Finasteride tablets Market Size, Share, Growth, and Industry Growth by Type (1mg Tablet, 5mg Tablet, and Finasteride Tablets) By Application (Benign Prostatic Hyperplasia, Male Pattern Baldness, and Others) Regional Forecast By 2023

Updated On: 15 April 2024

Finasteride tablets Market Report Overview

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The global finasteride tablets market size is estimated to be USD 123.7 million in 2022.  As per our research, the market is projected to touch USD 174.93 million in 2031, exhibiting a CAGR of 3.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with finasteride tablets experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Finasteride is commonly sold under the brand names Propecia, Proscar, and among others. It is a medication used for the treatment of benign male pattern baldness (MPB) and prostatic hyperplasia (BPH).

The market is estimated to grow due to the increased prevalence of hair loss and growing number of baldness in men & women. Toxic pollutants and a rise in water pollution are anticipated to foster market growth. The tablet is used to control baldness and prostate cancer in men. It helps to improve BPH symptoms and offers better urination flow. This product helps to reduce hair flow, and heavy R&D investments in the pharma sector are estimated to fuel market growth. Increased consumer spending on hair care products and increased number of clinics are projected to foster market growth. Expansion in distribution channel and rising cases of prostate cancer. Such factors are estimated to surge market growth in the forthcoming years. New lunch and low cost of the product are predicted to surge market growth. Rapid importance of physical appearance and social media marketing is expected to drive market growth. On the contrary, side effects associated with tablets are projected to damage market growth in the forthcoming years.

COVID-19 Impact: Travel Ban and Lower Demand for the Product to Harm Market Growth

The sudden outbreak of the COVID-19 pandemic expanded healthcare sector. The market witnessed sudden downfall due to lower need for the product and high demand to protect human lives from the deadly coronavirus. Lockdown restrictions and travel ban to harm market progress. Supply and chain disruption and lack of import and export activities to minimize market growth.

LATEST TRENDS

"Increased cases of Male Baldness to Fuel Market Growth"

Increasing number of cases of male baldness due to illness, genetics, stress, and medicine side effects is assessed to fuel market growth. Growing consumer preference for safe and natural products and the complexity associated with laser treatment is estimated to fuel market growth. The tablet is used to control baldness and prostate cancer in men. It helps to improve BPH symptoms and offers better urinate flow. This product helps to reduce hair flow, and heavy R&D investments in the pharma sector are probable to fuel market growth. Increased consumer spending on hair care products and increased number of clinics is projected to foster market growth in the forthcoming years. Increased need for quick and cost-effective treatment is projected to push market progress.

Finasteride tablets Market Segmentation

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• By Type

Based on type, the market is divided into 1mg tablet, 5mg tablet, and finasteride tablets.

5mg tablet is expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into benign prostatic hyperplasia, male pattern baldness, and others.

Benign prostatic hyperplasia is expected to be the top part of application segmentation.

DRIVING FACTORS

"Importance of Physical Appearance to Surge Market Growth"

Importance of physical appearance among the population is estimated to fuel market growth. Further, several expensive treatments, such as hair loss masks, serums, shampoos, and oils. These treatments fail to control hair fall; in this case, the tablet is cost-effective and shows the result is anticipated to fuel market growth. Expansion in the distribution channel and rising cases of prostate cancer. Such features are estimated to surge market growth in the forthcoming years. New lunch and low cost of the product are predicted to surge market growth. The rapid importance of physical appearance and social media marketing is expected to drive finasteride tablets market growth in the forthcoming years.

"Several Health Benefits of the Tablet to Accelerate Market Progress"

Several health benefits are associated with the tablet, such as improving symptoms of BPH and reducing DHT. It offers the treatment of benign male pattern baldness (MPB) and prostatic hyperplasia (BPH). An increased aging population and rising product popularity are anticipated to fuel market growth. Presence of strong market players and a high need to treat prostate related diseases. Professionals and clinical members are prescribing the medicine which is estimated to boost market progress. Several marketing strategies and social media advertising is expected to push market growth in the forthcoming years.

RESTRAINING FACTORS

"Side Effects Associated with Tablet to Limit Market Growth"

Side effects associated with the tablets is anticipated to harm market growth in the forthcoming years.

Finasteride tablets Market Regional Insights

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"Rise in Popularity of the Tablet in North America to Drive Market Share "

North America is estimated to account for the largest finasteride tablets market share owing to rising popularity of the tablet. Increased prevalence of hair loss and growing number of baldness in men & women. Toxic pollutants and a rise in water pollution are anticipated to foster market growth. The tablet is used to control baldness and prostate cancer in men. It helps to improve BPH symptoms and offers better urination flow. This product helps to reduce hair flow, and heavy R&D investments in the pharma sector are estimated to fuel market growth.

Europe is projected to hold a major market share owing to an increased aging population. Colossal demand to treat baldness and hair loss is predicted to push market growth. Rise in risk from bald-headedness and a considerable need to treat hair loss. Growing importance of appearance and increased self-care among the population is estimated to surge growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Merck (U.S.)
• Actavis (U.S.)
• Sandoz (Switzerland)
• Teva Pharmaceuticals (Israel)
• Cipla (India)
• RelonChem (U.K.)
• Dr. Reddy (India)
• Accord Pharmaceuticals (U.K.)
• Henan Topfond (India)
• Zhejiang CONBA Pharmaceutical (China)
• Shandong Renhetang Pharmaceutical (China)
• Guangdong Eashu Pharmaceutical (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.