Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) — Global Botulinum Toxin Market Overview:
Market Research Future (MRFR) projects the Botulinum Toxin Market value to reach USD 9442.93 Million by 2025 while expanding at a CAGR of 10.3%, predicts Market Research Future (MRFR).
The increasing demand for non-invasive cosmetic procedures and the growing affordability is expected to play a salient role in driving the global botulinum toxin market during the assessment tenure. The increasing focus of players to launch new products is another salient cause that can augment the market size during the assessment tenure. Besides, the growing importance of aesthetic beauty is anticipated to steer the market growth in the assessment timeframe. In addition to these, the increasing incidence of cervical dystonia and chronic migraine and the rising approvals are likely to further contribute to the market growth in the coming time. On the contrary, the side effects associated with the protein are anticipated to hamper the market growth. The lack of reimbursement policies can also play a significant role in restraining the market expansion. Apart from this, the high costs associated with Botox is another major restraining factor. However, the increasing R&D initiatives by key players are likely to counter the impeding cause that can boost the market growth in the assessment tenure.
Developments Post COVID-19 Outbreak:
The pandemic COVID-19 has brought a negative impact on the sales of botulinum toxin products across the globe due to decreased demand in therapeutic and aesthetic applications. The imposition of a ban and disruption in the supply chain are major factors that hampered the market growth. Various players in the market reported a decline in the revenue from neurotoxin preparations. Allergen, renowned players recorded a reduced revenue as compared to the revenue of last year. Other players such as; Revance Therepeutics, Inc. and IPSEN Pharma have also recorded a downfall in revenues of botulinum toxin products in Q2 due to the temporary shutdown of treatment centers.
The segmental analysis of the global botulinum toxin market is done by end-user, application, and type. In the end-user segment of the global botulinum toxin market, the hospitals & clinics segment is anticipated to procure a significant market value during the forecast period. In the application segment of the global botulinum toxin market, the therapeutic segment is expected to dominate the market during the forecast period while procuring a market share of 55.84%. The growth of the segment can be attributed to the heavy investments for extensive R&D of therapeutic products and the rising application in several disease categories. In the type segment of the global botulinum toxin market, the botulinum toxin type A segment is anticipated to lead the market during the forecast period. The growth of the segment can be attributed to the large number of products available in the market with therapeutic and aesthetic applications.
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Key Players Locking Horns:
Some of the renowned players profiled in the MRFR report are:
- Revance Therapeutics, Inc.
- Merz Pharma GmbH & Co KGaA
- Allergan PLC, Galderma S.A.
- Ipsen Pharma
- Daewoong Pharmaceutical Co., Ltd
- US WorldMeds, LLC. (Solstice Neurosciences, LLC)
- Evolus, Inc.
- Hugel, Inc.
Browse In-depth Market Research Report (151 Pages) on Botulinum Toxin: https://www.marketresearchfuture.com/reports/botulinum-toxin-market-8567
As per the regional analysis conducted by MRFR, the Americas is anticipated to acquire the largest market share during the assessment tenure. The growing number of product approvals and the presence of established players are expected to play a salient role in the analysis timeframe. The rising partnership among key players of the region is another crucial factor that can drive the market in the region. The US and Canada are anticipated to make a significant contribution to developing the market in the region. In 2018, about 15.9 million cosmetic non-invasive surgeries were performed in the US. APAC is anticipated to be the fastest-growing market in the global market owing to the surging geriatric population and the rising per capita income. The growing inclination towards minimalistic cosmetic procedures is another salient cause that is anticipated to augment the market in the region. Europe is predicted to acquire significant market value during the review timeframe. The region is expected to acquire the second-largest market share during the forecast period. Countries such as; the UK, France, and Germany are likely to play a notable contribution in developing the industry in the region. As per the International Society of Aesthetic Plastic Surgery, around 321 702 botulinum toxin procedures were carried out in 2018. The increasing expenditure on R&D is expected to play a significant role in developing the regional market. MEA is anticipated to display considerable growth owing to the increasing health and beauty standards, medical tourism, and the increasing demand for non-invasive cosmetic procedures.
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The strong establishment of the key players and a strong distribution channel in the market is likely to enhance the competition in the industry. The increasing incidences of acquisition, partnership, and mergers are expected to fuel the market. In recent news, Allergen Aesthetics announced that it has entered into a warrant agreement with Cypris Medical, a medical device company based out of Chicago. In another news, Daewoong, a South Korean-based player, recently received Food and Drug Administration approval to market an injection in the US that competes with Botox, owned by Allergan-Medytox. The increasing number of FDA approvals is another factor that is likely to propel the competition in the market. In a recent example, the Galderma received an FDA approval of Restylane Defyne for chin augmentation. The introduction of new products in the industry is another factor that has resulted in increased competition. In 2021, Galderma launced Face for Change, a program designed to make a positive impact in communities around the nation. The program has been launched in partnership with Dress for Success and The Skin Cancer Foundation. The collaboration among key players is another factor that can drive the competition in the market. Furthermore, the joint venture of Avacta with Daewoong raised USD 7.3 million in series A funding. Such initiatives have led to a rise in competition among players.
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