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Minoxidil market to depict the high demand via 2% and 5% products segment

Author : Ravi Chawat | Published Date : 2021-01-11 

Speaking in terms of product type, 5% product concentrate leads minoxidil market owing to increasing demand for medicines with high dosage and minimal side effects. Such high concentration is effective in stimulating growth of ASCs (adipose-derived stem cells) in the scalp and reducing hair thinning. Also, rise in hair loss problems owing to excessive hair color application and harmful hair styling products is encouraging product adoption. Moreover, product advancement to eliminate irritation and burning sensation will further escalate product demand over the coming years.

2% products concentrate is likely to witness heavy demand owing to improved quality and higher effectiveness. The product directly stimulates hair growth through dermal papilla and the epithelial cells. The concentration reduces baldness at the front, as well as receding hairline. It also imparts minimal side effects and is suitable for sensitive skin. Additionally, increasing utilization of topical supplementation to boost hair density may influence minoxidil market demand.

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North America is poised to hold a major stance in the minoxidil market as well, on the grounds of an upsurge in the product adoption and high spending on personal care products, chiefly in the US.

The advent of advanced product development and R&Ds and willingness to spend extravagantly on hair treatments would create tremendous opportunities for the minoxidil market players over 2018-2024.   

Considering the geographical standards, Asia Pacific is predicted to emerge as one of the most profitable grounds for minoxidil market with an anticipated growth rate of 5 per cent through 2024. This regional development is accounted to the high economic affluence and transforming living standards of the people across the region.

Furthermore, surging regional population and rising focus on the finer details of personal appearance are expected to provide an impetus to the APAC minoxidil market trends over the period of seven years.

According to UN ESCAP, the geriatric population ration across the region is likely to increase from 16 per cent in 2016 to approximately 24 per cent leading to proliferating demands for the product and exponential minoxidil market growth by the end of 2024.

Highly competitive personal care products market has prompted industry players to make robust investments in advertisements to attract more customers. In the cosmetics & personal care market, hair care products account for a substantial share. Consumer willingness to spend on branded and certified hair care products may fuel the demand for minoxidil over the coming years. In terms of revenue, worldwide minoxidil market is forecast is to cross the USD 1 billion mark by 2024.

Nanz Med Science Pharma Private Limited, Bakul Group of companies, Kumar Organic Products Limited, Changzhou Tianhua Pharmaceutical Co. Ltd., Par Pharmaceuticals, Provizer Pharma, Metapharmaceutical Ind. S.L., Pharhome International Limited, LOY Pharma Lab, Inc., Maruti Futuristic Pharma Pvt. Ltd., Dr. R. Pfleger Chemical Factory GmbH, Renata Limited, McNeil Consumer Healthcare, are top key players in the market.

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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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