Minoxidil, an antihypertensive topical formulation, promotes hair growth. Minoxidil is majorly prescribed for treatment of androgenetic alopecia and it is also used as an off-label treatment for other hair loss conditions. Minoxidil is U.S. Food & Drug Administration (U.S. FDA) approved, 2% minoxidil solution and was first launched in the market in 1986, followed by the 5% solution in 1993, and they are majorly applicable in hair growth promotion. According to the National Center for Biotechnology Information (NCBI), in August 2015, the global prevalence of severe androgenetic alopecia (AGA) was 15.33% overall and varied significantly by geographical region. The risk of having severe androgenetic alopecia (AGA) increased by 1.092 per year for the 30 and 40 age group.

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MINOXIDIL MARKET ANALYSIS

2. • 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) -
Size, Share, Outlook, and Opportunity
Analysis, 2020 - 2027
MINOXIDIL MARKET ANALYSIS

3. • 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% during the
forecast period (2020-2027).
• Product development and ongoing clinical trials are expected to
propel growth of the global minoxidil market
• Development of drugs by market players is expected to boost the
market growth over the forecast period. For instance, in March 2016,
Galderma Laboratories, a Swiss-based pharmaceutical company
specializing in dermatological treatments and skin care products,
launched qilib, Hair Regrowth + Revitalization System and Hair Health
Reinforcement Biotin + Multivitamin Supplement. The product contains
clinically proven, prescription-strength minoxidil specifically formulated
for men (5% minoxidil) or women (2% minoxidil). qilib portfolio features
a breakthrough, dual action system to address hair thinning and hair
loss.
• However, side effects of minoxidil is expected to hinder the market
growth. The US Pharmacist, a clinically-focused pharmacy publication,
published an article- Treatment Options for Androgenetic Alopecia, in
2018 that medication used for the treatment of androgenetic alopecia
has many side effects. For example, topical minoxidil can cause local
erythema and pruritus.

4. Figure 1. Global Minoxidil Market Share (%), by Region, 2020

5. • Research and development of treatment for androgenetic
alopecia in North America is expected to boost the market
growth
• North America is expected to hold dominant position in the
global minoxidil market, owing to research and development of
treatments for androgenetic alopecia in the region. 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.

7. • Global Minoxidil Market – Impact of Coronavirus (COVID-19)
Pandemic
• Nationwide lockdowns resulting from COVID-19 in various countries
across the globe have impacted the financial status of businesses in
all sectors. The private healthcare is one such sector, which has
been impacted significantly by the COVID-19 pandemic.
• The lockdown in various countries due to the pandemic has placed
an economic burden on the healthcare sector. Moreover, the
coronavirus pandemic has hampered the development, production,
and supply of drugs and other healthcare products and affected
growth of healthcare businesses of various companies across the
globe.
• As a result, the impact of the COVID-19 pandemic is also expected
to limit growth of the global minoxidil market during the forecast
period.

8. Figure 2. Global Minoxidil Market Share (%), by Drug Type,
2020

9. • Key Players
• Major players operating in the global minoxidil market
include Pfizer Inc., ATOM PHARMA, LGM Pharma,
Perrigo Company plc, AmWiner & Raphe Holdings,
Johnson and Johnson Services, Inc., Sigma Aldrich
(Merck KGaA), Actavis Pharma, Inc., Remedy Repack,
Apotex Corporation, TRILOGIC LTD, DS
LABORATORIES, INC., Incredible Products, S.A. de
C.V., and Taisho Pharmaceutical Co., Ltd among others.

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