Pune, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The global botulinum toxin market size is projected to reach USD 7.71 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period.
Proven effectiveness of botox in treating chronic pain disorders will be a major factor propelling the growth of this market, states Fortune Business Insights™ in its report, titled “Botulinum Toxin Market Size, Share & COVID-19 Impact Analysis, By Application {Therapeutic (Chronic Migraine, Spasticity, Overactive Bladder, Cervical Dystonia, Belpharospasm, Others) and Aesthetics}; By Type (Botulinum Toxin A and Botulinum Toxin B); By End User (Specialty & Dermatology Clinics, Hospitals & Clinics, and Others); and Regional Forecast, 2020-2027”.
A highly potent neurotoxin, botulinum toxin has been found to be effective in producing a therapeutic effect on the body, according to a study published in Portland Press. Its potential for treating complex chronic pain conditions led the US Food and Drug Administration (FDA) to green light botulinum toxin as a treatment option for glabellar lines, blepharospasm, and cervical dystonia. Moreover, recent evidence has also shown that this protein is equally effective managing chronic migraine.
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A study conducted by researchers at the University Hospital Rangueil, Toulouse, France found that botulinum toxin injections are effective in reducing the frequency of chronic migraine headaches. Thus, widening applicability of this toxin in treating chronic pain disorders will fuel the growth of this market in the upcoming years.
According to the report, the global market value stood at USD 4.83 billion in 2019. The report offers the following:
- Comprehensive evaluation of all market segments;
- Detailed analysis of the market drivers, trends, restraints, and opportunities;
- Actionable insights into the regional dynamics shaping the market; and
- Careful examination of the key market players’ profiles and strategies.
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Cancellation of Elective Procedures to Stall Market Growth
The COVID-19 pandemic is set to deliver a critical setback to the botulinum toxin market growth, with hospitals around the world deciding to defer planned elective surgeries and focus on treating coronavirus patients. The CovidSurg Collaborative, a research initiative led by the University of Birmingham in the UK to assess the impact of the pandemic on surgeries, estimates that approximately 28 million planned surgeries worldwide are likely to get cancelled owing to the massive disruptions in healthcare services. Another study conducted by researchers at the Johns Hopkins University in the US found that even if elective surgeries resumed in June 2020, health facilities would take over a year to perform 90% of the procedures planned in the pre-pandemic period. Cosmetic procedures involving botox are considered non-essential and are most likely to get delayed or cancelled, resulting in steep losses for pharmaceutical companies as well as specialty clinics and facilities.
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Regional Insights
High Demand for Cosmetic Procedures to Fuel the Market in North America
North America, with a market size of USD 3.19 billion in 2019, is expected to command the botulinum toxin market share during the forecast period owing to the high number of minimally-invasive cosmetic procedures being performed in the region. For example, the American Society of Plastic Surgeons estimates that around 15.9 million cosmetic procedures were performed in the US in 2018.
Europe is anticipated to emerge as the second-largest region in this market on account of increasing investments in research & development activities by pharmaceutical companies in the region. The market in Asia Pacific, on the other hand, is expected to present lucrative opportunities owing to the rising disposable incomes in the region, which is creating demand for advanced cosmetic and therapeutic procedures and treatments.
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Competitive Landscape
Strong Support from Regulatory Authorities for Novel Treatments to Energize Competition
Backed by a favorable regulatory climate, key players in this market are heavily investing to enhance their R&D capabilities to come out with innovative botulinum toxin-based treatments for chronic conditions. In addition to this, companies are also expanding their regional and global presence through strategic collaborations.
Industry Developments:
- July 2020: The US FDA approved Allergan’s supplemental Biologics License Application for extending the use of BOTOX to treat spasticity in pediatric patients aged 2 years and above. The application also includes the use of BOTOX for treating children with lower limb spasticity caused by cerebral palsy.
- June 2020: Merz Pharmaceuticals and Teijin Pharma Limited announced that Japan’s Ministry of Health, Labor, and Welfare granted Teijin the right to market Xeomin® (incobotulinumtoxinA) developed by Merz. The treatment is designed to treat upper limb spasticity with intramuscular injections of varying doses.
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List of Key Companies Profiled in this Botulinum Toxin Market Report:
- Revance Therapeutics, Inc. (California, U.S.)
- Lanzhou Institute of Biological Products Co., Ltd. (Gansu, China)
- USWM, LLC. (Kentucky, U.S.)
- Merz Pharma (Frankfurt, Germany)
- HUGEL, Inc. (Seoul, Republic of Korea)
- Galderma (Lausanne, Switzerland)
- Medytox (Cheongju-si, South Korea)
- Allergan (Dublin, Ireland)
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Number of Botulinum Toxin Injection Procedures by Key Countries
- Overview of the Regulatory Scenario by Key Countries
- Pricing Analysis
- Overview of the Types of Botulinum Toxins
- Pipeline Analysis
- Key Industry Developments
- Overview of Applications of Botulinum Toxin in Therapeutics and Recent Regulatory Approvals
- Overview of the Reimbursement Scenario by Key Countries
- Impact of COVID-19 On Botulinum Toxin Market
- Global Botulinum Toxin Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Therapeutics
- Chronic Migraine
- Spasticity
- Overactive Bladder
- Cervical Dystonia
- Blepharospasm
- Others
- Aesthetics
- Therapeutics
- Market Analysis, Insights and Forecast – By Type
- Botulinum Toxin Type A
- Botulinum Toxin Type B
- Market Analysis, Insights and Forecast – By End User
- Specialty & Dermatology Clinics
- Hospitals & Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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