DUBLIN–(BUSINESS WIRE)–The “Finasteride Market By Application, By Type, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
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.
Market Dynamics
Drivers
- Rise in prevalence of male pattern baldness
- Rise in adoption of finasteride for benign prostatic hyperplasia (BPH)
- Increase in adherence of finasteride for treatment of BPH and male pattern baldness
Restraints
- Side effects associated with finasteride
- Competition from other medications and availability of alternate medicine
Opportunities
- Growth opportunities in emerging markets
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.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
CHAPTER 4: FINASTERIDE MARKET, BY APPLICATION
4.1. Overview
4.1.1. Market size and forecast
4.2. Benign Prostatic Hyperplasia (BPH)
4.3. Male pattern baldness
CHAPTER 5: FINASTERIDE MARKET, BY TYPE
5.1. Overview
5.1.1. Market size and forecast
5.2. Branded
5.3. Generic
CHAPTER 6: FINASTERIDE MARKET, BY DISTRIBUTION CHANNEL
6.1. Overview
6.1.1. Market size and forecast
6.2. Hospital Pharmacies
6.3. Online Providers
6.4. Drug Stores and Retail Pharmacies
CHAPTER 7: FINASTERIDE MARKET, BY REGION
7.1. Overview
7.1.1. Market size and forecast By Region
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top player positioning, 2021
For more information about this report visit https://www.researchandmarkets.com/r/blihue
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