Pune, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The global botulinum toxins market will witness considerable growth in the coming years due to the inflating demand for botulinum toxinns across the world. According to a report published by Fortune Business Insights, titled “Botulinum Toxin Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 4,490.0 Mn in 2018. Fortune Business Insights states that the market will reach 8,309.0 Mn by 2026, exhibiting a CAGR of 8.0%.
Botulinum toxins are widely used for improving aesthetic appearances. The effectiveness of botulinum toxins in aesthetic applications such as treatment of moderate to severe glabellar lines have significantly contributed to the global botulinum toxin market growth. Anticipated regulatory approvals in therapeutic applications have led to significant botulinum toxins market growth.
The increasing research and development initiatives aimed at the betterment of existing treatment methods, in addition to new methods, will favor growth of the market in the coming years. The high effectiveness of botulinum toxins in therapeutic applications have significantly contributed to the botulinum toxin market growth. The growing awareness regarding side effects of botulinum toxins in developed as well as developing nations have will create several growth opportunities.
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Key Industry Developments:
- In June 2019, the South Korean company announced the launch of Liztox, a botulinum toxin in Korea for the treatment of moderate to severe glabellar wrinkles
- In February 2019, the U.S. FDA approved Evolus Inc’s cheaper alternative of botulinum toxin for the treatment of frown lines
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
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Increasing Product Launches Will Account for Substantial Growth
The high demand for botulinum toxin has led to several product innovations. Resulting from the high demand, there has been a subsequent rise in the number of product launches worldwide. Fortune Business Insights predicts that increasing product launches will constitute an increase in the overall botulinum toxins market value.
With several market operators currently operating in the botulinum toxins industry, the market is set to surpass US$ 8000 Mn global value by 2026. In January 2019, Huons Global announced the launch of a new botulinum toxin product in Korea. The Liztox was designed specifically to treat forehead wrinkles. The company’s plans to extend its sales internationally will favor the global botulinum toxin market in the coming years.
Additionally, the company completed several clinical trials for the product and gained approval from the Ministry of Food and Drug Safety in the same year. The report encompasses product launches, similar to Huons’ latest botulinum toxin product and signifies the importance of these products on the global botulinum toxin market.
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Escalating Demand for Botulinum Toxin Procedures to Create Attractive Growth Opportunities
The rising demand for improved aesthetic appearance has created a subsequent demand for botulinum toxin procedures around the world. Fortune Business Insights has identified increasing demand as one of the primary factors that are contributing to the growth of the global market.
As far as therapeutics are concerned, the botulinum toxin holds massive potential with more than 100 approved botulinum toxin associated therapeutics existing in the market. Besides currently approved methods, there a host of therapeutic procedures that have lined up for clinical trials. The aforementioned factors will favor growth of the global botulinum toxins market in the forthcoming years.
Botulinum Toxin Market Companies:
- ALLERGAN
- Ipsen Pharma
- Merz Pharma
- Medytox
- US WorldMeds, LLC (Solstice Neurosciences, LLC)
- Galderma laboratories
- Lanzhou Institute of Biological Products Co., Ltd.
- Revance Therapeutics, Inc.
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Global Botulinum Toxin Market Segmentation:
By Application
• Therapeutics
o Chronic Migraine
o Spasticity
o Overactive Bladder
o Cervical Dystonia
o Blepharospasm
o Others
• Aesthetics
By End User
• Specialty & Dermatology Clinics
• Hospitals & Clinics
• Others
By Type
• Botulinum Toxin Type A
• Botulinum Toxin Type B
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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