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Finasteride market to witness a strong growth in the treatment of male pattern baldness

Author : Ravi Chawat | Published Date : 2020-09-03 

Finasteride, which is marketed under the brand names Propecia and Proscar, and some others, is a medication largely used to treat hair loss or enlarged prostate in men. The drug prevents the conversion of testosterone to dihydrotestosterone (DHT), which is a leading factor for the development of benign prostatic hyperplasia (BPH) and androgenic alopecia, also known as male pattern baldness (MPB). Propecia is used in the treatment of male pattern hair loss in men whereas Proscar is used to treat the symptoms of BPH.

With growing focus on haircare, a large number of men are willing to spend heavily on haircare products. These trends will undeniably propel the adoption of finasteride in the future. It is estimated that global finasteride market size will exceed a valuation of more than US$130 million by 2026, with increasing occurrence of male pattern baldness and BPH across the globe.

Growing global occurrence of male pattern baldness

Male pattern baldness, biologically known as androgenic alopecia, is responsible for most cases of hair loss in men. There are many possible reasons that cause hair loss in men, including, extremely stressful events, occurrence of a serious disease, and reaction to certain medication. However, a vast majority of hair loss in men is due to heredity and genetics.

According to America Hair Loss Association (AHLA), androgenic alopecia is responsible for more than 95% of hair loss in men. AHLA reports that more than two-thirds of Americans will experience of some degree of noticeable hair loss by the age of 35.

Over the past several years, medicine has made considerable strides in the treatment of male pattern hair loss. The U.S. Food and Drug Administration (FDA) had approved 1mg dosage of finasteride (Propecia) for the treatment of male pattern baldness in men. Evidently, Propecia is the first drug so far to effectively treat androgenic alopecia in most of the men who use it.

Application in prostate treatment

A 5 mg dosage is given to patients to treat the signs of enlarged prostate and it takes a few months to see the full effect. However, it is advised not to continue with the medication if a patient turns out to be allergic to the drug. Also, finasteride is unfit for use in women and children.

The various prostate related treatments include prostate enlargement, prostate cancer and hormone therapy in transgender women. In 2019, the prostate enlargement segment held over 25% of the finasteride industry share and is estimated to showcase substantial growth over the coming years.

In the BHP cases, it improves symptoms of the disease by providing benefits like decreased nighttime urination, lowered urge to urinate, lowers the feeling of not being able to completely empty the bladder and better flow of urine with less straining.

In addition, the medication has been demonstrated to lessens the risk of low-grade prostate cancer in ageing men. Long-term follow up results signify that regular consumption of finasteride for around seven years, reduces the risk of low-grade prostate cancer considerably. Prostate cancer segment is forecast to experience gains of more than 2% through 2026.

Get Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/finasteride-market

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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