Finasteride Market: Global Industry Analysis and Opportunity Assessment 2020 – 2026

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Finasteride, which is marketed under the brand names Propecia and Proscar, and some others, is a medication largely used to treat hair loss or enlarged prostate in men. The drug prevents the conversion of testosterone to dihydrotestosterone (DHT), which is a leading factor for the development of benign prostatic hyperplasia (BPH) and androgenic alopecia, also known as male pattern baldness (MPB). Propecia is used in the treatment of male pattern hair loss in men whereas Proscar is used to treat the symptoms of BPH.

With growing focus on haircare, a large number of men are willing to spend heavily on haircare products. These trends will undeniably propel the adoption of finasteride in the future. It is estimated that global finasteride market size will exceed a valuation of more than US$130 million by 2026, with increasing occurrence of male pattern baldness and BPH across the globe.

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Growing global occurrence of male pattern baldness

Male pattern baldness, biologically known as androgenic alopecia, is responsible for most cases of hair loss in men. There are many possible reasons that cause hair loss in men, including, extremely stressful events, occurrence of a serious disease, and reaction to certain medication. However, a vast majority of hair loss in men is due to heredity and genetics.

According to America Hair Loss Association (AHLA), androgenic alopecia is responsible for more than 95% of hair loss in men. AHLA reports that more than two-thirds of Americans will experience of some degree of noticeable hair loss by the age of 35.

Over the past several years, medicine has made considerable strides in the treatment of male pattern hair loss. The U.S. Food and Drug Administration (FDA) had approved 1mg dosage of finasteride (Propecia) for the treatment of male pattern baldness in men. Evidently, Propecia is the first drug so far to effectively treat androgenic alopecia in most of the men who use it.

Widespread use to treat the symptoms of BPH in men

Benign prostatic hyperplasia (BPH), commonly known as prostate gland enlargement, is a common and prevailing condition in older men. BPH is not the same as prostate cancer and neither does it increase the risk of prostate cancer. However, it affects a large percentage of the global male population and negatively impacts their quality of life.

Statistical figures show that almost half of all men aged between 51 and 60 show symptoms of BPH and approximately 90% of men aged 80 or more have it. It is estimated that nearly 30 million men worldwide have symptoms associated with BPH.

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Some key factors impacting the demand for finasteride

Several potential side-effects associated with the administration of finasteride tablets might limit and hamper their demand in the future. However, a growing prevalence of BPH and prostate cancer worldwide will ensure the product adoption. Recent years have witnessed increased spending my men on haircare products which can also be a major factor boosting the adoption of finasteride tablets to treat male pattern baldness.

Strong presence of key companies including Merck, Teva Pharmaceuticals and Cipla in North America has ensured a strong product penetration and branding, thus propelling finasteride market growth in forecast timeframe.

 

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