Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- 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.
The finasteride market is witnessing significant growth driven by various factors. The rise in the prevalence of benign prostatic hyperplasia (BPH) is expected to be a major contributor to market expansion. According to a publication in the Lancet Healthy Longevity Journal 2022, there were 94 million prevalent cases of BPH reported globally in 2019.
Additionally, as the global population ages, there's a notable increase in the incidence of BPH and related conditions. This has resulted in a growing demand for medications like finasteride, known for managing BPH symptoms, thereby indicating a rise in the geriatric population.
The availability of generic types of finasteride has played a pivotal role in market growth. This affordability and accessibility have been achieved through offerings like finasteride tablets in generic form by companies such as Dr. Reddy's Laboratories Ltd. Furthermore, the market is being fueled by key players offering both branded and generic versions of finasteride. Notable names like Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd., contribute to the market's expansion.
Rising disposable income is also playing a part in the market's growth, with an increased demand for medications that enhance physical appearance, including finasteride for male pattern hair loss. This willingness to invest in treatments for improved aesthetics is aided by rising disposable income levels.
However, alternative treatments for male pattern baldness and BPH, such as hair transplant surgery and availability of alternate medications, pose some challenges to the market's growth. Additionally, the absence of favorable reimbursement policies and alternative treatments may impede growth.
Nonetheless, the demand for finasteride and growing awareness of its benefits offer promising opportunities for market players. Major key players in the global finasteride market include Alkem Laboratories Ltd, Dr. Reddy's Laboratories Ltd., Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., and more.
These players contribute to the dynamic landscape of the finasteride market, which is driven by factors ranging from healthcare needs to market offerings and economic trends.
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/vqt36g
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