Selbyville, Delaware, July 20, 2020 (GLOBE NEWSWIRE) --
According to latest report “Botulinum Toxin Market by Product (Botulinum Toxin A, Botulinum Toxin B), Application (Medical, Aesthetic), Gender (Female, Male), Age (13-19, 20-29, 30-39, 40-54, 55 and Above), End-use (Hospitals, Dermatology Clinics, Spas & Cosmetic Centers), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of botulinum toxin will cross $8.9 billion by 2026.
Increasing adoption of minimally invasive surgeries or non-invasive procedures will drive the botulinum toxin market growth. The use of botulinum toxin in facial injectables is one of the key factors influencing the business growth. As per the American Family Physician Journal, in U.S., botulinum toxin injections are one of the most frequently performed procedures. The procedure is a common procedure by most physicians when incorporating aesthetic medicine in their practice. Thus, with rising therapy indications for the product, the market is expected to exhibit fast growth across various regions. Furthermore, the introduction of novel products will further boost the product demand due to their reduced cost.
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The botulinum toxin A segment is expected to showcase a growth of 8.9% from 2020 to 2026. Botulinum toxin A is widely used to treat forehead lines, square jaws, and crow’s feet, among other indications. These products are also used in alleviating cases of chronic pelvic pain in women suffering from endometriosis. Thus, multiple therapeutic indications will boost the product demand. Moreover, a rise in demand for botulinum toxin A to treat muscle spasm is likely to drive segment growth.
The aesthetic segment accounted for nearly 42.4% of the botulinum toxin market share in 2019. Increasing reliance of patient on aesthetic surgeries, technological advancements and safety parameters has increased the demand for aesthetic surgery. Additionally, these surgeries show long-lasting results with few side effects.
The female segment is projected to register a CAGR of around 8.8% through 2026 due to growing demand among middle-aged women for skin rejuvenation. The growing demand can be attributed to increased awareness regarding aesthetic medicine and improved accessibility to botulinum toxin. These aforementioned factors will augment the market growth.
The 40-54-year segment size in the botulinum toxin market was over USD 2.7 billion in 2019. This age group accounts for majority of minimally invasive cosmetic procedures. For instance, according to the American Society of Plastic Surgeons, in 2018, approximately 7.8 million cosmetic minimally invasive procedures were performed on patients between the age of 40-54. Among these surgeries, botulinum toxin A was the leading procedure. These factors will increase the surgeries among middle-aged patients, thereby augmenting the market growth.
Spa & cosmetic centers are estimated to observe gains of more than 9.2% till 2026. The rising number of cosmetic surgeries performed across the world coupled with technological advancement has increased the demand for botulinum toxin products. Furthermore, various benefits offered by these centers such as relaxation and de-stress technique among others will contribute to the market growth.
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Asia Pacific botulinum toxin market is predicted to witness significant growth during the forecast timeframe. High growth rate is attributed to the aging population, and the subsequent increase in demand. Furthermore, growing adoption of botulinum toxin products, rising social awareness, and accessibility to new technologies and products will drive the market growth.
Some notable companies in the botulinum toxin market include Revance Therapeutics, Inc, Eisai Co., Ltd., Hugel Inc., Hugh source international ltd., Galderma S.A., Allergan, Ipsen, Medytox Inc. and Merz Pharma, among others. Industry players are focusing on various strategies such as novel product launches, acquisitions, and business expansion to consolidate their market presence. For instance, in 2019 Galderma received a manufacturing license from the Swedish Product Agency (SPA) for a new state-of-the-art manufacturing facility at Sweden. The new facility is designed to meet the product and safety requirements of liquid formulation of botulinum toxin type A. This will help the firm to increase their production and cater to the increasing demand.
Table of Contents (ToC) of the report:
Chapter 3. Botulinum Toxin Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By gender
3.4.4. By age group
3.4.5. By end-use
3.5. COVID-19 impact analysis
3.6. Brand analysis, 2015 – 2026 (USD Million)
3.6.1. Botox
3.6.2. Dysport
3.6.3. Xeomin
3.6.4. Myobloc
3.6.5. Meditoxin
3.7. Porter’s analysis
3.8. Competitive landscape
3.8.1. Strategy dashboard, 2019
3.9. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.