Botulinum Toxin Market is Gaining at an Auspicious CAGR of 10.3% During Forecast 2019-2025

Market Overview:

Botulinum toxin products are used by medical professionals in therapeutic and aesthetic procedures. The global botulinum toxin market on the basis of application is segmented into aesthetic and therapeutic. The therapeutic segment is further classified into a chronic migraine, cervical dystonia, spasticity, blepharospasm, overactive bladder, and others. The overactive bladder segment is likely to hold a majority of the market share in the global market. Various major players are conducting research and development activities to confirm the therapeutic efficiency of their products. Increasing product approval from regulatory authorities for the therapeutic use of botulinum toxin is likely to provide favorable conditions for the growth of the market. For instance, in October 2019, Allergan received product approval for Botox by the US Food and Drug Administration (FDA) to treat the lower limb spasticity in pediatric patients of age group 2 to 17. This is likely to provide favorable conditions for the growth of the market.

Botulinum Toxin Market is expected to register a CAGR of 10.3% during the forecast period, with a market value of USD 9,442.93 Million by 2025.

The growing competition among existing and new market players to develop better botulinum toxin products is expected to drive the market growth. Key companies are also involved in new product launches, collaborations, and mergers to increase their market share. For instance, in October 2019, Allergan received approval for Botox by the US Food and Drug Administration (FDA) to treat the lower limb spasticity in pediatric patients of age group 2 to 17. Additionally, Merz Pharma GmbH & Co. KGaA announced product approval for Bocouture from European regulatory authorities for the treatment of upper facial lines.

Company Landscape:

·         Allergan PLC

·         Merz Pharma GmbH & Co KGaA

·         Galderma S.A

·         Daewoong Pharmaceutical Co

·         Ipsen Pharma

·         US WorldMeds, LLC

·         Evolus

·         Hugel

·         Medytox

·         Revance Therapeutics

Segmentation:

·         The Global Botulinum Toxin Market, by type, has been segmented into botulinum toxin type A and B. Rising adoption of botulinum toxin in aesthetic procedures as compared to tissue fillers and increasing product approvals by regulatory authorities is anticipated to drive the growth of this segment during the forecast period. As per the Plastic Surgery Statistics Report published in 2018 by the American Society of Plastic Surgeons, the number of cosmetic minimally-invasive procedures involving the use of botulinum toxin type A was 7.43 million in 2018, whereas the processes involving the use of soft tissue fillers were 2.67 million in 2018 in the US.

·         The Global Botulinum Toxin Market, by application segment, has been segmented into therapeutic application and aesthetics applications. The therapeutics segment has been further divided into a chronic migraine, spasticity, cervical dystonia, overactive bladder, blepharospasm, and others.

·         Based on end-user, the global botulinum toxin market has been classified into dermatology centers, hospitals & clinics, and others.

Asia Pacific botulinum toxin market is projected to exhibit the highest CAGR during the forecast period.

Asia-Pacific is the fastest-growing market with a CAGR of 11.01% for botulinum toxin due to the growing geriatric population, rising per capita disposable income, developing healthcare infrastructure, medical tourism, and booming entertainment industry. India, China, and Japan are the major contributors to the market. Thus, the high cost of aesthetics procedures and lack of awareness among the people may slow the growth of the market.