Botulinum Toxin Market Forecasts to 2028 – Global Analysis By Product Type (Type A and Type B), By Application (Therapeutic and Aesthetic), By End User (Hospitals, Dermatology Clinics and Spas & Cosmetic Centers) and Geography

Botulinum Toxin Market Forecasts to 2028 – Global Analysis By Product Type (Type A and Type B), By Application (Therapeutic and Aesthetic), By End User (Hospitals, Dermatology Clinics and Spas & Cosmetic Centers) and Geography

According to Stratistics MRC, the Global Botulinum Toxin Market is accounted for $6.3 billion in 2022 and is expected to reach $9.2 billion by 2028 growing at a CAGR of 6.6% during the forecast period. A neurotoxin known as botulinum toxin is produced by the anaerobic, gram-positive, rod-shaped bacterium Clostridium botulinum, which is typically found on plants, in soil, water, and animal intestinal tracts. Because it blocks the transmission of alpha motor neurons at the neuromuscular junction, botulinum toxin weakens striated muscles. The presence of strong pipeline candidates, increased spending on the construction of healthcare infrastructure, rising affordability, and changes to reimbursement policies.

According to the America Society of Plastic Surgeons, In 2020 only female patients in the U.S. underwent close to 10.4 million minimally invasive procedures, including facial rejuvenation. Additionally, expanding R&D initiatives to broaden the therapeutic applications of botulinum toxin and an increase in aesthetic issues like lateral canthal lines and crow's foot are some of the key drivers of the botulinum toxin market's growth over the forecasted period.

Market Dynamics:

Driver:

Growing demand for non-invasive surgeries

People over the age of 40 tend to focus on their physical appearance and want to look young. Thus, it is anticipated that increasing female emphasis on aesthetic features, particularly in developed nations, will spur the growth of the botulinum toxin market. Additionally, botulinum toxin is used to treat a variety of aging-related conditions, including crow's feet, glabellar lines, forehead lines, and others. People over 40 are therefore more likely to experience these signs of ageing. Therefore, botulinum toxin procedures are becoming more popular among people between the ages of 40 and 54, which is boosting market growth.

Restraint:

High cost of botulinum toxin

The high cost of the botulinum toxin procedures could impede market growth in the anticipated time frame. For example, the American Society of Plastic Surgeons estimates that in 2020, the average cost of a botulinum toxin injection will be USD 446 and will also depend on the surgeon's fee. Additionally, it requires repeated treatments that come at an additional cost and is not a permanent procedure. Opportunities for market growth may be hampered by the low affordability of these procedures among emerging nation's lower income groups.

Opportunity:

Increasing R&D Initiatives for Expansion of Therapeutic and Aesthetic Applications

Both therapeutic and cosmetic purposes are served by the products. Due to the product's dual uses, the market is expanding as a result of an increase in consumer demand for botulinum toxin. Growth in the market is also fueled by the rising prevalence of serious and chronic conditions like chronic migraine, cervical dystonia, and spasticity. For instance, according to a Johns Hopkins Medicine article, over 12 million people will be affected by spasticity worldwide in 2020, including 80.0% of those with multiple sclerosis and 80.0% of those with cerebral spasticity.

Threat:

Existence of Counterfeit Goods

Due to their dual use in therapeutic and cosmetic procedures over the past ten years, these products have established a significant position in the global market. The product has consistently demonstrated therapeutic value for both adults with stroke-related conditions and children with conditions like cerebral palsy. These products are increasingly used for cosmetic purposes in addition to therapeutic ones. However, as demand for these products soars, counterfeit goods are also more readily available to meet the growing demand. Numerous people have suffered harm as a result of beauticians using illegal products and customers searching online for cheap products.

Covid-19 Impact

Covid-19 has had a significant impact on the market's expansion. Minimally invasive cosmetic procedures took a hit as a result of the closure of various clinics, hospitals, and other facilities, which had a negative effect on the market. 99.78% of the 1,360 cosmetic doctors in the United Kingdom who participated in a study by Hamilton Fraser Cosmetic Insurance in March 2020 to assess how the epidemic affected cosmetic procedures reported that it had an impact on their practise. Additionally, customers look online for at-home cosmetic procedures. Since many consumers seek cosmetic advice from the comfort of their homes, cosmetic companies can take advantage of this opportunity to renew their online donations, offer electronic consulting services, and invest in pertinent technologies, like chatbots and AI. Which decrease the chance of infection during an epidemic.

The Dermatology Clinics segment is expected to be the largest during the forecast period

The Dermatology Clinics segment is anticipated to be the largest during the projection period, due to an increase in the prevalence of chronic diseases and cosmetic issues like crow's feet, glabellar lines, and frown lines. Additionally, specialty and dermatology clinics perform more non-invasive cosmetic procedures than hospitals do, which further supports the segment's growth.

The Type A segment is expected to have the highest CAGR during the forecast period

During the forecast period, the Type A segment is anticipated to grow at the highest CAGR. The significant number of product launches is responsible for the segment's dominance. Moreover, type A toxin is used in all of the highly popular cosmetic procedures performed worldwide. Additionally, major companies' ongoing efforts to release cutting-edge type A products have a positive impact on the segment's growth.

Region with largest share:

On the global market for botulinum toxin, North America is one of the major producers and is expected to hold largest share during the forecast period. Over 95% of botulinum toxin consumption in 2020 was accounted for by the U.S., and it is anticipated that this trend will continue throughout the forecast period. There is a growing need for Botox procedures due to the ageing population. The country's market is being driven in part by the increasing number of non-surgical aesthetic procedures and the frequent approval of various Botox products. This region will experience lucrative opportunities due to numerous advancements in the cosmetics industry and improved R&D efforts by major players over the forecast period.

Region with highest CAGR:

During the forecast period, Asia Pacific is anticipated to experience the highest CAGR due to numerous product launches and recent product approvals which are expected to fuel market expansion. For instance, Merz Therapeutics and Teijin Pharma Limited declared in June 2021 that the Ministry of Health, Labor and Welfare (MHLW) of Japan had given additional approval for the marketing of Xeomin for intramuscular injections for the treatment of adult lower limb spasticity.

Key players in the market

Some of the key players profiled in the Botulinum Toxin Market include AbbVie Inc., Revance Therapeutics, Inc., HUGEL, Inc., Ipsen Group, Allergen Inc., Medy-Tox, Inc., Metabiologics, Merz Pharma, US WorldMeds, Evolus, Galderma and Lanzhou Institute of Biological Products.

Key Developments:

In April 2022, Medytox Korea, a Medytox subsidiary, announced the completion of its Phase III trial for its next generation botulinum toxin (BTX), MBA-P01

In February 2022, HUGEL, Inc. announced that the company has received approval for their product, Letybo by the Austrian Federal Office for Safety in Health Care.

In July 2021, AbbVie, Inc. announced that they received approval from the U.S. FDA for the label expansion of BOTOX, which included eight new muscles for the treatment of upper limb spasticity in adults.

In June 2021, Medytox obtained marketing approval for their brand ‘meditoxin’, in Taiwan and is planning to expand further in South East countries. This will provide massive opportunities for Medytox and add a new customer base.

Product Types Covered:
• Type A
• Type B

Applications Covered:
• Therapeutic
• Aesthetic

End Users Covered:
• Hospitals
• Dermatology Clinics
• Spas & Cosmetic Centers

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements