The finasteride market valued for $362.11 million in 2021 and is estimated to reach $546.72 million by 2031, exhibiting a CAGR of 4.2% from 2022 to 2031.
Finasteride is a medication used primarily for the treatment of male pattern baldness and benign prostatic hyperplasia (BPH). It works by blocking the conversion of testosterone to dihydrotestosterone (DHT), a hormone that contributes to hair loss and prostate enlargement. The major factors driving the growth of the finasteride market include rise in prevalence of hair loss and benign prostatic hyperplasia (BPH), as well as surge in awareness about the benefits of finasteride treatment. For instance, article published in National Library of Medicine 2021, stated that, male pattern baldness affects up to 2% of general population. This rise in male pattern baldness is anticipated to drive the growth of the market.
In addition, a rise in prevalence of benign prostatic hyperplasia (BPH) is expected to fuel the market growth. For instance, according to an article published in Lancet Healthy Longevity Journal 2022, a total of 94 million prevalent cases of benign prostatic hyperplasia (BPH) were reported in 2019 across the globe. Further, as the global population continues to age, there is a witnessed increase in the incidence of benign prostatic hyperplasia (BPH) and other prostate-related conditions. This has led to a rise in demand for medications such as finasteride, which help manage benign prostatic hyperplasia (BPH) symptoms. Thus, a rise in geriatric population is anticipated to drive the growth of the market.
Further, the availability of generic types of finasteride has contributed to the growth of the market, as it has made the medication affordable and accessible to a wider population. For instance, Dr. Reddy’s Laboratories Ltd., offers finasteride tablets in generic type, thus, such availability of generic type of finasteride is expected to propel market expansion. Moreover, a rise in the number of key players offering finasteride in branded and generic form is expected to fuel the growth of the market. For instance, key players such as Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd., offer finasteride in branded and generic versions such as PROSCAR (Finasteride). Thus, the presence of such key players offering finasteride fuels the growth of the market.
Furthermore, rise in disposable income also drives the market growth owing to increased demand for medications that improve physical appearance, such as finasteride for male pattern hair loss. In addition, individuals may be willing to invest in treatments that can help them look and feel better, with an increase in disposable income.
However, alternative treatments for male pattern baldness and benign prostatic hyperplasia (BPH), such as hair transplant surgery and availability of other alternate medications are the factors which restrain the growth of the finasteride market. In addition, the absence of favorable reimbursement policies is also expected to constrain the growth of the market. Further, rise in demand for finasteride and increase in awareness about finasteride for male pattern baldness offers lucrative opportunities to key players of the finasteride market.
The finasteride market is segmented into application, type, distribution channel and region. On the basis of application, the market is bifurcated into benign prostatic hyperplasia (BPH), and male pattern baldness. On the basis of type, the market is categorized into branded and generic. On the basis of distribution channel, the market is segregated into hospital pharmacies, online providers and drug stores and retail pharmacies. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global finasteride market include Alkem Laboratories Ltd, Dr. Reddy’s Laboratories Ltd., HETERO LABS LIMITED, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Intas Pharmaceuticals Ltd., Organon & Co., Cipla Ltd., and Aurobindo Pharma.
Finasteride is a medication used primarily for the treatment of male pattern baldness and benign prostatic hyperplasia (BPH). It works by blocking the conversion of testosterone to dihydrotestosterone (DHT), a hormone that contributes to hair loss and prostate enlargement. The major factors driving the growth of the finasteride market include rise in prevalence of hair loss and benign prostatic hyperplasia (BPH), as well as surge in awareness about the benefits of finasteride treatment. For instance, article published in National Library of Medicine 2021, stated that, male pattern baldness affects up to 2% of general population. This rise in male pattern baldness is anticipated to drive the growth of the market.
In addition, a rise in prevalence of benign prostatic hyperplasia (BPH) is expected to fuel the market growth. For instance, according to an article published in Lancet Healthy Longevity Journal 2022, a total of 94 million prevalent cases of benign prostatic hyperplasia (BPH) were reported in 2019 across the globe. Further, as the global population continues to age, there is a witnessed increase in the incidence of benign prostatic hyperplasia (BPH) and other prostate-related conditions. This has led to a rise in demand for medications such as finasteride, which help manage benign prostatic hyperplasia (BPH) symptoms. Thus, a rise in geriatric population is anticipated to drive the growth of the market.
Further, the availability of generic types of finasteride has contributed to the growth of the market, as it has made the medication affordable and accessible to a wider population. For instance, Dr. Reddy’s Laboratories Ltd., offers finasteride tablets in generic type, thus, such availability of generic type of finasteride is expected to propel market expansion. Moreover, a rise in the number of key players offering finasteride in branded and generic form is expected to fuel the growth of the market. For instance, key players such as Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd., offer finasteride in branded and generic versions such as PROSCAR (Finasteride). Thus, the presence of such key players offering finasteride fuels the growth of the market.
Furthermore, rise in disposable income also drives the market growth owing to increased demand for medications that improve physical appearance, such as finasteride for male pattern hair loss. In addition, individuals may be willing to invest in treatments that can help them look and feel better, with an increase in disposable income.
However, alternative treatments for male pattern baldness and benign prostatic hyperplasia (BPH), such as hair transplant surgery and availability of other alternate medications are the factors which restrain the growth of the finasteride market. In addition, the absence of favorable reimbursement policies is also expected to constrain the growth of the market. Further, rise in demand for finasteride and increase in awareness about finasteride for male pattern baldness offers lucrative opportunities to key players of the finasteride market.
The finasteride market is segmented into application, type, distribution channel and region. On the basis of application, the market is bifurcated into benign prostatic hyperplasia (BPH), and male pattern baldness. On the basis of type, the market is categorized into branded and generic. On the basis of distribution channel, the market is segregated into hospital pharmacies, online providers and drug stores and retail pharmacies. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global finasteride market include Alkem Laboratories Ltd, Dr. Reddy’s Laboratories Ltd., HETERO LABS LIMITED, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Intas Pharmaceuticals Ltd., Organon & Co., Cipla Ltd., and Aurobindo Pharma.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the finasteride market analysis from 2021 to 2031 to identify the prevailing finasteride market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the finasteride market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global finasteride market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Benign Prostatic Hyperplasia (BPH)
- Male pattern baldness
By Type
- Branded
- Generic
By Distribution Channel
- Hospital Pharmacies
- Online Providers
- Drug Stores and Retail Pharmacies
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Alkem Laboratories Ltd
- HETERO LABS LIMITED
- Merck & Co., Inc.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Intas Pharmaceuticals Ltd.
- Organon & Co.
- Aurobindo Pharma
- Cipla Ltd
- Dr. Reddy’s Laboratories Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FINASTERIDE MARKET, BY APPLICATION
CHAPTER 5: FINASTERIDE MARKET, BY TYPE
CHAPTER 6: FINASTERIDE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: FINASTERIDE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Alkem Laboratories Ltd
- HETERO LABS LIMITED
- Merck & Co., Inc.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Intas Pharmaceuticals Ltd.
- Organon & Co.
- Aurobindo Pharma
- Cipla Ltd
- Dr. Reddy’s Laboratories Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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