Finasteride Market size was over USD 109.5 million in 2023 and is anticipated to reach USD 154.82 million by 2036, growing at around 2.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of finasteride is estimated at USD 111.87 million.
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.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
2.7% |
|
Base Year Market Size (2023) |
USD 109.5 million |
|
Forecast Year Market Size (2036) |
USD 154.82 million |
|
Regional Scope |
|
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 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.
Our in-depth analysis of the global market includes the following segments:
|
Product Type |
|
|
Application |
|
|
Distribution Channel |
|
On the basis of geographical analysis, the 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 is set to hold largest revenue share by 2036, 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. 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.
· May 2021: The U.S. Federal Drug Administration (FDA) accepted the application for usage of tadalafil and finasteride as a combination capsule for the treatment of patients with benign prostatic hyperplasia (BPH).
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?