The growing need for cosmetic procedures, growing research and development programs to increase the use of botulinum toxin, and the patient’s growing preference for non-invasive treatments are some of the factors to lead the growth of the market.
JERSEY CITY, N.J., May 12, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Botulinum Toxin Market” By Type (Botulinum Toxin Type A, Botulinum Toxin Type B), By Application (Aesthetic, Therapeutics), By End-User (Beauty Centers And Spas, Hospitals And Clinics), and By Geography. According to Verified Market Research, the Global Botulinum Toxin Market size was valued at USD 7.32 Billion in 2021 and is projected to reach USD 14.76 Billion by 2030, growing at a CAGR of 8.2% from 2022 to 2030.
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Global Botulinum Toxin Market Overview
An increase in life expectancy has also increased the average age of people worldwide. Due to the growing age of the people, there is a surge in the importance of beauty and good looks, which has positively affected the need for Botox treatment. Botox can treat several medical conditions like excessive sweating, migraine, neuralgia, overactive bladder, spasticity, and rest others. Due to its propensity of blocking neurotransmitters that send pain signals to the brain, it is used widely to treat migraine and also cosmetic non-invasive surgical procedures. An increase in life expectancy, surge in demand for cosmetic non-invasive surgical procedures, rapid approval and launch of new products, affordability increment, amendments in reimbursement policies for covering Botox treatment, and others, have pushed the growth of the market. One of the major players in this industry, AbbVie, has received the approval for Botox treatment of detrusor over activity associated with the neurological condition for pediatric patients of 5-year age and older in 2021.
Additionally, inclination toward looking good and aesthetic beauty followed by a rapid increase in the use of Botox in different chronic and critical diseases drives up the market of botulinum toxin globally. A growing level of care has improved professional services, and the availability of minimally invasive surgery by skilled surgeons has contributed to the growth of the procedure. As per the American Society of Plastic Surgeons, 13.3 million minimally invasive cosmetic procedure was done in 2020, where Botox type A tops the list with nearly 4.4 million procedures. Adding to it, in the latter half of 2020, both men and women opted for a huge number of cosmetic procedures. However, one of the major restraints of the market is its availability to different parties, which generates chances of counterfeit medication. High price, adverse events such as injection site bruising or swelling, headache, or flu-like effects, and the inability of using in pregnant women among others, are considered to be major restraints of the market.
April 2022 – PatientFi, an emerging company in the sector of patient payments making elective procedure cost more affordable, has expanded its co-marketing agreement with Allergan Aesthetics, to provide the option for financing to the patients interested in treatments like Botox among others.
August 2021 – Merz Therapeutics received approval from the Russian Federal Service for Surveillance in Healthcare for the use of Xeomin, a neurotoxin named incobutlinumtoxinA for the treatment of chronic sialorrhea due to neurodevelopmental disorders in children between 2-17 years of age.
June 2021 – Hugel America Inc. got approval on Biologics License Application by the USFDA for its Letibotulinumtoxin A.
The major players in the market are Lanzhou Institute of Biological Products Co. Ltd., Merz Pharma GmbH & Co. KgaA, US Worldmed LLC, Allergan, Inc., Revance Therapeutics, Inc., Ipsen Group, Medytox, Inc., Nestlé Skin Health, Hugel Inc., AbbVie Inc. (Allergan), Galderma, and Evolus, Inc. and Metabiologics, Inc.
Verified Market Research has segmented the Global Botulinum Toxin Market On the basis of Type, Application, End-User, and Geography.
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