Sales of topical minoxidil rise with interest in hair loss

Sales of Rogaine Foam show marked growth

Minoxidil market grows 22% in line with rising demand for early hair loss treatment

Rogaine Foam’s sales surge 89% last year… records 2nd place this year with a 119% increase

Differentiated convenience of use with a foam-type formulation… consumer-friendly marketing also makes effect

(From the left) Rogaine, Mynoxyl, Dongsung Minoxidil

The market for minoxidil topical solutions that are applied directly to the scalp continued on its strong growth, with marked growth shown by the foam-type Rogaine Foam among the three major products in the market.

 

According to the market research institution IQVIA on the 14th, the minoxidil topical solution market had raised ₩4.6 billion in 4 months from January to April this year, a 36% YoY increase from the ₩3.4 billion made in the same period last year.

 

The minoxidil market expanded rapidly with the rise in younger hair loss patients and the increasing perception that the condition needs to be managed in its early stages.

 

Minoxidil, a topical medication that is directly applied to the scalp, expands the blood vessels to facilitate a smoother supply of nutrients to the hair.

 

The market size, which had been below ₩1 billion from January to August last year, has increased to ₩1.5 billion this year along with the rising interest in hair loss.

 

The total sales of minoxidil products in the market last year amounted to ₩12.5 billion, a 22% increase from the ₩10.2 billion of the previous year.

 

Three products – Hyundai Pharm’s Minoxyl., Johnson&Johnson’s Rogaine Foam, and Dongsung Minoxidil – are leading the minoxidil topical solutions market.

 

Among the three drugs, Hyundai Pharm’s Minoxyl has a 33% share of the market, followed by Dongsung Minoxidil (25%), then Rogaine Foam(24%).

 

Recently, Rogaine Foam has been making the most marked growth.

 

Rogaine Foam, which was released in 2017, has only accounted for 15% of the total market, bringing in an annual sales of ₩1.6 billion in 2020.

 

However, its sales rose 89% last year to record ₩3 billion.

 

Its market share had also grown 9%p to reach 24%.

 

After chasing the runner-up Dongsung Minoxidil to the brim last year, Rogaine Foam beat Dongsung Minoxidil this year and took second place in the market.

 

Its cumulative sales by April this year were ₩1.4 billion, a 119% increase YoY.

 

Rogaine Foam’s market share had even exceeded that of the market leader Minoxyl in April this year.

 

Rogaine Foam currently occupies 30% of the market, just a 1%p difference from the No.1 leader Minoxyl.

 

This year’s market growth is analyzed to have been driven by Rogaine Foam.

 

Sales of Minoxyl and Dongsung Minoxidil have also increased, but only by 18% and 12% each.

 

By April, cumulative sales made by Minoxyl amounted to ₩1.4 billion, and Dongsung Minoxidil to ₩1 billion.

 

Rogaine Foam’s contribution to the growth of the minoxidil topical solution market was 61% this year.

 

It is interpreted that Rogaine’s foam type made this success by differentiating itself from the existing liquid-type products.

 

As Korea’s first foam-type hair loss treatment, it minimized the dripping and stickiness associated with the gel-type formulation.

 

Also, it does not contain propylene glycol (PG), which can cause skin irritation such as itching and stinging.

 

In fact, a consumer survey on hair loss patients that was conducted by Johnson&Johnson shows that people who purchased Rogaine Foam selected its convenience in use and verified effect as the product’s top strengths.

 

Also, the company believes its marketing campaign that related well to the minds of its consumers had brought a synergistic effect along with its product power.

 

Junghwa Cha, brand manager at Johnson & Johnson Korea, said, “Our original foam type minoxidil topical solution shows the optimal effect when used in combination with oral finasteride, and is therefore commonly prescribed by specialists at hair loss clinics.

 

Our efforts to highlight the product’s efficacy and effect while preparing a solid ecosystem so that consumers can appreciate the value of Rogaine Foam from every aspect, in addition to the support shown by pharmacists in the field, have driven the rapid growth of the product this year."