The latest market report published by Credence Research, Inc. “Botulinum toxin Market Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the botulinum toxin market was valued at US$ 3,672.4 Mn in 2017 and expected to grow at a CAGR of 7.2 % during the forecast period from 2018 to 2026.
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The global botulinum toxin market shows productive growth during the forecast period from 2018 to 2026, attributed to its wide usage in cosmetic and therapeutic applications. Common types are botulinum toxin A (BNT-A), and botulinum toxin B (BNT-B). Botox injections or drugs made from a neurotoxin produced by the bacterium clostridium botulinum. Doctors or dermatology specialists use botulinum toxins in very small doses to treat numerous health problems such as smoothing of facial wrinkles, cervical dystonia (neurological disorder), blepharospasm, overactive bladder, upper limb or lower limb spasticity, strabismus, tremor, hypersecretory disorders and others. BNT Type A trade names in the U.S. are mainly sold as Botox, Dysport and Xeomin (commercially available) and type B trade names are Myobloc and Neurobloc. Botulinum toxin B is U.S FDA approved for treatment against cervical dystonia and hemifacial spasm (HFS).
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Consistent innovation along with top cosmetic applications to give productive restorative intervention to a large group of diseases has supported the overall growth of the market. A few botulinum toxins (BNT) are in clinical stage and anticipated to drive the market in the coming years. The prominent growth factors include increasing cosmetic and therapeutic procedures worldwide, FDA approval of botulinum treatments, higher efficacy, increasing geriatric population, increasing awareness, offers potential advantage as an elective treatment to high cost medical/surgical procedures, and wide usage of top applications in the cosmetic industry.
In any case, safety issues in treatment and in general potential lethality, high financial investment and expensive medications, strict administrative rules, and reimbursement approach issues are the key components limiting the market growth during the forecast period. In addition, the worldwide monetary conditions in the healthcare sector in developing economies make a noteworthy open door for the extension of the market.
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Key Market Movements:
- Globally, the botulinum toxin market remains to exhibit a profitable growth with a CAGR of 7.2% for the period from 2018 to 2026
- The BNT type A segment shows lucrative growth with increasing applications in the cosmetic and therapeutic procedures
- The development of the worldwide botulinum toxin market is mainly attributed to high pervasiveness of the neurological disorders, higher adoption of BNT injections in the end user segment and higher technological advancements in the products, with increased efficacy along with less side effects during the course of treatment
- North America to contribute maximum revenue share in the overall growth of the botulinum toxin market, attributed to rising cosmetic & surgical procedures, broad utilization of BNT type A & B in the treatment of cosmetic applications such as forehead lines, crow’s feet, square jaw/masseter, frown lines, and others
- Increasing awareness and programs held by top trained and skilled dermatology professionals, maximum reimbursement coverage, increasing inclination towards cosmetic procedures, ageing population and the presence of top key botulinum manufacturers & sophisticated healthcare infrastructure in the developing nations are few of the external factors driving the growth of the market.
- Eastern Europe, Latin America, and Asia Pacific to show promising opportunities and demonstrate growing CAGR during the forecast period owing to rising awareness among the individuals about the concerns for botulinum toxin and its utilization
- Surging population & growing number of advanced healthcare settings, availability of branded product types, and increasing healthcare spending in Russia, Brazil, India, China, and Japan may contribute the growth of the market during the forecast period
- Major players in this vertical are Allergan Plc., Speywood Pharmaceuticals, Merz Pharma GmbH & Co. KGaA, Lanzhou Biological Products Institute, Elan Pharmaceuticals, Revance Therapeutics, Inc., Medytox, Inc., US Worldmeds, LLC, Lanzhou Institute of Biological Products Co. Ltd. Ipsen Group and others.
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