Mar 22,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Finasteride Market.
It was estimated prior to this unanticipated outbreak that the Finasteride Market was expected to grow at a CAGR of 2.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Finasteride is a medication used for the treatment of enlarged prostate or hair loss in men, treatment of excessive hair growth in women, and used as a part of hormone therapy for transgender women.
The prime factor that is contributing to the demand for finasteride is the constantly rising cases of prostate cancer. Also, the consumer’s preference for hair treatment and increasing expenditure on hair care products to further drive the market.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as 1mg and 5mg. The 1mg segment dominated the finasteride market in 2019. Increasing cases of male baldness due to genetics, illness, stress, and medicine side effects to foster the demand of these products. Also, the rising aging population in countries such as Germany, Italy, the UK, and France has created huge demand for hair loss treatment products.
Based on the application type, the finasteride market is segmented as prostate treatment and hair treatment. Prostate treatment application is likely to grow at a faster pace during the forecast period, owing to increasing cases of prostate-related diseases.
In terms of regions, North America is the major market for finasteride. The products are widely used in the US for the treatment of male baldness and prostate-related diseases. Also, the North American region has a strong presence of major finasteride manufacturers, including Merck & Co., Inc., Teva Pharmaceutical Industries Ltd, and Cipla Limited.
Some of the major finasteride manufacturers are-