The worldwide minoxidil market is expected to grow from its current value of USD 880 million to over USD 1200 million by 2024

The worldwide minoxidil market is expected to grow from its current value of USD 880 million to over USD 1200 million by 2024; according to a new research report by Global Market Insights, Inc. Rising consumer concern pertaining to receding hairlines, frequent hair loss due to changing lifestyle will drive minoxidil market growth. Busier lifestyles with increased stressed levels along with lack of protein intake will stimulate the product penetration. As per the report published by NAAF, in U.S. around 6.5 million population have alopecia areata and globally, over 147 million population or will develop alopecia areata in the coming years.

Favorable laws with respect to patents and labelling of topical hair treatment products will support the minoxidil market growth over the forecast period. Additionally, excessive consumption of medications such as anti-depressants or blood thinners has resulted in higher hair fall, thereby creating new growth opportunities for the industry growth.

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In 2018, the World Health Organization reported that the one in every six people in China is suffering from hair loss issues for the last few years. Moreover, statistics from the China based portal JD.com reported the major selling shampoos are comprised of hair loss prevention capabilities.

The use of natural oil in minoxidil products is among the key trending factor in the minoxidil market. Manufacturers are keen on producing green labelled products to have wide coverage for product positioning. However, the customers using conservative minoxidil expect similar results from the natural ingredients variant at the similar cost, which may challenge the product optimization and minoxidil price trend.

The disadvantages associated with minoxidil include scalp irritation in the case of men and facial hair growth in the case of women. Common side effects, including itching & burning/redness of the eye, difficulty to breathe, tachycardia, stiffness in the chest, and unexplained weight gain may hinder its usage and can restrain the minoxidil market growth.

5% minoxidil products generated more than USD 715 million revenue in 2017. Increasing demand for the higher effective scalp damage preventing products among men to maintain the remaining hair, re-growth of lost hair and nourishment of scalp coverage. The product provides superior performance against patchy hair loss and increasing non-vellus hair count. Rising hair loss issues among the male population are enhancing demand for the result-oriented or effective products in the minoxidil market.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.