Finasteride Market Research Report By Dosage (1 mg, 5 mg, 10 mg), By Active Ingredient (Finasteride, Dutasteride), By Application (Male Pattern Hair Loss, Benign Prostatic Hyperplasia), By Route of Administration (Oral, Topical) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Finasteride Market Overview

The Finasteride Market Size was estimated at 2.99 (USD Billion) in 2022. The Finasteride Industry is expected to grow from 3.09(USD Billion) in 2023 to 4.2 (USD Billion) by 2032. The Finasteride Market CAGR (growth rate) is expected to be around 3.46% during the forecast period (2024 - 2032).

Key Finasteride Market Trends Highlighted

Key market drivers for Finasteride include rising prevalence of androgenetic alopecia, increasing awareness about hair loss treatments, and growing adoption of minimally invasive cosmetic procedures. Opportunities for exploration in the Finasteride market lie in the expansion of generic brands, development of combination therapies, and targeting niche markets such as women experiencing female pattern hair loss. Recent trends in the Finasteride market include the rise of telemedicine for hair loss consultations, advancements in hair transplantation techniques, and the increasing popularity of hair growth supplements. These factors are expected to shape the future growth and evolution of the Finasteride market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Finasteride Market Drivers

Increasing Prevalence of Androgenetic Alopecia

Androgenetic alopecia, also called male-pattern baldness and female-pattern hair loss, is the most common hair loss type in the world. It results from both genetic and hormonal factors, affecting both men and women. Moreover, overall prevalence rates are increasing, driven primarily by issues of increasing stress levels, poor diets and environmental pollution. For these reasons, the demand for such treatments will likely continue to grow.

Growing Awareness of Hair Loss Treatments

In the past, hair loss was often considered to be a natural part of aging and was not widely treated. However, there is now a growing awareness of the psychological and social impact of hair loss, and more people are seeking treatment. This is being driven by factors such as the rise of social media and the increasing popularity of cosmetic procedures.

Technological Advancements in Hair Loss Treatment

Technological advances are one more factor that influences the growth of the Finasteride Market Industry. There are new systems of drug delivery, and they make better and more convenient treatments for hair loss exist now. It enables easier ways of curing the loss of hair, and people use them actively.

Finasteride Market Segment Insights

Finasteride Market Dosage Insights 

The market growth is determined by the increasing prevalence of male pattern hair loss and prostate enlargement, along with the rising number of consumers aware of the availability of effective treatment solutions, such as finasteride. With regard to the dosage, the market is divided into 1 mg, 5 mg, and 10 mg segments. The 1 mg dosage is designed for the application against male pattern hair loss, whereas the other 2 dosages are usually prescribed to treat prostate enlargement. In 2023, the 3rd segment was evaluated as the largest from the perspective of the market shares of the Finasteride.The growing awareness regarding the severe consequences of the enlarged organ stimulates the consumption of the respective drugs at this dosage. Concurrently, the 1 mg dosage is estimated to be the fastest growing as a result of the constant increase in the number of consumers attributing the developed treatments to the prevention measures aimed at maintaining a high quality of life. At the same time, it is reasonable to expect the 10 mg dosage to grow at a constant pace, as it is designed for cases of enlarged prostate requiring a more target-specific approach.The leading market players adopt the tendency to develop more advanced delivery systems and alternative formulations of the respective API to make the treatment procedure more suitable for the average patient. For example, in 2023, the innovative once-daily formulation of the production of the leading pharmaceutical developer, intended to treat male pattern hair loss, was presented to the market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Finasteride Market Active Ingredient Insights 

The Finasteride Market segmentation by Active Ingredient comprises Finasteride and Dutasteride. Finasteride dominated the market with a revenue share of around 80% in 2023. The dominance of Finasteride can be attributed to its longer presence in the market, extensive clinical data supporting its efficacy and safety, and wider availability compared to Dutasteride. Dutasteride, on the other hand, is gaining popularity due to its superior efficacy in treating male pattern hair loss and enlarged prostate. Its market share is expected to grow in the coming years, driven by increasing awareness and adoption of the drug.

Finasteride Market Application Insights 

The Finasteride Market segmentation by Application is primarily driven by Male Pattern Hair Loss and Benign Prostatic Hyperplasia. The male Pattern Hair Loss segment held the largest market share of around 43.1% in 2023 and is projected to maintain its dominance throughout the forecast period. The high prevalence of male pattern hair loss, particularly among the aging population, is a major factor contributing to the growth of this segment. In 2023, the market for the Male Pattern Hair Loss segment was valued at around 1.1 Billion USD and is projected to reach 1.6 Billion USD by 2032, exhibiting a CAGR of 4.2%.On the other hand, the Benign Prostatic Hyperplasia segment is anticipated to witness a moderate growth rate during the forecast period. The increasing incidence of Benign Prostatic Hyperplasia in aging males is expected to drive the growth of this segment. The market for the Benign Prostatic Hyperplasia segment was valued at approximately 0.8 Billion USD in 2023 and is projected to reach 1.2 Billion USD by 2032, growing at a CAGR of 3.8%.

Finasteride Market Route of Administration Insights 

The Finasteride Market segmentation by Route of Administration includes Oral and Topical. The Oral segment held the largest market share in 2023, and it is expected to continue its dominance during the forecast period. The Topical segment is expected to witness a significant growth rate during the forecast period. The growth of the Oral segment can be attributed to the well-established use of oral Finasteride for the treatment of androgenetic alopecia. Finasteride is available in tablet form, and it is typically taken once a day. The Oral segment is also expected to benefit from the increasing awareness about the use of Finasteride for the treatment of hair loss.The growth of the Topical segment can be attributed to the increasing popularity of topical Finasteride for the treatment of hair loss. Topical Finasteride is available in solution, gel, or foam form, and it is applied to the scalp. The Topical segment is expected to benefit from the increasing demand for non-invasive hair loss treatments.

Finasteride Market Regional Insights 

The Finasteride Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The regional growth can be attributed to the increasing prevalence of hair loss and the rising adoption of finasteride for its treatment. Europe is the second-largest market, followed by APAC. The APAC region is expected to witness significant growth in the coming years due to the rising awareness of hair loss treatments and the increasing disposable income of consumers.South America and MEA are expected to experience moderate growth during the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Finasteride Market Key Players And Competitive Insights

Most of the major players in Finasteride Market are keen to outplay their business rivals and are, at the same time, making substantial investments in research and development to ensure that their products are more effective and safer. This is set to complicate further the playing arena of the Finasteride Market. The Finasteride Market is likely to remain fully fragmented, with a number of small and medium players in existence. Increasingly, the market will consolidate as the major players continue acquisitions aimed at further expanding their product line.

The first major player in the market is. With its primary product, as one of the most popular in the Finasteride Market for hair treatment, Corona Labs will continue to increase its market share. Besides, the focal is fully global.The second major Finasteride Market Player is. The company is largely focused on research and development and has in the pipeline, a couple of notable drugs. It is also likely to increase its market share since it is gaining a stronghold in other geographical locations.

Key Companies in the Finasteride Market Include

• Reddy's Laboratories Ltd.


• Aurobindo Pharma Ltd.


• Merck Co., Inc.


• Zydus Pharmaceuticals (USA) Inc.


• Novartis AG


• GlaxoSmithKline plc


• Pfizer Inc.


• Accord Healthcare Limited


• Teva Pharmaceuticals Industries Ltd.


• Lupin Limited


• Torrent Pharmaceuticals Ltd.


• Mylan N.V.


• Cipla Limited


• Sun Pharmaceutical Industries Ltd.

Finasteride Market Industry Developments

The Finasteride market is projected to reach USD 4.2 billion by 2032, exhibiting a CAGR of 3.46% during the forecast period (2024-2032). Rising prevalence of male pattern baldness and benign prostatic hyperplasia, increasing awareness about hair loss treatments, and growing adoption of minimally invasive hair restoration procedures are key factors driving market growth.

Technological advancements, such as the development of topical formulations and combination therapies, are further expanding treatment options and fueling market expansion. Strategic collaborations and acquisitions among industry players are also shaping the competitive landscape, with companies investing in research and development to enhance product offerings and expand market share.

Finasteride Market Segmentation Insights 

Finasteride Market Dosage Outlook

• 1 mg


• 5 mg


• 10 mg

Finasteride Market Active Ingredient Outlook

• Finasteride


• Dutasteride

Finasteride Market Application Outlook

• Male Pattern Hair Loss


• Benign Prostatic Hyperplasia

Finasteride Market Route of Administration Outlook

• Oral


• Topical

Finasteride Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa