Rising consumer adoption of various hair care products to overcome hair loss problems will escalate the demand for minoxidil from hair products manufacturers, says this report.
Selbyville, Delaware, March 31, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the U.S. Minoxidil Market was estimated at $600 million in 2020 and is slated to exceed $800 million by 2027, registering a CAGR of 4.35% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Rising awareness in consumers about the risk associated with invasive hair transplant methods and inclination towards medication and topical solutions for hair treatment is expected to foster U.S. minoxidil market demand.
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High cost and side effects associated with the product are market challenges that can restrain the market growth. Moreover, changing government rules on the use of products which can have side effects and harm human health may further challenge U.S. minoxidil market growth.
The product is an organic compound used in water and solvent-soluble such as methanol, acetone, and propylene glycol. It is used in the treatment of male and female hair loss problems and promotes hair growth. Furthermore, it is used to slow down the baldness process and stimulates hair growth.
Topical 2% minoxidil solution is used to prevent severe hair loss problems among individuals suffering from androgenetic alopecia. 2% concentration formulation should surpass growth by over USD 135 million as it is used as an antihypertensive drug for the treatment of severe hair loss problems and hypertension in people. On the other hand, 5% concentration is expected to dominate the U.S. minoxidil market by formulation type due to the growing preference of the product in the production of men's hair care products.
Surging demand for over-the-counter minoxidil product sales in the U.S. shall drive retail pharmacies growth. The retail pharmacies market surpassed USD 340 million in 2020 and expected to witness growth by CAGR 4.45% by 2027 owing to flexibility to the consumer to purchase quality and affordable products which fosters the U.S. minoxidil market share. Moreover, hospital pharmacies to experience growth by CAGR 3.95% by 2027 due to the easy accessibility of the product in hospitals.
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Leading market players:
Some of the key market players manufacturing in the U.S. minoxidil industry are Walmart, Costco Wholesale Corporation, LGM Pharma, Renata Limited, FLAMMA GROUP, Perrigo Company PLC, Johnson and Johnson Consumer Inc, Par Pharmaceuticals, Metapharmaceutical Ind S.L. and Kumar Organics Products Limited.
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