecia, which in turn will encourage the finasteride market demand.
Governmental organizations are constantly supporting the use of the chemical by increasing awareness relating to hair fall problems. Additionally, recommendations by medical institutes and doctors are also expected to complement the product demand for medicine purposes.
Key reasons for finasteride market growth:
- Growing prevalence of BPH (benign prostatic hyperplasia) due to the rising geriatric population.
- Increasing the use of eCommerce websites to enhance product availability in remote areas.
- The surge in demand owing to increasing hair loss issues among males globally.
The Asia Pacific is projected to witness a growth rate of over 3% through 2026. The growth of the finasteride market is ascribed to the increasing disposable income per capita as well as rapidly improving the standard of living throughout the region. Market players in the region are also focusing on the diversification of the distribution channel to deliver their products to meet the demands of end users and customers. The proliferation of web-based e-commerce portals and improvement in marketing strategies is supporting the total business expansion in the region.
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Leading market players analyzed in the finasteride industry research include Shandong Renhetang Pharmaceutical, Zhejiang CONBA Pharmaceutical, Merck, Guangdong Eashu Pharmacetical, Cipla, Sandoz, Teva Pharmaceuticals, RelonChem, Henan Topfond, Actavis, Accord Pharmaceuticals, and Mylan N.V., among others. The players are actively participating in strategic expansion initiatives like mergers, collaborations, partnerships, acquisitions, research & development, and production capacity expansions in order to gain a competitive edge and improve their market share.
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