Asia-pacific Botulinum Toxin Market Forecast 2023-2032
KEY FINDINGSThe Asia-Pacific botulinum toxin market is projected to grow with a 10.19% CAGR between the forecast years 2023 and 2032. Growing preference for non-surgical aesthetic treatments, the popularity of botulinum toxin treatments among facelift patients, including minimal discomfort, reduced downtime, and lasting effects, is further expected to boost the market growth.
MARKET INSIGHTSThe Asia-Pacific botulinum toxin market growth analysis includes the analysis of Singapore, Australia & New Zealand, South Korea, Japan, India, Thailand, China, and Rest of Asia-Pacific. South Korea has emerged as one of the top markets for cosmetic procedures worldwide, with the sector’s revenue estimated to be $10 billion. Several factors, such as medical tourism, high-tech products, rising awareness, and an aging population, propel the market growth.
Botox injections are expected to grow considerably due to South Korea’s aging population, where nearly 40% of the population will be over 65 by 2060. Additionally, migraine sufferers are increasing in South Korea, leading to a surge in demand for botulinum toxin for chronic migraine treatment. Organizations like the Korean Headache Society are actively working to help those suffering from migraines. The demand for botulinum toxin for cosmetic purposes in South Korea is also high.
In Singapore, the prevalence of migraine is high, causing significant economic losses. Hence, market players have the opportunity to establish themselves in the country. Singapore imports most of its Botulinum toxin from India and is the second-largest importer of the product globally. Apart from medical use, botulinum toxin is increasingly used in cosmetic procedures in Singapore. These market trends indicate a growing demand for botulinum toxin in Asia-Pacific.
COMPETITIVE INSIGHTSLeading market players entails Lanzhou Institute of Biological Products Co Ltd, Merz Pharma, Medytox, Daewoong Pharmaceutical Co Ltd, etc.
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