Finasteride Market Analysis | 2023-2028

“The Finasteride Market was estimated at US$ 102.25 million in 2022 and is expected to grow at a CAGR of 2.9% during 2023-2028 to reach US$ 121.6 million by 2028.”

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Market Dynamics

Introduction

Finasteride is a medication widely used for two main things: treating an enlarged prostate (known as benign prostatic hyperplasia) and tackling male pattern baldness (androgenetic alopecia). Well, it plays the role of a 5-alpha-reductase inhibitor, basically putting a halt to the conversion of testosterone into dihydrotestosterone (DHT). Now, DHT is a hormone linked to prostate enlargement and hair loss. So, by keeping DHT levels in check, finasteride helps ease urinary issues related to a swollen prostate and even encourages hair to make a comeback for those dealing with the follicle-challenged situation.

Market Drivers

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.

Segments Analysis

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By Product Type

“The 1mg segment dominates the market during the forecast period.”

The market is segmented into 1mg and 5mg. The 1mg segment dominated the finasteride market. Increasing cases of male baldness due to genetics, illness, stress, and medicine side effects foster the demand for 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.

By Application Type

“Prostate treatment application dominates the market during the forecast period.”

The finasteride market is segmented into 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.

Regional Analysis

“North America is the major market during the forecast period.”

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.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the finasteride market (arranged alphabetically).

• Cipla Limited
• Dr. Reddy's Laboratories
• Guangdong Eashu Pharmaceutical Co., Ltd
• Henan Topfond Pharmaceutical Co., Ltd
• Merck & Co., Inc.
• Novartis AG
• Relonchem Limited
• Shandong Renhetang Pharmaceutical Co., Ltd
• Teva Pharmaceutical Industries Ltd
• Zhejiang CONBA Pharmaceutical Co., Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. 

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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