Finasteride Market Size Worth $128.77 Million By 2032 | CAGR: 2.8%

The global finasteride market size is expected to reach USD 128.77 million by 2032, according to a new study by Polaris Market Research. The report “Finasteride Market Share, Size, Trends, Industry Analysis Report, By Product (1mg, 5mg); By Application; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing demand for finasteride in the marketplace can be attributable to the growing concerns about baldness among males. The prevalence of baldness signs among men at the age of 30 and complete baldness by 60 is driving the need of the hour for hair implantation and care. The potential of finasteride medication in the treatment of pattern hair loss by restricting the growth of male hormones at the scalp in the body is boosting its adoption in the marketplace.

Furthermore, rising researchers focus on evaluating the benefits of finasteride for male health is positively impacting market growth. For instance, a 2023 study published in PubMed Central focused on finding the long-term effects of finasteride in benign prostatic hyperplasia and concluded that the treatment of finasteride for four years among men experiencing urinary obstruction and prostatic enlargement promoted the rate of urinary flow and a lower chance of acute urinary retention and surgery. As more people identify the healthcare benefits of finasteride, there will be an upsurge in its demand in the next few years.

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In addition, the evolving research studies to counter the side effects associated with the oral intake of finasteride pills by pharmaceutical companies and academicians are boosting market expansion. For instance, in March 2023, Boryung Company unveiled the initial spray-type finasteride-based hair loss drug in Korea. These innovations are likely to stimulate the demand for finasteride in the marketplace in the foreseeable future.

Moreover, the ongoing research activities delving into the properties of finasteride are projected to enhance new growth opportunities in the marketplace. For instance, a 2023 study published in Science Direct focused on the development of topical finasteride niosomes targeting hair follicles to overcome the oral finasteride side effects for the treatment of androgenic alopecia. These types of developments are expected to gain demand from patients, driven by the development of efficient hair loss treatments with lower side effects.

Finasteride Market Report Highlights

• 1mg segment is anticipated to witness the highest growth in the coming years due to the presence of a larger number of men's population suffering from hair loss.
• Prostate enlargement segment accounted for the largest market share in 2023, owing to its effective performance in controlling the disease such as prostate enlargement.
• Retail pharmacies segment held a major market share in 2023, due to its enhanced accessibility and convenience in distribution of medicines.
• Asia Pacific is projected to register the fastest growth during the forecast period, attributable to the rising incidence of hair fall among larger section of the Asian populations specifically among men.
• The global players include Accord Pharmaceuticals, Actavis, Cipla, Henan Topfond, Merck, Mylan N.V., RelonChem, Sandoz, Teva Pharmaceuticals, and others.

Polaris Market Research has segmented the finasteride market report based on product, application, distribution channel and region:

Finasteride, Product Outlook (Revenue - USD Million, 2019 - 2032)

• 1mg
• 5mg

Finasteride, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Prostate Treatment
  • Prostate Enlargement
  • Prostate Cancer
  • Hormone Therapy (Transgender Women)
• Hair Treatment
  • Scalp Hair Loss
  • Excessive Hair Growth

Finasteride, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)

• Retail Pharmacies
• Online Pharmacies
• Hospital Pharmacies

Finasteride, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of LA
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Finasteride Market Report Scope