Finasteride market to reach $130 billion by 2026 with a CAGR of 2.5%
Category: #business  By Ravi Chawat  Date: 2021-03-11
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Finasteride market to reach $130 billion by 2026 with a CAGR of 2.5%

Finasteride market is anticipated to record a significant growth rate over the coming years owing to rising cases of prostate cancer and scalp treatment processes. Finasteride is a prescription drug, that comes as an oral tablet. It is used to shrink a prostate that is enlarged or BPH (benign prostate hyperplasia) in adult men.

Finasteride is also used to treat male pattern hair loss. It might improve the symptoms of BPH and provide benefits like better flow of urine with less straining, decreased nighttime urination, lowered urge to urinate, and less feeling that bladder has not been completely emptied.

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Finasteride works by reducing natural body hormone, also known as DHT, which causes growth of prostate. The decrease in DHT would help in preventing prostate from growing larger. It can also lead to increased hair growth as well as decreased hair loss of the hair on head.

The 5 mg dosage is used to treat the signs of enlarged prostate and it might take a few months to see the full effect. Moreover, it is advised not to consume the medication if someone is allergic to it. Also, finasteride should not be taken by children or women.

The finasteride market is segmented in terms of product, application, and regional segment.

With respect to application, the market is bifurcated into prostate treatment and hair treatment. The prostate treatment segment is further divided into prostate enlargement, hormone therapy (Transgender Women), and prostate cancer. Among these, the prostate enlargement segment held a share of over 25% in 2019 and is expected to register continuous growth during the analysis timeframe.

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Prostate cancer segment is likely to witness gains of over 2% through 2026. The medication has shown to reduce the risk of low-grade prostate cancer in older men. Long-term follow up results had shown that with the regular consumption of finasteride for nearly 7 years, the risk of low-grade prostate cancer reduces considerably.

Hormone therapy (Transgender Women) will surpass $0.105 thousand by 2026 due to growing finasteride penetration in the segment. The antiandrogenic effects of finasteride are sometimes helpful in hormone replacement therapy for transgender women.

The hair treatment segment is further classified into scalp hair loss and excessive hair growth. The scalp hair loss segment is set witness gains of over 2% through 2026 owing to growing adoption of hair loss treatment. The finasteride market from excessive hair growth segment held a share of over 17% in 2019 and is expected to register continuous growth during the analysis timeframe.

From a regional frame of reference, the Latin America finasteride market will witness over 1.5% CAGR over the forecast time period. The Middle East & Africa finasteride market will witness around 1.5% CAGR over the forecast time period.

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https://www.prnewswire.com/news-releases/leather-chemicals-market-to-reach-usd-11-42-billion-by-2026–says-global-market-insights-inc-300980524.html

About Author

Ravi Chawat    

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article c...

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