Finasteride Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2028
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Finasteride Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2028
The Finasteride Market is segmented by Product Type (1mg, 5mg), by Application Type (Prostate Treatment, Hair Treatment), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The Finasteride Market is segmented by Product Type (1mg, 5mg), by Application Type (Prostate Treatment, Hair Treatment), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)....
The Finasteride Market was estimated at US$ 102.25 million in 2022 and is expected to grow at a CAGR of 2.9% during 2023-2028 to reach US$ 121.6 million by 2028.
Finasteride is a medication widely used for two main things: treating an enlarged prostate (known as benign prostatic hyperplasia) and tackling male pattern baldness (androgenetic alopecia). Well, it plays the role of a 5-alpha-reductase inhibitor, basically putting a halt to the conversion of testosterone into dihydrotestosterone (DHT). Now, DHT is a hormone linked to prostate enlargement and hair loss. So, by keeping DHT levels in check, finasteride helps ease urinary issues related to a swollen prostate and even encourages hair to make a comeback for those dealing with the follicle-challenged situation.
Market Drivers
The prime factor that is contributing to the demand for finasteride is the constantly rising cases of prostate cancer. Also, the consumer’s preference for hair treatment and increasing expenditure on hair care products to further drive the market.
Segments Analysis
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By Product Type
The market is segmented into 1mg and 5mg. The 1mg segment dominated the finasteride market. Increasing cases of male baldness due to genetics, illness, stress, and medicine side effects foster the demand for these products. Also, the rising aging population in countries such as Germany, Italy, the UK, and France has created huge demand for hair loss treatment products.
By Application Type
The finasteride market is segmented into prostate treatment and hair treatment. Prostate treatment application is likely to grow at a faster pace during the forecast period, owing to increasing cases of prostate-related diseases.
Regional Analysis
In terms of regions, North America is the major market for finasteride. The products are widely used in the US for the treatment of male baldness and prostate-related diseases. Also, the North American region has a strong presence of major finasteride manufacturers, including Merck & Co., Inc., Teva Pharmaceutical Industries Ltd, and Cipla Limited.
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This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Finasteride Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market Segment Analysis and Forecast
Who are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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