Botulinum Toxin Market size worth over $8.9bn by 2026
Published Date: July 16, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Botulinum Toxin Market size is set to surpass USD 8.9 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing incidence of chronic migraine cases across the globe will drive the market revenue. The industry is witnessing robust growth owing to novel product launches as well as technological advancement. Additionally, growing demand for non-invasive or minimally invasive procedures will propel the 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 botulinum industry. Furthermore, prominent players operating in the industry are focusing on constant innovation for better aesthetic and therapeutic outcomes.
Surge in demand for non-invasive treatments will foster the botulinum toxin market size
Rising awareness regarding aesthetic procedures and improved accessibility will fuel the demand for surgical procedures, thus propelling the demand for botulinum toxin products. Various programs for aesthetic surgeries organized by the government and other organizations will benefit the market expansion. In addition, growing number of manufacturers in developed and developing economies will supplement the market revenue. Increasing FDA approvals for botulinum toxin products will further augment the market value.
Botulinum toxin reduces the severity, disability and pain of cervical dystonia
The botulinum toxin B segment is expected to show lucrative growth of 6.4% till 2026. Botulinum toxin B has been primarily used in treatment of cervical dystonia. High growth rate is due to various advantages offered by these products. Advantages such as effective reduction in severity, disability and pain of cervical dystonia will positively impact the product demand. Additionally, growing R&D efforts by market players to increase the scope of application of botulinum B products will drive the segment growth.
Browse key industry insights spread across 164 pages with 286 market data tables & 16 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), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Turkey, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, Egypt, Iran), Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The medical use of botulinum toxin will provide numerous growth opportunity over the coming years
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The medical application segment in the botulinum toxin market is anticipated to expand at nearly 9.4% CAGR from 2020 to 2026. Botulinum toxin is widely used to treat various disorders such as hemifacial spasms, focal dystonia, hyperhidrosis and in sphincter dysfunctions. These medical uses will increase the product demand. Moreover, availability of technologically advanced procedures as well as products with increasing therapeutic indications will further propel the market revenue share.
Increasing influence of aesthetic procedures among men will provide novel growth opportunity for the market
The male segment will witness growth rate of more than 10.2% through 2026 driven by an increasing acceptance of aesthetic surgeries among male patients. Furthermore, advancements in aesthetic procedures along with availability of a large variety of non-invasive or minimally invasive treatment options will impel the global market size.
Increasing patient footfall in hospital settings will drive the segment growth
The hospital segment accounted for botulinum toxin market revenue of about USD 1.2 billion in 2019.Increasing number of minimally invasive cosmetic surgeries performed in hospital settings will serve to be a major impact rendering factor in the market growth. Presence of trained and skilled healthcare professionals will further boost the segment growth.
Growing signs of ageing among the age group of 30-39 years will drive the market growth
The 30-39 years segment is projected to exhibit around 9.4% growth during the forecast period. Individuals aged between 30-39 years start expressing their signs of ageing and opt for the treatment due to concerns over appearance. Also, media coverage of celebrities will fuel the patient volume by creating awareness of botulinum toxin products.
Strong foothold of key industry players in Europe will offer several growth opportunities for regional market
Europe botulinum toxin market held a significant revenue share in 2019 and is estimated to reach USD 1.1 billion by 2026. Regional market size expansion is attributed to increasing number of therapeutic indications coupled with a rising prevalence of chronic disease such as chronic migraine and cervical dystonia. A high awareness among individuals pertaining to their appearance and an increasing number of product approvals in the European region are some of the key factors driving the regional market value.
Companies adopt inorganic growth strategies to strengthen botulinum toxin product portfolio and expand geographical outreach
Some of the eminent players operating in the botulinum toxin market include Revance Therapeutics, Inc, Eisai Co., Ltd., Hugel Inc., Hugh Source International ltd., Galderma S.A., Allergan, Ipsen, and Merz Pharma, among others. These industry players focus on strategies such as acquisitions, partnerships, mergers and innovative product development to increase the revenue and outperform the market competition.
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