Pune, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Botulinum Toxin Market Size Analysis:
The Botulinum Toxin Market was valued at USD 9.6 billion in 2023 and is expected to reach about USD 21.6 billion by 2032, with a tremendous CAGR of 9.4% during the forecast period from 2024 to 2032.
Botulinum Toxin Market Overview
There is a significant growth prospect in the market of botulinum toxin mainly due to increasing demand from both aesthetic and therapeutic applications. The acceptance of cosmetic procedures and awareness about aesthetic treatments has led to a significant rise in demand. Along with this development in medical technology and growing awareness about the beneficial effects of the toxin, its therapeutic use has opened for chronic migraines, hyperhidrosis, and dystonia among other conditions.
Many companies on the supply side are innovating and introducing new botulinum toxins into the market, hence the market becomes competitive. Established brands accompanied by research and development initiatives add more force to the market's supply. The market is therefore expected to grow during the forthcoming years as consumers' demand for aesthetics and treatments increases.
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Key Botulinum Toxin Market Players:
- Ipsen Group
- Allergen, Inc.
- Metabiologics
- Merz Pharma
- US Worldmeds
- Galderma
- Lanzhou Institute of Biological Products
- AbbVie Inc.
- Medytox
- HUGEL, Inc.
- Evolus, Inc.
- Revance Therapeutics, Inc.
- Supernus Pharmaceuticals, Inc.
- Eisai Co., Ltd.
- Hugh Source International Ltd
Botulinum Toxin Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.6 Billion |
| Market Size by 2032 | US$ 21.6 Billion |
| CAGR | CAGR of 9.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Botulinum Toxin Market by Application
Based on application, the market is bifurcated into aesthetic and therapeutic applications. Among these, the aesthetic segment is expected to observe a strong CAGR of 10.2% during the forecast period, led by an increasing inclination toward aesthetic appeal and advancement in cosmetic procedures both in developed and developing nations. Botulinum toxin (BoNT) has emerged as one of the cornerstones of cosmetology and has bridged the gap between consumer demand for non-invasive aesthetic treatments.
The therapeutic use application segment is dominating the market with a high share of 43.0%. This happened because the neurotoxin properties of botulinum toxin made it an effective treatment for various medical conditions and, thus, moved it to the forefront. This segment is further growing because deeper research into its mechanisms of action has provided new applications in chronic migraines, hyperhidrosis, and other therapeutic needs.
Botulinum Toxin Market by Type
The botulinum toxin type-A segment largely captured the market with a revenue share of 98.8% in 2023. It is based on minimal pain, no blood loss, and no scarring in procedures. Highly used for chronic migraines, tension-type headaches, and different kinds of neurological disorders ensures that the type-A segment will emerge further with steady growth supported by consumer demand for aesthetic as well as therapeutic applications.
Botulinum Toxin Market by End User
The botulinum toxin market is also segmented by end-user. The three significant areas- hospitals, dermatology clinics, and spas & cosmetic clinics- accounted for nearly 44.5% share in 2023 due to growing demand for aesthetic procedures in these settings. This trend is likely to continue with a projected CAGR of 10.2%. Hospitals, with a revenue hold of 43.4%, are expanding their offerings of aesthetic services, supported by advancements in medical facilities and consumer awareness.
Botulinum Toxin Market Key Segmentation:
By Application
- Therapeutic
- Chronic Migraine
- Spasticity
- Overactive Bladder
- Cervical Dystonia
- Blepharospasm
- Aesthetics
By Type
- Botulinum Toxin Type A
- Botulinum Toxin Type B
By End-User
- Specialty & Dermatology Clinics
- Hospitals & Clinics
- Others
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Botulinum Toxin Market by Region
North America
The North American region held a significant share of the botulinum toxin market in 2023 at about 46.9% revenue share. The region is likely to reach around USD 5.1 billion in 2030, driven by the increasing disposable income and growth in cosmetic procedures. The trend now is that the usage of botulinum toxin products, especially cosmetic use has become high in numbers. The ASPS is also seen to have recorded increases in usage. Some of the outstanding market leaders in this industry include AbbVie and Galderma which expand their product lines constantly.
Asia Pacific
This region is further going to experience the highest CAGR of 11.1% in the Asia Pacific during the forecast period due to good reimbursement policies, a large patient population, and well-established healthcare facilities. Increased beauty consciousness in South Korea, China, and Japan has further driven market growth. The growth of medical spas and cosmetic centers in the region, especially in Thailand, Singapore, and Malaysia, fuels another factor for the dynamic nature of the botulinum toxin market. Companies like Hugel and Ipsen continue to launch more products in this fast-emerging market.
Recent Developments
- October 2023: Hugel America, Inc. received FDA approval for Letybo, a neurotoxin treatment for adults with moderate-to-severe glabellar lines.
- November 2023. AbbVie expanded the exclusive deals for new and loyal members of its Allē loyalty program for BOTOX Cosmetic Day.
- July 2023. Galderma has announced the expansion of its RESTYLANE portfolio integrating botulinum toxin products into combined aesthetic solutions.
- June 2023 - When the therapeutics firm Revance published a long-term efficacy study for DaxibotulinumtoxinA for chronic migraines, this boosted market strength.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Drug Volume: Production and usage volumes of pharmaceuticals.
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients.
6. Competitive Landscape
7. Botulinum Toxin Market Segmentation, by Application
8. Botulinum Toxin Market Segmentation, by Type
9. Botulinum Toxin Market Segmentation, by End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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