The global finasteride market is estimated to garner a large revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing occurrence of baldness and hair loss among men, and growing supply of contaminated domestic water. Along with these, the rising prevalence of prostate cancer across the world and rapid increase in the geriatric population are also expected to drive market growth in the coming years. According to the American Cancer Society, in the year 2021, about 248,530 new cases of prostate cancer is estimated in the United States. Moreover, around 6 in 10 of the diagnosed cases belong to men who are 65 years or older. Furthermore, growing number of research and development activities in the pharmaceutical industry, and escalating consumer spending on hair treatment products especially in emerging economies are projected to offer ample growth opportunities to the market in the near future.
The market is segmented by application into prostate treatment, hair treatment and others, out of which, the segment for prostate treatment is anticipated to hold the largest share in the global finasteride market on account of the rising cases of benign prostate hyperplasia (BPH). As per the Urology Care Foundation, about half of the men between the ages 51 and 60 years suffer from BPH. 90% of the men above the age of 80 years already have this disorder. High occurrence of the risk factors such as age, improper nutrition and genetic susceptibility are considered to be the underlying causes of the rapid spread of this condition since the last decade. The hair treatment segment is also predicted to observe notable growth over the forecast period owing to the growing incidence of alopecia among young adults and rise in emphasis on physical appearance. Additionally, on the basis of distribution channel, the online pharmacy segment in the market is assessed to witness the highest growth by the end of 2030. This can be credited to the consumer shift toward smart phones and digital technology, and increasing number of online medical stores over the last few years. DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global finasteride market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing penetration of finasteride in developing and under-developing countries. In addition, rising number of hair product launches and increasing development of sales network of pharmaceutical companies is also anticipated to drive market growth in the region. In 2019, China sold hair care products worth approximately USD 21 billion just via only sales channel. The sales of these products grew by almost 16% in the same year. Moreover, the market in North America is expected to acquire the largest market share during the forecast period ascribing to the high popularity of finasteride in the United States, increasing approval of generic and biosimilar drugs by the governments, and the strong presence of market players in the region. For instance, finasteride was the fourth most commonly prescribed medication in the US. It was prescribed more than 8.8 million times by medical professionals in 2018.
The global finasteride market is further classified on the basis of region as follows:
Our in-depth analysis of the global finasteride market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing occurrence of hair loss and prostate cancer and growing R&D activities in the pharmaceutical sector.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Side effects of using finasteride and rising availability of alternative treatment options are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing penetration of finasteride in developing and under-developing countries in the region.
The major players in the market are Novartis International AG, Merck Sharp & Dohme Corp., Teva Pharmaceuticals Limited, RelconChem Limited, Cipla Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, distribution channel, and by region.
The prostate treatment segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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