The Finasteride market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2020-2029. Increasing number of scalp treatment procedures coupled with high occurrence of prostate cancer are some of the major factors driving the growth of global finasteride market. Extensive research associated with prostate cancer treatment in western countries, along with the growing investment in the development of advanced therapies are expected to fuel the progress of this market. According to the data collected from National Cancer Institute of the U.S. Department of Health and Human Services, in 2020, the estimated new cases and number of deaths from prostate cancer in the U.S. were 191,930 and 33,330, respectively.
The market is segmented based on distribution channel into online, and others, out of which, the offline segment is anticipated to grab the largest share by the end of 2021 as, hospital pharmacies caters to high number of patients suffering from benign prostate hyperplasia. However, online sales offered by such pharmacies are also witnessing significant growth rate in global finasteride market due to increasing internet penetration and e-commerce platforms. DOWNLOAD SAMPLE REPORT
On the basis of application, the prostate enlargement segment in the global finasteride is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the rising number of prostate cancer cases due to the growing geriatric population globally. Moreover, genetics and changing lifestyle patterns are expected to have a significant impact on global finasteride market growth in the coming decade.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing prevalence of baldness among men due to increased level of pollution and extreme weather conditions is expected to create ample opportunities for finasteride market growth in the region in the region. Furthermore, in 2021, the market in North America and Europe are evaluated to occupy the largest share in terms of revenue, owing to the rising investment towards research and development activities in the region is expected to create a large number of opportunities for global finasteride market growth. The shift of lifestyle patterns towards unhealthy lifestyle is expected to increase patient suffering from benign prostate hyperplasia creating large customer based for global finasteride market. As per the analysis of European Commission, prostate cancer is ranked first among the most widely diagnosed cancer among men in the European Union and as per the American Cancer Society, in 2021, the estimated number of new cases of prostate cancer are 248,530 new cases of prostate cancer and deaths caused by prostate cancer are about 34,130 in the U.S.
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
Rising occurrence of prostate cancer and increasing geriatric population are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2020-2029.
Possible side effects associated with the finasteride tablets is one of the factors estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased level of pollution and extreme weather conditions is expected.
The major players dominating the finasteride market are Merck, Novartis, Teva Pharmaceuticals, Cipla, RelonChem, Dr. Reddy, Henan Topfond, Zhejiang CONBA Pharmaceutical, Shandong Renhetang Pharmaceutical, Guangdong Eashu Pharmaceutical among others.
The company profiles are selected on the basis of 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 and region.
With respect to application, the prostate enlargement segment is anticipated to hold the largest market share, owing to the growth of the segment can be attributed to the rising number of prostate cancer cases due to the growing geriatric population globally.
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