Increase in prevalence of male pattern baldness, surge in adoption of finasteride for benign prostatic hyperplasia (BPH) and increase in adherence of finasteride for treatment of BPH and male pattern baldness drive the growth of the global finasteride market.
/EIN News/ — Portland, OR, April 12, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Finasteride Market by Application (Benign Prostatic Hyperplasia (BPH) and Male Pattern Baldness), by Type (Branded and Generic) and by Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies and Online Providers): Global Opportunity Analysis and Industry Forecast, 2022–2031”. According to the report, the global finasteride industry generated $362.11 million in 2021, and is anticipated to generate $546.72 million by 2031, witnessing a CAGR of 4.2% from 2022 to 2031.
Request Sample PDF Brochure- https://www.alliedmarketresearch.com/request-sample/14381
Prime determinants of growth
Increase in prevalence of male pattern baldness, surge in adoption of finasteride for benign prostatic hyperplasia (BPH) and increase in adherence of finasteride for treatment of BPH and male pattern baldness resulting in reduction in the symptoms of benign prostatic hyperplasia (BPH) and promoting hair growth in men with male pattern baldness drives the growth of the global finasteride market. However, side effects associated with finasteride and competition from other medications and availability of alternate medicine are hampering the finasteride market growth. On the contrary, the growth opportunities in emerging markets are expected to offer remunerative opportunities for expansion of the finasteride market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $362.11 million |
| Market Size in 2031 | $546.72 million |
| CAGR | 4.2% |
| No. of Pages in Report | 216 |
| Segments covered | Application, Type, Distribution Channel, and Region. |
| 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 |
| Opportunities | Growth opportunities in emerging markets |
| Restraints | Side effects associated with finasteride
Competition from other medications and availability of alternate medicine |
Impact of Covid-19 on Finasteride Market-
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the finasteride market faced a downturn owing to interruption in supply chains and the demand of finasteride drug.
- However, as the global situation started ameliorating, the demand for finasteride drug was restored back owing to increase in number of patients suffering from benign prostatic hyperplasia (BPH) and male pattern baldness. This, in turn, presented various growth opportunities for companies operating in the finasteride market.
Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures)
https://www.alliedmarketresearch.com/checkout-final/finasteride-market
The male pattern baldness segment to maintain its leadership status throughout the forecast period
Based on application, the male pattern baldness segment held the highest market share in 2021, accounting for more than two-third of the global finasteride market revenue, and is projected to manifest the highest CAGR of 4.7% throughout the forecast period, owing to increase in cases of male pattern baldness and rise in availability of finasteride in branded and generic type for treating male pattern baldness.
The branded segment to maintain its leadership status throughout the forecast period
Based on type, the branded segment held the highest market share in 2021, accounting for more than two-third of the global finasteride market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to presence of key players offering branded type of finasteride. However, the generic segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to availability of large number of generic formulations for treating benign prostatic hyperplasia (BPH) and male pattern baldness.
The drug stores and retail pharmacies segment to maintain its lead position during the forecast period
Based on distribution channel, the drug stores and retail pharmacies segment accounted for the largest share in 2021, contributing to more than half of the global finasteride market revenue owing to ease of accessibility of retail pharmacies and large chain of distribution networks. However, online providers segment is expected to portray the largest CAGR of 5.3% from 2022 to 2031, and is projected to maintain its lead position during the forecast period. This is owing to rise in popularity of online pharmacy and surge in number of users preferring online pharmacies.
For Purchase Inquiry- https://www.alliedmarketresearch.com/purchase-enquiry/14381
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global finasteride market revenue, owing to rise in prevalence of male pattern baldness cases, advanced healthcare infrastructure and surge in healthcare awareness. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.8% from 2022 to 2031, and is likely to dominate the market during the forecast period, 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.
Leading Market Players: –
- Alkem Laboratories Ltd
- Dr. Reddy’s Laboratories Ltd.
- HETERO LABS LIMITED
- Intas Pharmaceuticals Ltd.
- Merck & Co., Inc.
- Organon & Co.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Cipla Ltd
- Aurobindo Pharma
The report provides a detailed analysis of these key players of the global finasteride market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in Healthcare Industry-
Syphilis Testing Market – Global Opportunity Analysis and Industry Forecast, 2020-2030
Capsule Endoscopy System Market – Global Opportunity Analysis and Industry Forecast, 2020–2030
Micromanipulators Market- Global Opportunity Analysis and Industry Forecast, 2020–2030
Flow Cytometry Market- Global Opportunity Analysis and Industry Forecast, 2020–2030
Extremity Reconstruction Market – Global Opportunity Analysis and Industry Forecast, 2020–2030
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) Offered by Allied Market Research:
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Originally published at https://www.einpresswire.com/article/627535461/finasteride-market-prediction-by-2031-growing-at-4-2-cagr-allied-market-research-says
