Botulinum Toxin Market size is set to reach USD 11.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Growing demand for minimally invasive procedures will spur the industry statistics. Various advantages such as smaller incision, faster wound healing and shorter hospital stay is expected to boost the demand and increase the number of minimally invasive surgeries. Furthermore, increasing concern regarding physical appearance and increasing healthcare spending towards enhanced skin care will result in greater demand for botulinum toxin products. Also, various major key players operating the market are focusing on innovative product development for enhanced therapeutic and aesthetic outcomes.
Rising preference towards non-invasive surgical procedure will fuel the market expansion
Increase in awareness among the patient population regarding availability of non-invasive surgeries with reduced side effects as compared to other surgeries is increasing the adoption of non-invasive products. 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 botulinum toxin market growth. Such procedures involve minimal risk of complications as well as are completed within a short timeframe, hence the growing demand for non-invasive aesthetic procedures.
Various side effects associated with botulinum toxin procedure will propel the market revenue
The growing adoption of botulinum toxin for aesthetic procedure also possesses increasing risk of post procedural complications that can hamper the market share. Botulinum toxin is used for both aesthetic and therapeutic procedures. Various side effects associated with the use of botulinum toxin include allergic reactions, rashes, back and neck pain, nausea dry mouth, sarcoidal granuloma and others. These side effects have a lasting impact on the skin that often requires fillers to correct the damage that has been caused. Hence, owing to these side effects, the adoption rate of botulinum toxin procedures in therapeutic as well as aesthetic application may decrease.
Advantages associated with botulinum toxin B will fuel the market statistics
Botulinum toxin market from botulinum toxin B segment is projected to register 5.2% CAGR during the forecast period. Botulinum toxin B is commonly used for the treatment of cervical dystonia and plays a major role in effective reduction in severity and pain of cervical dystonia. Thus, owing to the advantages associated with the application of botulinum toxin B in cervical dystonia will foster the product demand. Furthermore, increasing geriatric population base and increasing number of people suffering from muscle spasticity will also escalate the adoption rate of botulinum toxin B.
Browse key industry insights spread across 150 pages with 283 market data tables & 20 figures & charts from the report, “Botulinum Toxin Market Analysis By Product (Botulinum Toxin A, Botulinum Toxin B), Application (Medical, Aesthetic), Gender (Female, Male), Age (13-19, 20-29, 30-39, 40-54, 55 & Above), End-use (Hospitals, Dermatology Clinics, Spas & Cosmetic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Medical use of botulinum toxin will provide numerous growth opportunity
Botulinum toxin market from medical application segment surpassed USD 3,453.5 million in 2021. Botulinum toxin such as Dysport, Botox, Xeomin are commonly used for the treatment if medical conditions such as sphincter dysfunction, hemifacial spasms, dystonia, and hyperhidrosis. Furthermore, availability of technologically advanced and effective products coupled with increasing medical applications will accelerate the industry trends.
Increasing adoption of botox procedures in men will boost the botulinum toxin market forecasts
Male segment is set to reach USD 886.4 million by 2030 due to increasing adoption of aesthetic surgeries amongst the male population. For instance, according to the American Society of Plastic Surgeons report, around 820,123 of cosmetic minimally invasive procedures were performed in male in 2020. Further, increasing concerns in male regarding their physical appearance as it also helps to increase confidence and enhance personality will spur the business landscape.
Rising ageing signs among the age group of 30-39 years will augment the market outlook
Botulinum toxin market from age group of 30-39 years segment is poised to cross USD 2.3 billion by 2030. The 30-39 age group population start experiencing their signs of ageing and opt for cosmetic procedures owing to concerns over appearance. For instance, in 2020, according to the American Society of Plastic Surgeons, about 811,314 (18.4) individuals from 30-39 age group underwent botulinum toxin surgery. Thus, increasing number of cosmetic procedures amongst the 30-39 age group population will boost the product demand.
Increasing number of botulinum toxin procedures in hospital settings will stimulate the business landscape
Hospital segment accounted for 24.3% market share in 2021 and is expected to witness considerable CAGR during the forecast timeframe. This is attributed to rising number of minimally invasive surgeries performed in hospital settings. Also, increase in the number of bladder dysfunction, soft tissue fillers and cervical dystonia has led to increased preference towards these procedures. Thus, increasing number of procedures performed in various institutes including hospital setting will augment the market revenue.
Strong foothold of key industry players in Europe will offer several growth opportunities
Europe botulinum toxin market is estimated to exhibit a CAGR of 7.4% to reach USD 1.5 billion by 2030. This is owing to presence of key market players along with increasing awareness amongst the individuals to opt for botulinum toxin procedures. Also, availability of advanced and effective solutions and growing therapeutic applications of botulinum toxin for the treatment of medical conditions will foster the regional market expansion.
Adoption of inorganic growth strategies to strengthen botulinum toxin product portfolio and consolidate the market position
Some of the prominent players operating in the botulinum toxin industry include Hugh Source International ltd., Evolus Inc, Revance Therapeutics, Inc, AbbVie, Eisai Co., Ltd., Hugel Inc., Ipsen, and Merz Pharma. These key players focus on strategies such as acquisitions mergers, partnerships, and innovative product development to increase the revenue and consolidate the market position.
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