U.S. Minoxidil Market - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2027

The U.S minoxidil market is projected to foresee commendable growth in coming years owing to numerous factors such as changes in lifestyle, rising incidence of alopecia, increased stressed levels, emotional shock, depression, and diet low in protein and iron. Other health issues such as cardiovascular diseases, cancer, arthritis, gout, high blood pressure are also known to cause hair loss problems in patients. This in turn is likely to drive the demand for minoxidil across the region.

Minoxidil is an over-the-counter medicine for hair loss that has been approved by the U.S FDA for use among both women and men. As per the American Hair Loss Association, around two-thirds of men experience some sort of hair loss, mostly at 35 years of age. By age 50, nearly 85% of men experience hair thinning and hair loss.

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The product is mostly used to slow down balding or for stimulating hair growth. The solution belongs to a group of drugs known as vasodilators. Minoxidil usually works by relaxing as well as enlarging various small blood vessels in human body so that blood could flow through them more effortlessly.

This medication tends to work best on people under the age of 40, those who have been balding for less than 5 years. In a study published in the American Academy of Dermatology's journal, men were assigned to three types of groups namely 2% minoxidil, 5% minoxidil or placebo. Men who were using 5% minoxidil solution had around 45 per cent new hair growth in comparison to 2% group.

In order to maintain results, minoxidil is advised to be used on a continuous basis. It is noted that stopping the use of medicine may reverse the process of new hair growth and hair loss would continue to happen. The minoxidil solution along with foam is also used to aid hair growth among women with hair thinning issues.

In addition, minoxidil could also be taken as part of a combination therapy. It can be used along with other drugs used to treat high BP (blood pressure), or drugs used to lessen the side effects of minoxidil. In fact, numerous studies have shown that utilizing finasteride and minoxidil together is much more effective than using any of the medicine alone.

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In a 2018 study, researchers found that men who utilized 5% minoxidil solution together with LLLT (low-level laser therapy), which is an FDA approved red light device held to the hair scalp, were more pleased with their results as compared to the men who used minoxidil alone.

With regards to distribution channel, the market forks out into three separate segments of retail pharmacies, online pharmacies, and hospital pharmacies. The retail pharmacies segment is slated to witness distinguished growth owing to the flexibility they bring to the consumers to purchase affordable and quality products at their convenience.

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