Finasteride Market Trends

Growth Drivers

• Increasing prevalence of the androgenetic alopecia: The incidence of the conditions treated by finasteride, i.e., BPH and androgenetic alopecia, is on the rise steadily. This increasing patient base points to the growing clinical demand for finasteride-based treatments throughout aging male populations within developed healthcare systems. According to data published by the government in July 2023, the androgenetic alopecia condition affects 50 million men and 30 million women in the U.S. As awareness of hair loss treatments grows, the demand for clinically proven solutions like Finasteride rises.
• Growing incidences of Benign Prostatic Hyperplasia: The demand for finasteride is rising with the rising occurrence of benign prostatic hyperplasia. According to the American Academy of Family Physicians in 2023, lower urinary tract symptoms from BPH were affecting nearly 38 million men of more than 30 years of age in the U.S. Finasteride can reduce prostate size and alleviate symptoms, making it a preferred treatment option, driving both prescription rates and market expansion. Also, with the rising life expectancy rate, a larger aging male population experiences symptoms like frequent urination and urinary retention.
• Rising growth of the telemedicine and online pharmacies: The rise in utilization of telemedicine platforms and the advent of e-pharmacies have made it easier for patients to access finasteride. Even in the regions with limited dermatology or urology clinics, online services can be provided. Online consultations have simplified the process of obtaining treatment. This convenience propels the number of patients who are willing to take therapy, expanding the reach of the finasteride. These factors are augmenting the market growth in both developed and emerging markets. Additionally, a number of pharmaceutical companies are investing in research and development to explore novel formulations.

Challenges

• Lack of health prioritization for males in national policies: The finasteride market expansion is due to the lack of male health prioritization in national policies in the healthcare sector. Various public health frameworks do not allocate any particular funding for addressing individuals or urological conditions, including BPH. For example, South Africa's recent National Health Strategic Plan has totally avoided the finasteride treatments, on the other hand, reducing access for low-and middle-income patients. The utilization of various treatments based on finasteride in basic healthcare packages is directly affected by this omission, which is indicative of a larger trend of underfunding in male health programs.