Finasteride Market Research, 2031
The global finasteride market size was valued at $362.1 million in 2021, and is projected to reach $546.7 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031. Finasteride is a prescription medication that is primarily used to treat male pattern baldness and benign prostatic hyperplasia (BPH), a condition in which the prostate gland becomes enlarged. The drug is a type of 5-alpha-reductase inhibitor, which means that it works by blocking the conversion of testosterone to dihydrotestosterone (DHT), a hormone that contributes to hair loss and prostate enlargement.
“The finasteride market was negatively impacted during the lockdown period owing to disrupted global supply chains, leading to shortages of some medications, such as finasteride. In addition, clinical trials for new medications, including those for hair loss and prostate-related conditions, have been delayed due to the pandemic.”
Market Dynamics
Growth & innovations in the pharmaceutical industry for the manufacturing of finasteride drugs owing to massive pool of health-conscious consumers, creates an opportunity for the finasteride market. The major factor driving the growth of finasteride market is rise in prevalence of male pattern baldness. For instance, according to the American Hair Loss Association, approximately two-thirds of men will experience some degree of hair loss by the age of 35. The demand for treatments like finasteride is increasing with the rise in the incidence of male pattern baldness continues to rise. The growth of the finasteride market is expected to be driven by emerging markets, due to availability of improved healthcare infrastructure, increase in unmet healthcare needs, and rise in prevalence of hair loss in adults.
Furthermore, the healthcare industry in emerging economies is developing at a significant rate, owing to rise in demand for enhanced healthcare services, significant investments by government to improve healthcare infrastructure, and development of the medical tourism industry in emerging countries. Various organizations along with the government are counselling people regarding urological disorders. E-commerce (electronic commerce) has become a vital tool for small and large businesses globally, due to rise in preference of consumers for online shopping over traditional purchasing methods. Various animations through health apps to educate people regarding urological disorders and usage of medications also contribute toward the growth of the finasteride market size.
The demand for finasteride is not only limited to developed countries but is also being witnessed in the developing countries, such as China, Brazil, and India, which fuel the growth of the finasteride market share. Moreover, an increase in promotional activities by manufacturers and growth in awareness for finasteride among the general population is expected to fuel their adoption in the near future.
In addition, benign prostatic hyperplasia (BPH) is a condition that affects a large number of men, particularly those over the age of 50. As the global population continues to age, the incidence of BPH is expected to rise, driving demand for drugs like finasteride that can help manage the symptoms of the condition.
Moreover, finasteride is sometimes used off-label to treat hirsutism in women. Hirsutism is a condition in which women develop excessive hair growth on their face, chest, back, and other areas. Finasteride works by blocking the conversion of testosterone to its more potent form, dihydrotestosterone (DHT), which is responsible for many of the androgenic effects in the body. Finasteride may help to reduce the symptoms of hirsutism by reducing the levels of DHT in the body. Several studies have investigated the use of finasteride in the treatment of hirsutism in women, and the results have been promising.
Further, finasteride is sometimes used to treat prostate cancer by blocking the conversion of testosterone to dihydrotestosterone (DHT), which is a hormone that drives the growth of prostate cells. The major factor driving the growth of the finasteride market share is the rise in the number of research activities related to the use of finasteride in prostate cancer and hirsutism. In addition, various studies have concluded that finasteride reduces the risk of prostate cancer by 25%. Thus, the rise in adoption of finasteride and increase in number of R&D activities related to finasteride are the factors expected to drive the growth of the segment.
Moreover, surge in awareness and acceptance of hair loss treatment drives the finasteride market growth. In the past, hair loss was often viewed as an inevitable part of aging that could not be treated effectively. However, with the development of drugs like finasteride and other hair loss treatments, more men are seeking treatment for their hair loss. The market for finasteride is expected to expand with an increase in awareness of these treatments.
However, side effects such decreased libido, erectile dysfunction and allergic reactions of the finasteride used for male pattern baldness restrains the growth of the finasteride market. In addition, the absence of favorable reimbursement policies is expected to constrain the growth of the market. In contrast, increase in awareness about finasteride and increase in R&D activities offer lucrative opportunities to key players of the finasteride market.
The outbreak of COVID-19 has disrupted workflows in the healthcare sector around the world. The pandemic reduced accessibility of patients at outpatient medical visits, including preventive services such as screening of patients for various diseases such benign prostatic hyperplasia (BPH) and male pattern baldness. This was due to cancellation of medical treatments and postponing the scheduled visits to stop the spread of COVID-19 infection. For instance, according to article published in World Journal of Urology 2021, stated that, 5.3% decrease in diagnosis of benign prostatic hyperplasia (BPH) was observed in the U.S. Thus, COVID-19 negatively impacted the growth of the finasteride market.
However, after 2021 increase in number of patients for screening for benign prostatic hyperplasia (BPH) and male pattern baldness is expected to contribute to moderate growth of the market. In addition, a rise in the number of research activities related to the use of finasteride impacts the growth of the market positively. In addition, in 2022, rise in prevalence of benign prostatic hyperplasia (BPH) and male pattern baldness is expected to drive the growth of the market.
Segmental Overview
The finasteride market is segmented into application, formulation type, distribution channel and region. On the basis of application, the market is categorized into benign prostatic hyperplasia (BPH), and male pattern baldness. On the basis of formulation type, the market is bifurcated 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).
By Application
The finasteride market is categorized into benign prostatic hyperplasia (BPH), and male pattern baldness. The benign prostatic hyperplasia (BPH) segment occupied highest share in 2021 and is expected to remain dominant during the finasteride market forecast period, owing to a rise in prevalence of benign prostatic hyperplasia (BPH) cases. The male pattern baldness segment is projected to register highest CAGR during the forecast period owing to increase in cases of androgenetic alopecia and rise in availability of finasteride in branded and generic type for treating androgenetic alopecia.
By Type
The finasteride industry is bifurcated into branded and generic. The generic segment accounted for the largest share in 2021 and is also 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.
By Distribution Channel
The finasteride industry is categorized into hospital pharmacies, drug stores and retail pharmacies and online providers. The drug stores and retail pharmacies segment occupied highest share in 2021 and is expected to remain dominant during the forecast period owing to accessibility of retail pharmacies everywhere and large chain of distribution networks. The online providers segment is projected to register the highest CAGR during the forecast period owing to rise in popularity of online pharmacy and increase in users' preference for online pharmacies.
By region
The finasteride market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to witness highest growth, in terms of revenue, owing to rise in prevalence of male pattern baldness cases, prevalence of advanced healthcare infrastructure, and increase in awareness about finasteride. 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.
Presence of several major players, such as Dr. Reddy’s Laboratories Ltd., HETERO LABS LIMITED, and Merck & Co., Inc and advancement in manufacturing technology for development of effective finasteride for male pattern baldness in the region is expected to drive the growth of the finasteride market. In addition, various private organizations organize educating camps for awareness of finasteride and effectives in treating male pattern baldness across the globe. Furthermore, presence of well-established healthcare infrastructure, and rise in adoption rate of finasteride for treating male pattern baldness are expected to drive the market growth. Furthermore, various ongoing clinical trials related to finasteride drug boost the growth of the market.
Asia-Pacific is expected to grow at the highest rate during the forecast period. The market growth in this region is attributable to presence of key players in the region. Moreover, rise in adoption of finasteride for benign prostatic hyperplasia (BPH) is expected to drive the growth of the market. In India, rise in prevalence of male pattern baldness is observed owing to lifestyle habits such as consumption of obesity, alcohol and cigarette smokers, thus driving the growth of the market.
Further, awareness programs are being organized every year to educate people about benign prostatic hyperplasia (BPH) and available treatment options. Thus, such awareness campaigns are expected to propel the market expansion. Asia-Pacific offers profitable opportunities for key players operating in the finasteride market, thereby registering the fastest growth rate during the forecast period, owing to surge in infrastructure of industries, rise in spending for urological disorders, as well as well-established presence of domestic companies in the region. In addition, the rise in contract manufacturing organizations within the region provides great opportunity for new entrants in the region.
Competitive Analysis
Competitive analysis and profiles of the major players in the finasteride market, such as 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, are provided in this report.
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 opportunity.
- 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.
Finasteride Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 546.7 million |
 Growth Rate | CAGR of 4.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 300 |
 By Application |
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 By Type |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Aurobindo Pharma, Merck & Co., Inc., HETERO LABS LIMITED, Alkem Laboratories Ltd, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Intas Pharmaceuticals Ltd., Dr. Reddy’s Laboratories Ltd., Cipla Ltd, Organon & Co. |
Analyst Review
This section provides various opinions of top-level CXOs in the global finasteride market. According to the insights of CXOs, increase in demand for finasteride for benign prostatic hyperplasia (BPH) and rise in R&D activities related to finasteride, globally is expected to offer profitable opportunities for the expansion of the market.
CXOs further added that rise in expenditure on the development of healthcare infrastructure and increase in personal disposable income are expected to boost the growth of the finasteride market. In addition, surge in burden of benign prostatic hyperplasia (BPH) and male pattern baldness across the globe have resulted in rise in demand for finasteride, thus driving the growth of the market. Further, geriatric people are prone to benign prostatic hyperplasia (BPH), thus rise in geriatric population is anticipated to drive the growth of the market.
Furthermore, North America is expected to witness highest growth, in terms of revenue, owing to rise in prevalence of male pattern baldness cases, prevalence of advanced healthcare infrastructure, and increase in awareness about finasteride. 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.
Finasteride is a medication used to treat male pattern hair loss (androgenetic alopecia) and benign prostatic hyperplasia (BPH).
The finasteride drug is used to treat male pattern hair loss and benign prostatic hyperplasia (BPH).
Male Pattern Baldness is the leading application of Finasteride Market.
North America is the largest regional market for Finasteride.
The total market value of finasteride market is $362.11 million in 2021.
The major factor that fuels the growth of the finasteride market are rise in prevalence of male pattern baldness (androgenetic alopecia) and benign prostatic hyperplasia (BPH).
Top companies such as, Dr. Reddy’s Laboratories Ltd., HETERO LABS LIMITED, Merck & Co., Inc., Organon & Co., Cipla Ltd., held a high market position in 2021. These key players held a high market position owing to the strong geographical foothold in North America, Europe, Asia-Pacific, and LAMEA.
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