Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The botulinum toxin market generated US$ 6.1 billion in sales in 2022. The market is forecast to increase at a CAGR of 7.5% from 2023 to 2031, reaching US$ 11.5 billion by 2031. A new therapeutic application of botulinum toxins may be identified through ongoing research and development. In addition to cosmetics, the market could expand into neurology, pain management, and urology.
In the coming years, botulinum toxins will likely undergo further innovation in order to achieve improved effectiveness, longer duration of action, and fewer side effects. In addition to enhancing patient satisfaction, these advancements may also expand the market.
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Researchers at the NIH are investigating botulinum toxin to treat endometriosis-related pain. According to Stratton and Karp, botulinum toxin injections reduced the pain of women with endometriosis in a small, proof-of-concept study.
Global Botulinum Toxins Market: Key Players
Several leading botulinum toxin companies have launched new products incorporating advanced technologies and are seeking regulatory approval to improve their product offerings.
They invest in research and development to develop products in line with current market trends. Healthcare organizations are collaborating with botulinum toxin manufacturers to promote their products.
- AbbVie Inc.
- Ipsen Pharma
- Medytox
- Merz Pharma
- US Worldmeds LLC
- Nestle Skin Health
- Metabiologics Inc.
- Hugel Inc.
- Lanzhou Institute of Biological Products Co. Ltd.
- Revance Therapeutics Inc.
Key Findings of the Market Report
- Rising investments in research and development activities is expected to create opportunities for the growth of the botulinum toxin market.
- In terms of product type, botulinum toxin type A is expected to dominate the market.
- Based on application, the therapeutic segment is likely to drive demand for the botulinum toxin market.
- A major share of the global market will be controlled by North America in the next few years.
Global Botulinum Toxins Market: Growth Drivers
- Cosmetic industries are gaining popularity with botulinum toxins, such as Botox, for preventing wrinkles and smoothing fine lines. As non-invasive cosmetic procedures have become more popular, botulinum toxins have gained popularity. Several medical conditions have been treated successfully with botulinum toxins, including chronic pain, migraines, muscle spasms, hyperhidrosis, and neurological conditions. The market has experienced rapid growth in addition to its expanding range of applications.
- Due to the aging population worldwide, anti-aging treatments have become increasingly popular. As the population ages, botulinum toxins have become increasingly popular for treating signs of aging. Ongoing research and development efforts to explore new therapeutic indications and improve the formulations of botulinum toxins contribute to market growth. Companies invest in innovation to enhance their products' efficacy and safety profiles.
- Botulinum toxins have become significantly more accessible and cost-effective due to technological advances in manufacturing processes. As a result, the market has expanded. Due to the preference for less invasive procedures, botulinum toxin treatments have replaced traditional surgical methods. Recovery times associated with less invasive procedures are typically shorter for most patients.
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Global Botulinum Toxins Market: Regional Landscape
- Botulinum toxins have experienced substantial market growth in North America due to aging populations, the popularity of aesthetic procedures, and minimally invasive procedures becoming more popular. Cosmetic procedures to reduce wrinkles and fine lines have been a major driver of botulinum toxin use in North America.
- Beauty enhancement and youthful appearance have helped grow the market. The popularity of botulinum toxin treatments is growing among healthcare professionals and common people. Campaigns aimed at educating the public and marketing these treatments contribute to a greater acceptance and understanding of them. Botulinum toxins are being produced efficiently in the region because of advances in manufacturing technology. Because of these advances, these products are more accessible and available.
- As part of the regulatory environment in North America, approvals from the U.S. Food and Drug Administration (FDA) are essential to shaping the market for botulinum toxins. For product acceptance and market entry, compliance with regulatory standards is vital. Medical applications of botulinum toxins have increased beyond cosmetic use.
- Various neurological disorders, such as migraines and muscle spasms, can be treated. As medical applications have expanded, the market has become more diverse. Biotechnology and pharmaceutical companies rely on botulinum toxins in North America. In order to expand their product portfolio, these companies often conduct research and development.
Key Developments
- In August 2023, the US Food and Drug Administration (FDA) to treat cervical dystonia in adults approved daxibotulinumtoxinA-lanm injection by Revance Therapeutics.
- In October 2023, Medytox Inc. announced that its synthetic botulinum toxin (BTX), Newlux, developed by its affiliate Numeco, began sales in the Chinese market.
Global Botulinum Toxin Market: Segmentation
By Product Type
- Botulinum Toxin Type A
- Botulinum Toxin Type B
By Application
- Aesthetic
- Therapeutic
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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