Finasteride Market Expected to Reach $546.7 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Finasteride Market," The finasteride market size was valued at $362.11 million in 2021, and is estimated to reach $546.7 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031. The finasteride market analysis from 2021 to 2031 to identify the prevailing finasteride market opportunity. The introduction of finasteride into the market was a significant development in the treatment of male pattern hair loss and benign prostatic hyperplasia (BPH). Moreover, prior to the availability of finasteride, the only treatments available for these conditions were topical solutions and surgical interventions, which were often expensive, invasive, and had limited efficacy. Thus, finasteride offered a more convenient & effective treatment option, and has since become one of the most commonly prescribed medications for male pattern hair loss and benign prostatic hyperplasia (BPH).

The major factors driving the growth of the finasteride market include rise in prevalence of hair loss in male population and increase in adoption of finasteride for hair fall treatment. Male pattern baldness is a common condition that affects a significant portion of the male population. In addition, as the number of men experiencing hair loss increases, the demand for hair loss treatments like finasteride also rises and drives the market expansion. In addition, an increase in awareness about hair loss treatment such as availability of finasteride tablets is anticipated to boost the growth of the finasteride market size. A lot of men are seeking solutions for hair loss with rise in awareness of hair loss treatments. This has led to an increase in demand for medications like finasteride, which has been proven effective in treating hair loss.

Further, a rise in disposable income is expected to fuel the growth of the finasteride market share. A lot of people are able to afford medication with a rise in disposable income, leading to increased demand. In addition, advances in pharmaceutical technology have made it easier and cheaper to produce medications such as finasteride, which has led to reduced production costs and increased availability. Thus, such advancements result in the growth of the finasteride market trends.

Moreover, finasteride has been proven to be highly effective in treating male pattern hair loss and benign prostatic hyperplasia (BPH), which has contributed to the medication's popularity and demand, thus driving the market expansion.

The rise in initiatives by non-government and government organizations to increase awareness about the benign prostatic hyperplasia (BPH) among the patients through different programs and campaigns is predicted to boost the growth of the finasteride market share. In addition, rise in adoption of advanced technologies to diagnose benign prostatic hyperplasia (BPH) and awareness about the importance of early diagnosis of benign prostatic hyperplasia (BPH) is anticipated to boost the market growth.

On the basis of application, the market is categorized into benign prostatic hyperplasia (BPH) and male pattern baldness, The male pattern baldness segment accounted for largest share in terms of revenue in 2021 and is projected to register highest CAGR during the forecast period owing to increase in cases of male pattern baldness and rise in availability of finasteride in branded and generic type for treating male pattern baldness.

On the basis of type, the finasteride industry is bifurcated into branded and generic. The branded segment accounted for the largest share in 2021 owing presence of key players offering branded type of finasteride. The generic segment is expected to register highest CAGR during the forecast period, owing to availability of large number of generic formulations for treating benign prostatic hyperplasia (BPH) and male pattern baldness.

On the basis of distribution channel, the finasteride industry is categorized into hospital pharmacies, online providers and drug stores and retail pharmacies. The drug stores and retail pharmacies segment occupied highest share in 2021 and is expected to remain dominant during the forecast period owing to ease of accessibility of retail pharmacies and large chain of distribution networks. The online providers segment is projected to register highest CAGR during the forecast period owing to rise in popularity of online pharmacy and surge in number of users preferring online pharmacies.

Region wise, North America is expected to witness highest growth, in terms of revenue, owing to rise in prevalence of male pattern baldness cases, advanced healthcare infrastructure and surge in healthcare awareness. The upsurge in healthcare expenditure in the emerging economies is anticipated to offer lucrative opportunities for the market expansion. However, Asia-Pacific is anticipated to witness notable growth, owing to increase in number of benign prostatic hyperplasia (BPH) cases, rise in number of key players offering finasteride and surge in investments for development of finasteride, is expected to drive the growth of the market during the finasteride market forecast period.

Key Findings of The Study

• On the basis of application, the male pattern baldness segment was highest contributor to the market in 2021.
• On the basis of type, the branded segment was highest contributor to the market in 2021. However, the generic segment is anticipated to grow at the highest CAGR during the forecast period.
• On the basis of distribution channel, the drug stores and retail pharmacies segment dominated the market in terms of revenue in 2021. However, the online providers segment is anticipated to grow at the highest CAGR during the forecast period.
• Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.