U.S. Minoxidil Market Report 2021: Industry Size, Growth, Share, Analysis and Forecast 2027

U.S. Minoxidil Market Report 2021: Industry Size, Growth, Share, Analysis and Forecast 2027

Minoxidil has emerged as one of the most commonly prescribed medication for treating hair loss-related issues across the U.S. According to the American Academy of Dermatology Association (AAD), androgenetic alopecia, the most common cause of hair loss, affects around 80 million Americans. Dermatologist mostly prescribe minoxidil topical solution for treating conditions like hair thinning or male pattern baldness.

High consumer spending on hair loss treatments and adoption of different hair care products to overcome hair-related issues will complement the supply and demand for minoxidil in the U.S. A recent report by Global Market Insights Inc. estimates that U.S. minoxidil market size is slated to amass USD 800 million in terms of value through 2027.

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Growing awareness about the availability of the drug along with adequate information regarding how it must be used will support the adoption of the product with time. Furthermore, some of the factors mentioned below are expected to influence industry size in the forthcoming year.

  • High demand for topical 2% minoxidil solution

Topical 2% minoxidil solution has witnessed rapid demand as it is used to prevent incidences of severe hair loss among individuals suffering from androgenetic alopecia. 2% concentration formulation is widely used as an antihypertensive medication to treat hair loss problems and hypertension. According to CDC, close to half or 45% of adults in the U.S. suffer from hypertension. 2% minoxidil solution is also widely used by women suffering from hair thinning.

  • Surge in online pharmaceutical sales

The advent of coronavirus has led to the growing dependency on online pharmacy channels in the U.S for purchasing needed medicines. Due to restrictions and lockdowns announced by the government to control the spread of the infection and the availability of required medication at the doorsteps, online pharmacies have witnessed a substantial increase in purchase of haircare products. Moreover, these pharmacies also offer discounts and wide choices of medicines making it a favorable channel for sale of minoxidil across the region.

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  • Promising business prospects for minoxidil manufacturers

Escalating demand for hair growth-inducing products in the U.S. in view of rising cases of alopecia in both men and women is encouraging minoxidil manufacturers to come up with improved, and more reliable products. Companies are seeking investment and partnership to expand their production capabilities as well as to introduce novel offerings that meet the changing consumer demands in the region.

U.S. is home to a number of leading minoxidil manufacturers such as Perrigo Company PLC, Par Pharmaceuticals, Johnson and Johnson Consumer Inc., Walmart, and Costco Wholesale Corporation, to name a few. The industry is witnessing an increase in the number of manufacturers seeking to maximize profits and meet expanding demand.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

 

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