Finasteride Market Will Expand as Demand for Effective Benign Prostate Hyperplasia Treatment Rises: Fact MR Study
Fact MR: The rising demand for effective treatment of male pattern baldness will have a positive impact on the global finasteride market. Besides this, the increasing use of finasteride as an oral medication in the treatment of benign prostate hyperplasia will create growth opportunities, finds Fact MR in a new study.
According to the Asian Journal of Urology, the prevalence of benign prostate hyperplasia increases with age after 40 years and varies from 8% - 60% at the age of 90 years. Considering this, rising geriatric population will fuel the demand for finasteride in the coming years.
According to the British Association of Urological Surgeons Limited (BAUS), the prevalence rate of benign prostate hyperplasia is estimated to be 42% for men aged 51 to 60 years.
Finasteride is a drug used to treat benign prostatic hyperplasia (BPH) that causes prostate enlargement in males. Hair loss is often caused by the disorder. Proscar and Propecia are two brand names for finasteride.
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Finasteride usage has increased significantly in Europe, where consumers exhibit higher focus on physical appearance. Besides this, China has emerged as a key market. Availability of finasteride drugs at a lower cause has helped the China market to gain competitive edge. Also, the expansion of the pharmaceutical sector will drive growth in the country.
The pandemic is expected to have a significant impact on the global finasteride market. Restrictions implemented to contain COVID-19 has halted the production of drugs and have created disruption in supply chain activities. Restrictions on import-export also have significantly impacted the global finasteride market.
"Market players are focusing on mergers and the acquisitions to gain competitive advantage. They are also investing in development of bio-pharmaceuticals, which will create opportunities for into finasteride market expansion," said a Fact MR analyst.
- The U.S. sells the tablet at a higher cost than in Asia, emerging as a leading market for finasteride
- India is expected to offer lucrative growth opportunities since the geriatric population in the country is expected to increase by 2030 fuelling the need for finasteride drugs
- Increasing use of finasteride drugs for the treatment of benign prostate hyperplasia will spur sales in the market
- Institutional sales of finasteride drugs will account for higher share in the market
- The hospital pharmacies are the leading distributor channel catering to the high number of patients in the growth of the finasteride market
- Rising demand for effective treatment for hair growth will create opportunities for growth
- Increasing adoption of supply chain management within the distribution channel will have positive impact on the market
- Increasing sales via online pharmacies will bode well for the market in the coming years
- Less awareness regarding treatment options available for benign prostate hyperplasia will negatively impact growth
- Less purchasing power of consumers in the regions like the Middle East and Africa is one of the key factors challenging the global finasteride market.
Key players in the finasteride market are adopting various strategies to increase their revenue share. For instance:
- In August 2020, Mylan N.V. received approval from the U.S. Food and Drug Administration to launch the generic version of Merck's Propecia in the U.S. market.
- In January 2021 Veru Inc. announced that it is going ahead with a new drug formulation, comprising Tadalafil and Finasteride Combination to fulfil the medical needs in the field of urology.
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Other key players operating in the market are:
- Novartis International AG
- Teva Pharmaceuticals Limited
- Dr Reddy’s
- RelconChem Limited
- Actavis Pharmaceutical Company
- Cipla Ltd.
- Accord Pharmaceuticals
- Henan Topfond
- Zhejiang CONBA Pharmaceutical
- Guangdong Eashu Pharmaceutical
- Shandong Renheteng Pharmaceutical
More Insights on the Global Finasteride Market:
Fact MR, in its new offering, brings to fore an unbiased analysis and global industry analysis of the global finasteride market presenting historical demand data (2016-2020) and forecast statistics for the period (2021-2031). The study divulges compelling insights on the sterilants market with a detailed segmentation based on drug dose (1mg, 5mg), indication (benign prostatic hyperplasia (bph), male pattern baldness, hormone replacement therapy), and distribution channel (institutional sales, hospitals, specialty clinics, research institutes, retail sales, retail pharmacies, online pharmacies) across the regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa)
Key Questions Covered in the Report
- How will the finasteride market expand through 2030?
- Which top manufacturing companies are leading the global finasteride market?
- What are the key drivers and opportunities that will stimulate the finasteride sales?
- What are the restraints that will affect the sales of the finasteride market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on the finasteride market?
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