New York, June 13, 2023 (GLOBE NEWSWIRE) -- The botulinum toxin market size is anticipated to surpass USD 10 billion by 2033, as per latest study by Research Nester. According to World Health Organization, one in six people in the world will be older than 60 years old by 2030. The number of people aged 60 and over is expected to increase from 1 billion in 2020 to 1.4 billion by 2050. The elderly population, especially in developed countries like the United States and Canada, cares more about their physical appearance and wishes to look younger. Further, individuals older than 40 are more likely to exhibit early signs of aging. This can lead them to seek out treatments, such as wrinkle and lip procedures, that can help them look and feel younger. Injections of botulinum toxin, a component of botox, allow the skin to appear smoother and younger, reducing the appearance of wrinkles and age spots. Such treatments have become an increasingly popular option among the elderly population, as it is a minimally invasive procedure with no downtime and offers long-lasting results.
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Increasing number of neurological disorders to drive botulinum toxin market
Neurodegenerative diseases, such as Alzheimer's and Parkinson's, can cause progressive damage to the neurons, leading to loss of cognitive functions and physical control. Injuries to the brain or spinal cord can also cause neurological disorders, such as a stroke or traumatic brain injury, resulting in temporary or permanent impairments. Thus, as the number of people suffering from neurological disorders increase, the demand for treatments to reduce the severity of their symptoms also increases. Botulinum toxin is a popular treatment for these disorders as it is effective in reducing the severity of muscle spasms and seizures.
Rising adoption of cosmetic procedures accompanied by increasing consumer spending on personal care to drive the growth in the North America region
The botulinum toxin market in North America is estimated to garner the largest revenue by the end of 2033 backed by a growing number of cosmetic procedures in the region as well as a growing demand for minimally invasive or noninvasive procedures such as glabellar lines and chemical browlifts. According to estimates, nearly 5 million cosmetic procedures were performed in the United States in 2020, the highest number in the world. From 1.5 million cosmetic procedures in 1997 to over 5.6 million procedures in 2020, surgical and nonsurgical cosmetic procedures have increased in the U.S. over the last decade. In addition, approximately 7.5 million people in the US are getting botox treatments as of 2022, making it the top non-invasive procedure.
Increasing wellness tourism sector along with rising popularity of minimally invasive procedures to boost the growth in the Asia Pacific region
The Asia Pacific botulinum toxin market is estimated to garner highest CAGR by the end of 2033 owing to the rising demand for minimally invasive procedures, along with a growing elderly population and rising disposable income. Additionally, the presence of advanced healthcare infrastructure and an increasing awareness of the benefits of botulinum toxins, including treating migraines, excessive sweating, and muscle spasms, as well as reducing wrinkles and fine lines as well as improving skin texture and tone, are expected to contribute to botulinum toxin market growth in the region.
Moreover, the increased demand for beauty treatments and services related to wellness has led to a surge in the number of spas, cosmetic centers, and other medical facilities offering botulinum toxin treatments in the region. This has enabled more people across various countries in the region such as Korea, Thailand, and Singapore to access this treatment, leading to an overall increase in the regional market for botulinum toxin. According to estimates, there are now 258 million wellness trips a year in the Asia-Pacific region, including China and India respectively, which rank first and second in terms of growth worldwide. The region's wellness tourism sector is worth USD 136 billion, and wellness trips are growing by 16% annually. With 48,660 spas worldwide and an industry worth USD 25 billion, Asia has the largest spa industry in the world.
Market Segmentation by Product Type (Botulinum Toxin A, Botulinum Toxin B)
The botulinum toxin A segment in the botulinum toxin market is anticipated to hold the largest revenue by the end of 2033. Botulinum toxin-A is a highly purified form of the botulinum toxin that is used for a variety of medical and cosmetic purposes. It has been used for years for the treatment of muscle spasms and wrinkles, and it is now increasingly being used for facial contouring and other cosmetic procedures. The advantages of this form of toxin include minimal pain, no blood loss, and lack of scarring, which makes it a popular choice among customers. Further, Botulinum toxin type-A is an effective, FDA-approved treatment that has been found to reduce the frequency and intensity of migraine headaches. For instance, the FDA has approved Botox for the treatment of chronic migraines, but Dysport, which contains botulinum toxin type A, has shown effectiveness when administered at dosages of 200 to 500 units per application for tension-type headaches.
Market Segmentation by End user (Hospitals, Dermatology Clinics, Spas, Cosmetic Centers)
The botulinum toxin market from the spas segment is anticipated to hold the largest revenue by the end of 2033. With the increasing availability of non-invasive and minimally invasive cosmetic procedures, people are becoming more aware of the options available to them to enhance their beauty and are drawn to spas and cosmetic centers to access these services. Additionally, the rise in disposable income and the availability of affordable treatments are also driving the growth of the spas segment. Moreover, the growing number of medical spas and cosmetic centers across various regions as well as a higher preference for aesthetic procedures are contributing to the segment growth. It was observed that as of 2023, there are approximately 19,840 businesses operating in the Health & Wellness Spas industry in the United States. Also, China's spa industry is expected to generate 4 billion dollars in sales revenue by 2026, representing an 18% annual growth rate.
Major participants in the botulinum toxin market are Merz Pharma GmbH & Co. KGaA, USWM, LLC, Medytox Inc., Hugel, Inc., Ipsen Group, Revance Therapeutics, Inc., AbbVie Inc., Galderma S.A., Evolus, Inc., OBJECT PHARMA, INC., and other.
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