Botulinum Toxin Market: Overview
The market size for Botulinum Toxin was USD 5429.5 million in 2021, projected to grow at a CAGR of 6.6 percent during the forecast period. Increased demand for botulinum toxin, an increase in the prevalence of chronic megrim, fitfulness, and cervical dystonia, as well as more product launches and approvals, will undoubtedly fuel the toxin's growth over the projection period. An excessive number of cosmetic product manufacturers are creating new opportunities for the botulinum market. Botulinum toxin has promising futures thanks to rapidly increasing socioeconomic conditions and the rise of medical tourism, especially in many nations.
Due to the rising need for minimally invasive or non-invasive surgeries in cosmetology, the market for botulinum toxin is expanding. Additionally, it is anticipated that expanding R&D initiatives and increasing cosmetic surgery applications would broaden the therapeutic applications. Shortly, the increased initiatives by leading industry players to launch and commercialize therapeutic botox products would provide lucrative market growth prospects. For instance, the America Society of Plastic Surgeons estimates that alone among females in the U.S. in 2020, about 10.4 million minimally invasive treatments, including facial rejuvenation, were carried out.
Increasing R&D efforts to broaden the therapeutic applications of botulinum toxin and an increase in cosmetic issues such as crow's feet and lateral canthal lines are some of the key drivers of the botulinum toxin market's growth over the forecast period. Key market players are investing considerably in their research and development for product releases due to their growing therapeutic uses. In the future, this is expected to present numerous prospects for expanding the global market. For instance, the amount spent on research and development by Revance Therapeutics, Inc. in 2020 was USD 125.8 million, an increase of 22.3% from USD 102.9 million in 2019.
Botulinum Toxin Market: COVID-19 Impact
COVID-19 directly impacts the healthcare industry since it is the focal point of this unprecedented worldwide pandemic. The COVID-19 pandemic has adversely impacted worldwide sales of items containing botulinum toxin due to decreased demand for medicinal and aesthetic uses. The main observable causes of the decreased demand include strictly enforced lockdowns, the ban on elective surgeries, and supply chain interruptions. However, this protein has been used to treat some therapeutic indications where discontinuing treatment would necessitate urgent critical care or access to emergency rooms. As a result, there is still a growing need for this toxin to treat serious illnesses.
Botulinum Toxin Market: Drivers
Surge in Demand for Minimally-invasive Cosmetic Procedures to Drive Market Growth
Individuals over 40 are concerned with their physical appearance and want to look young. As a result, women's increased emphasis on cosmetic traits, particularly in developed countries, is expected to drive botulinum toxin market expansion. Botulinum toxin is also used to treat various age-related symptoms, including forehead wrinkles, glabellar lines, crow's feet, and others. As a result, adults over 40 are more prone to such indications of aging. As a result, botulinum toxin operations are becoming increasingly popular among people aged 40-54, boosting the market growth. Furthermore, the rising prevalence of neurological illnesses will fuel market expansion. According to the International Society of Aesthetic and Plastic Surgery, the overall number of non-invasive procedures, including this toxin, hyaluronic acid, and laser hair removal, climbed 7.6% between 2018 and 2019, rising from 12,659,146 in 2018 to 13,618,735 in 2019.
Growing Number of Therapeutic and Aesthetic Indications to Drive Market Growth
Botox has various therapeutic and cosmetic purposes, and this dual application in indications is expected to drive market expansion. Its use in treating essential and chronic disorders, such as chronic migraine, spasticity, and cervical dystonia, is expected to contribute to market expansion. In terms of therapeutics, this toxin is anticipated to have hundreds of potential indications, and healthcare providers already reimburse more than 100 therapeutic uses of these toxins. Given the growing therapeutic applications, prominent market players are investing extensively in product development research and development. Additionally, numerous players are sharing the result of their clinical research. This is expected to allow players to strengthen their market position in the coming years.
Botulinum Toxin Market: Restraints
High Cost of Botulinum Toxin Operations Hamper Market Growth
The high cost of botulinum toxin operations could impede market expansion in the anticipated time range. For instance, the American Society of Plastic Surgeons estimates that in 2020, the average cost of a botulinum toxin injection will be USD 446, depending on the surgeon's price. Additionally, it requires periodic treatments that come at an added cost and is not permanent surgery. Opportunities for market growth may be limited by the low affordability of these procedures among emerging nations’ lower-income groups. How far along the wrinkles and fine lines are, how aggressively people want to treat the problem regions, and, therefore, the volume of product utilized are some variables that affect the cost of botulinum toxin injections.
Botulinum Toxin Market: Segment Overview
Botulinum Toxin Type A Segment to Dominate Market Due to Lack of Scarring After Surgery
Based on product, the Botulinum Toxin market is segmented into botulinum toxin type A and botulinum toxin type B. The botulinum toxin type A segment dominates the market and is expected to maintain its dominance over the forecast period owing to advantages including low pain, no blood loss, and lack of scarring after the surgery, which have led to an increase in consumer choice. Treating persistent migraine, tension-type headaches, and other primary neurological illnesses using botulinum toxin type-A is becoming more common. Based on the product, the market is divided into botulinum toxin types A and B. Products containing botulinum toxin type-A are used for both medicinal and cosmetic purposes, and given the growing interest in aesthetic beauty, the market is expected to expand shortly. Additionally, several commercially available botulinum toxin type-A medications, including Botox and Dysport, have undergone clinical testing and be both safe and effective over the long term with the fewest side effects.
Hospitals Category to Dominate Market Owing to Advanced Medical Treatment
Based on end users, the Botulinum Toxin market is segmented into hospitals, dermatology clinics and pas & cosmetic centers. The hospital segment dominates the market and is expected to maintain its dominance over the forecast period. An increase is aiding the expansion of this market in hospitals offering cutting-edge medical treatment and amenities in both developed and emerging nations and by growing public awareness of aesthetic operations. Additionally, most therapeutic operations for conditions including dystonia, spasticity, and chronic migraines are carried out in hospitals. Spas and cosmetic clinics are expected to experience faster growth. The segment's growth is greatly attributed to a higher preference for aesthetic procedures in dermatology clinics, spas, and cosmetic centers. Plastic surgeons and medical spa proprietors are experiencing an upsurge in consumers.
Botulinum Toxin Market: Regional Landscape
North America to Dominate Market due to Growing Number of Cosmetic Procedure
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share due to rising disposable income and an increase in aesthetic operations. For instance, 1.3 million procedures involving botulinum products were carried out in 2019, according to the American Society of Plastic Surgeons, accounting for 45% of all aesthetic procedures in the U.S. As a result, the growing use of botulinum toxin injection in various aesthetic procedures carried out in the region will drive the growth of the North American botulinum toxin industry. In addition, medical and cosmetic procedures have advanced quickly in recent years. Patients seeking medical help can now access many products and solutions thanks to improved technologies.
The Asia Pacific market is anticipated to experience stable revenue growth throughout the forecast period because of the rising senior population, rising per capita disposable income, developing healthcare infrastructure, medical tourism, and a thriving entertainment sector, nations such as South Korea, China, and Japan are projected to drive the market. Furthermore, the growing number of medical spas and cosmetic facilities in Thailand, Singapore, and Malaysia is likely to fuel the regional market. According to the annual Global Aesthetic Survey of the International Society of Aesthetic Plastic Surgery (ISAPS), medical tourism for cosmetic operations in Thailand is expanding, with more than 33.2% of cosmetic surgery patients coming from other areas.
Global Botulinum Toxin Market: Competitive Landscape
In November 2021, the wrinkle-treatment product Jeuveau (prabotulinumtoxinA-xvfs) had an increased strength dose for an extended time, according to an announcement from Evolus Inc. This should allow the corporation to improve how its product is applied to different medical situations. On the other hand, in July 2021, for the treatment of lower limb spasticity, Tenjin Pharma's Xeomin (incobotulinumtoxinA) for intramuscular injection will be sold by Merz Pharma and Tenjin Pharma in lots of 50, 100, and 200. The Japanese Ministry has also approved this agreement of Health. With the help of this strategy, the company will be able to boost its income production stream by adding value to its business portfolio.
A few players in the Botulinum Toxin Market include Anika, Merz Pharma GmbH and Co. KGaA, Allergan plc, Ipsen Group, Sanofi S.A., Salix, Pharmaceuticals, Inc., HUGEL, Inc., Medytox, Inc., Galderma S.A., Smith and Nephew plc, US Worldmed, LLC.
Regional Classification of the Global Botulinum Toxin Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Botulinum Toxin Market
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