Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The global botulinum toxin market size was USD 3.20 billion in 2020. The market is projected to grow from USD 3.41 billion in 2021 to USD 5.68 billion in 2028 at a CAGR of 7.6% in the 2021-2028 period. This vital piece of information is published by Fortune Business Insights, in its report, titled, “Botulinum Toxin Market, 2021-2028.”
According to our analysts, the prime factors that drive the market growth are the rise in demand for cosmetic non-invasive surgical processes, novel product unveilings, surging flexible income, and alterations in compensation guidelines to afford botulinum injections.
Industry Developments:
July 2020: Teijin pharma gained marketing sanction for Xeomin in Japan. Tenjin Pharama and Merz Pharma collaboratively signed up for pharma sales based in Japan. Xeomin is essential for treating lower limb spasticity, and it will also be beneficial for treating post stroke spasticity patients.
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Drivers and Restraints:
Elevation in Demand of Minimally-invasive Cosmetic Methods to Spur Market Development
The increase in the demand for this method has also resulted in a substantial effect on the providers of dermatological provisions as well as other non-invasive techniques. Several pharmaceutical companies engaged in this field are progressively presenting products to satisfy the rising demand for botulinum toxin. This is expected to bolster the botulinum toxin market growth.
For instance, in June 2019, Huons Global, which is a South Korean company, declared the unveiling of Liztox, which is a botulinum neurotoxin based in Korea, for the treatment of reasonable to major glabellar wrinkles.
COVID-19 Impacts:
Rising Amount of Hospitals amid COVID-19 to Elevate Demand
The influence of COVID-19 is evidently noticeable in the healthcare sector as it is the major reason for this unparalleled global pandemic obstacle. The COVID-19 pandemic has adversely impacted the sales of botulinum toxin products globally owing to the declined demand in therapeutic as well as aesthetic usages. Moreover, stringent lockdowns norms, prohibition on elective processes, and hindrance in the supply chain are the principal detected aspects accountable for the deteriorated demand.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/botulinum-toxin-market-100996
Regional Insights:
North America held the maximum botulinum toxin market shares and stood at USD 2.15 billion in 2020 owing to the hugely conscious and financially sturdy population along with a reasonably greater number of operative measures conducted in the region.
Europe held the second-largest share of the market, accredited to the rising inclination among people for performing Botox operations in major European nations and increasing spending on research and development in Europe.
Asia Pacific region is composed to perceive a greater demand for non-invasive aesthetic measures owing to the rising per person flexible income and increased disposition towards Asian nations for medical tourism.
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Competitive Landscape:
Prime Companies to Execute Operative Strategies and Extend their Market Presence
Medical companies function importantly on the significance of the product and its demand in the market. Moreover, in order to elevate their market size & share, and to obtain a competitive edge, various leading players are involved in various strategic contracts in order to endorse their brand as well as amplify company sales.
List of Key Players Mentioned in the Botulinum Toxin Market Report:
- AbbVie Inc. (Lake Bluff, U.S.)
- Ipsen Pharma (Paris, France)
- Revance Therapeutics, Inc. (California, U.S.)
- Merz Pharma (Frankfurt, Germany)
- Medytox (Cheongju-si, South Korea)
- USWM, LLC. (Kentucky, U.S.)
- GALDERMA (Lausanne, Switzerland)
- Lanzhou Institute of Biological Products Co., Ltd. (Gansu, China)
- HUGEL, Inc. (Seoul, Republic of Korea)
Detailed Table of Content:
- 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 Global Botulinum Toxin Market
- Global Botulinum Toxin Market Analysis, Insights and Forecast, 2017-2028
- 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 Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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