Humans have long had a fascination with hair. From Samson to Rapunzel, hair has been the hero of many stories. Hair can be a reflection of people’s identity, with a deep, personal relationship between hair and self-esteem. Men with thick hair are often envied by men with less hair. Women sometimes equate a bad hair day with a bad day overall, and the condition of a woman’s hair can impact confidence.
Hair Loss Impacting The Self-Esteem Of Men And Women Everywhere?
Hair loss and its treatment have found a prominent place in discussions relating to hair care.
Hair care is a multi-billion dollar industry — the global hair care market size was valued at $187 billion in 2020, of which the market in the U.S. held a significant share. It is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028 in the U.S., according to Grand View Research.
The global hair loss product market size has also been growing rapidly and is expected to cross $4 billion by 2025, growing at a CAGR of over 6% according to Arizton Advisory. The market is highly competitive with a large number of international companies in beauty and pharmaceutical segments racing to develop new formulas and product launches to keep up with technological advancements.
The global market for hair loss treatment products is dominated by big players like Procter & Gamble Co. PG, Unilever plc. ULVR, L'Oreal SA OR and Taisho Pharmaceutical Holdings Co. Ltd. 4581.
In the U.S., well-known products for the treatment of hair loss include Johnson & Johnson’s JNJ Rogaine, Vegamour GRO hair serum, and Nutrafol hair growth supplements. A common ingredient in these products is minoxidil, a synthetic drug that reportedly treats hair loss.
A Product To Boost Performance Of Hair Loss Products?
US-based Jupiter Wellness Inc. JUPW, a company that researches, develops, licenses and sells products in the wellness field focused on hair, skin and sexual health, reports that it has developed a breakthrough drug for the topical treatment of hair loss.
Jupiter says that products like Rogaine are not as effective as expected for almost 40% of the male population. Hair loss affects more men than women, and the company says it set about developing its booster to promote better results for more users of minoxidil products regardless of their genetic makeup.
According to Jupiter’s research, some people are low in the sulfotransferase enzyme which is needed for minoxidil to generate hair growth. The company says that its studies over a two-week period have clinically shown that its minoxidil booster increases the enzyme’s enrichment capacity by up to seven times.
In June 2022, Jupiter announced that the Company licensed its SULT1A1 minoxidil booster to Taisho Pharmaceutical Co., Inc. 4581 for the Japanese market, with a $300,000 up-front payment and 3% royalties on net sales.
Taisho, a $2.6 billion revenue company and the largest minoxidil manufacturer in Japan, is planning to support hair loss patients with this breakthrough adjuvant therapy to topical minoxidil. Taisho plans to launch the product commercially in early 2023.
Jupiter has also licensed its minoxidil booster to India-based Cosmofix Technology and Sanpellegrino Cosmetics Private Limited for an upfront payment of $50,000 with 10% royalties on net sales. Jupiter is also pursuing additional licensing opportunities.
Jupiter Wellness may have a lucrative addition to hair loss treatments with current minoxidil distributors becoming significant distributors in the future. With only 40% of minoxidil patients satisfied with their results, the hair loss market would welcome a proven enhancement in minoxidil efficacy.
To learn more about the company, visit jupiterwellness.com.
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