Botulinum Toxin Market worth over $6bn by 2027

Botulinum Toxin Market size is set to surpass USD 6 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Increasing demand for non-invasive or minimally invasive procedures will drive the botulinum toxin market growth. Advantages such as shorter hospital stay, smaller incision size and faster wound healing will influence the demand for minimally invasive surgeries. Hence, this will lead to increased acceptance of botulinum toxin injections and boost the global market. Furthermore, prominent market players operating in the industry are focusing on constant innovation for better aesthetic and therapeutic outcomes. This will increase the product demand and will further fuel the market expansion.

 

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The COVID-19 pandemic has had an unprecedented impact on the global botulinum toxin market in 2020. With increasing number of COVID-19 cases, governments across the globe were forced to reorganize and restructure the healthcare system to combat the pandemic. This led to temporary suspension and cancellation of various aesthetic procedures that were identified as non-essential procedures. This significantly affected the sales of botulinum toxin products and leading companies generated an average of 21% lesser revenue in 2020 as compared to 2019. With emergence of second wave and fear of third wave of COVID-19 pandemic, the market is projected to witness slow growth in the coming years. However, with the launch of new vaccines, the market will resume to pre-COVID levels from 2023 and onwards.
 

Increase in demand for non-invasive treatments will foster the botulinum toxin market value

Increasing preference for minimally invasive and non-invasive aesthetic procedures will spur the industry growth over the coming years. Non-invasive procedures involve no incisions, anesthesia or pain. The patient may undergo some discomfort during the procedure. However, no incisions result in no scarring and invasion that will be a high impact rendering factor for the market demand. Also, such procedures involve minimal risk of complications as well as are completed within a short timeframe. Thus, the growing demand for non-invasive aesthetic procedures will drive the industry expansion. Rising awareness regarding aesthetic procedures and improved accessibility will propel the demand for botulinum toxin products.
 

Side effects associated with botulinum toxin procedure will restrain the market revenue

With rising adoption of aesthetic procedures, increasing risk of post-procedural complications can hamper the demand for these products during the forecast timeframe. Botulinum toxin is widely used for both therapeutic and aesthetic procedures. Despite being minimally invasive in nature, such procedures are associated with side effects such as rashes, allergic reactions, back and neck pain, nausea dry mouth and others. Thus, such side effects are hindering the acceptance rate of botulinum toxin in aesthetic as well as therapeutic application.
 

Various advantages associated with Botulinum toxin B will boost the segment growth

The botulinum toxin B segment is expected to showcase 3.8% growth rate by 2027 due to various advantages associated with these products. Advantages such as effective reduction in severity, disability and pain of cervical dystonia will influence the product demand. Moreover, expanding geriatric population base as well as rising number of people suffering from muscle spasticity will elevate the adoption rate of botulinum toxin B that will drive the market value. Growing investment in R&D activities to increase the scope of application of botulinum toxin B products will fuel the segment expansion.
 

Browse key industry insights spread across 169 pages with 285 market data tables & 20 figures & charts from the report, “Botulinum Toxin Market Size By Product (Botulinum Toxin A, Botulinum Toxin B), By Application (Medical, Aesthetic), By Gender (Female, Male), By Age (13-19, 20-29, 30-39, 40-54, 55 and Above), By End-use (Hospitals, Dermatology Clinics, Spas & Cosmetic Centers), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/botulinum-toxin-market
 

The medical use of botulinum toxin will provide numerous growth opportunity

Botulinum Toxin Market

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The medical application in the botulinum toxin market accounted for USD 2 billion in 2020. The botulinum toxin such as Botox, Dysport and Xeomin are widely used to treat various medical conditions such as focal dystonia, hemifacial spasms, sphincter dysfunctions and hyperhidrosis. These medical uses will increase the product demand and impel the industry demand. Additionally, availability of technologically advanced procedures as well as products with increasing therapeutic indications will further spur the market progression.
 

Increasing number of botulinum toxin procedures among men will upsurge the growth opportunity

The botulinum toxin market for male segment was valued at USD 239.1 million in 2020 led by rising acceptance of aesthetic surgeries among male patients. For instance, according to the American Society of Plastic Surgeons (ASPS) report, around 171,689 of cosmetic non-invasive procedures were performed in males in 2019. The report also stated that, the percentage has increased from 8% in 2018 to 10% in 2019. Thus, growing number of male individuals opting for botulinum toxin surgery will augment the market growth. Availability of a large variety of non-invasive treatment options coupled with advancements in aesthetic procedures will further propel the global industry revenue.
 

Rising ageing signs among the age group of 30-39 years will fuel the botulinum toxin market expansion

The age group between 30-39 years segment is poised to reach USD 1.2 billion by 2027. Individuals aged between 30-39 years start expressing their signs of ageing and opt for the treatment owing to concerns over appearance. For instance, as per The Aesthetic Society report, approximately 256,145 individuals aged between 30-39 undergone botulinum toxin surgery in 2019. Also, the report stated that, Botox, Dysport and Xeomin were the top products used in the treatment. Similarly, media coverage of celebrities will drive the patient volume by creating awareness of botulinum toxin products. This will increase the product demand and supplement the industry value.
 

Growing number of botulinum toxin procedures in hospital settings will influence the segment revenue

The hospital segment captured 24.2% of the botulinum toxin market share in 2020. Increasing number of minimally invasive cosmetic surgeries performed in hospital settings will serve to be a major impact rendering factor in the industry progression. Moreover, surge in the number of soft tissue filler procedures has led to an increased preference towards these procedures. For instance, as per the American Society of Plastic Surgeons (ASPS) report, nearly 2.6 million soft tissue filler procedures were performed in 2018. These procedures involve the use of botulinum toxin. Thus, rising number of procedures performed in various institutes including hospital setting will augment the market demand. Increasing patient affordability due to growing disposable income will upsurge the demand for advanced aesthetic procedures in hospitals. 
 

Strong foothold of key industry players in Europe will offer several growth opportunities for regional market

Europe botulinum toxin market is estimated to attain a CAGR of 6.4% through 2027 on account of the presence of key market leaders coupled with increasing preference amongst individuals to undergo Botox surgeries across the region. Also, growing number of product approvals in the European region coupled with high awareness among individuals pertaining to their appearance are some of the key factors impelling the regional growth. Furthermore, rising number of therapeutic indications and high disposable income across the region will increase product demand, thereby fostering the market revenue.
 

Companies adopt inorganic growth strategies to strengthen botulinum toxin product portfolio and expand geographical outreach

Some of the eminent participants operating in the botulinum toxin market include Revance Therapeutics, Inc, Eisai Co., Ltd., Hugel Inc., Hugh Source International ltd., Evolus Inc, AbbVie (Allergan), Ipsen, and Merz Pharma among others. These market players focus on strategies such as partnerships, innovative product development, acquisitions and mergers to increase the revenue and outperform the market competition.
 

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