Finasteride Market 2018 Global Trend, Segmentation and Opportunities, Forecast 2021 to 2031

Posted on 2021-03-25 by Future Market Insights, Inc in Industrial, Technology // 0 Comments

Global Finasteride Market: Market Outlook

Finasteride is considered as an oral medication used in the treatment of benign prostate hyperplasia (BPH) caused due to enlargement of the prostate in men. Benign prostate hyperplasia in men creates urination difficulties for which finasteride is used.

The drug also helps in reducing the chances for prostate surgery alone or in combination with other drugs. Finasteride also provides the benefit of preventing hair loss caused due to benign prostate hyperplasia and increases the number of hair on the scalp.

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According to the Asian Journal of Urology, the prevalence rate of benign prostate hyperplasia increases with age after 40 years and varies from 8% – 60% at the age of 90 years. Genetics and changing lifestyle patterns are expected to have a significant impact on global finasteride market growth in the coming decade.

What are the Key Trends Impacting Growth of the Global Finasteride Market?

Increasing concern levels over aesthetic look are having a significant positive impact on the global finasteride market to improvise hair growth patterns. There has been a significant rise of finasteride adoption rate in regions like Europe where concern for aesthetics are higher as compared to other regions.

Increasing competition from China is also one of the key trends of global finasteride market where Chinese pharmaceutical market has grown drastically over a while.

There has been an increasing rate of approval and commercialization of drugs like finasteride with large manufacturing capacities creating a it a moderately fragmented market providing competitive edge for the rest of the market players in the region.

Adaption of high technology distribution channel including supply chain management (SCM) is expected to make import and export of finasteride easier to target countries where it has less adoption resulting into finasteride market expansion.

Increasing Adaption of E-commerce: How Online Pharmacies Became a Key Distribution Channel

The adoption rate of e-commerce into the global finasteride market has observed exponential rise leading to the increasing growth rate of online pharmacies segment into the global finasteride market distribution channel.

The shift towards smart mobiles and digital technology has made supply of global finasteride market easier and product accessible on just one click. Online sales offered by such pharmacies have also led to increasing market share in global finasteride market.

Whereas, currently hospital pharmacies is the leading distribution channel in finasteride market catering high number of patients suffering from benign prostate hyperplasia.

How is the Rising Geriatric Population Reshaping the Global Finasteride Market?

There has been a significant increase in geriatric population over a decade. This increase of geriatric population has led to the increase of consumer spending over geriatric population and is expected to boost global finasteride market growth.

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According to the United Nations, there will be twice the geriatric population that exist currently over the next four decades. On the other hand, Italy accounts for 21.7% of the population over the age of 65 years from the total population.

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, 71% for men aged 61 to 70 years and 82% for men aged 71 to 80 years in U.K.

What are the Key Challenges that may Restrain Growth of the Global Finasteride market?

Less awareness among the general population regarding treatment options available for benign prostate hyperplasia is expected to hinder global finasteride market growth in the coming decade. Whereas, the less purchasing power of population belonging to regions like the Middle East and Africa is one the challenging factor for global finasteride market.

Alternative therapeutic options like minimally invasive and surgical procedures is expected to have negative impact on global finasteride market growth.

Growing emergence of generic drugs into the finasteride market is expected to generate pricing restraints into the finasteride market. Patent expiry of finasteride drugs in the coming decade will lead to reduction of finasteride market growth.

The warning issued to organization called Post-finasteride Syndrome Foundation regarding side-effects after the intake of finasteride such as suicidal thoughts can hinder the growth of global finasteride market.

Key Segments of Global Finasteride Market Covered in the Report

Based on drug dose, the Global Finasteride Market has been segmented as

1 mg
5 mg

Based on the indication, the Global Finasteride Market has been segmented as

Benign Prostatic Hyperplasia (BPH)
Male Pattern Baldness
Hormone Replacement Therapy

Based on the distribution channel, the Global Finasteride Market has been segmented as

Institutional Sales
- Hospitals
- Speciality Clinics
- Research Institutes
Retail Sales
- Retail Pharmacies
- Online Pharmacies

Based on the region, the Global Finasteride Market has been segmented as

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

Competitive Landscape

Key players such as

Merck and Company
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
And others are actively involved in offering finasteride for different applications.

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