Pune, India, Feb. 09, 2021 (GLOBE NEWSWIRE) — The global botulinum toxin market size is projected to reach USD 7.71 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period. Proven effectiveness of botox in treating chronic pain disorders will be a major factor propelling the growth of this market, states Fortune Business Insights™
High Demand for Cosmetic Procedures to Fuel the Market in North America
North America, with a market size of USD 3.19 billion in 2019, is expected to command the botulinum toxin market share during the forecast period owing to the high number of minimally-invasive cosmetic procedures being performed in the region. For example, the American Society of Plastic Surgeons estimates that around 15.9 million cosmetic procedures were performed in the US in 2018.
Europe is anticipated to emerge as the second-largest region in this market on account of increasing investments in research & development activities by pharmaceutical companies in the region. The market in Asia Pacific, on the other hand, is expected to present lucrative opportunities owing to the rising disposable incomes in the region, which is creating demand for advanced cosmetic and therapeutic procedures and treatments.
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List of Key Companies Profiled in this Market Report:
• Revance Therapeutics, Inc. (California, U.S.)
• Lanzhou Institute of Biological Products Co., Ltd. (Gansu, China)
• USWM, LLC. (Kentucky, U.S.)
• Merz Pharma (Frankfurt, Germany)
• HUGEL, Inc. (Seoul, Republic of Korea)
• Galderma (Lausanne, Switzerland)
• Medytox (Cheongju-si, South Korea)
• Allergan (Dublin, Ireland)
Cancellation of Elective Procedures to Stall Market Growth
The COVID-19 pandemic is set to deliver a critical setback to the botulinum toxin market growth, with hospitals around the world deciding to defer planned elective surgeries and focus on treating coronavirus patients. The CovidSurg Collaborative, a research initiative led by the University of Birmingham in the UK to assess the impact of the pandemic on surgeries, estimates that approximately 28 million planned surgeries worldwide are likely to get cancelled owing to the massive disruptions in healthcare services.
Another study conducted by researchers at the Johns Hopkins University in the US found that even if elective surgeries resumed in June 2020, health facilities would take over a year to perform 90% of the procedures planned in the pre-pandemic period.
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A highly potent neurotoxin, botulinum toxin has been found to be effective in producing a therapeutic effect on the body, according to a study published in Portland Press. Its potential for treating complex chronic pain conditions led the US Food and Drug Administration (FDA) to green light botulinum toxin as a treatment option for glabellar lines, blepharospasm, and cervical dystonia. Moreover, recent evidence has also shown that this protein is equally effective managing chronic migraine. A study conducted by researchers at the University Hospital Rangueil, Toulouse, France found that botulinum toxin injections are effective in reducing the frequency of chronic migraine headaches. Thus, widening applicability of this toxin in treating chronic pain disorders will fuel the growth of this market in the upcoming years.
Industry Developments:
- July 2020: The US FDA approved Allergan’s supplemental Biologics License Application for extending the use of BOTOX to treat spasticity in pediatric patients aged 2 years and above. The application also includes the use of BOTOX for treating children with lower limb spasticity caused by cerebral palsy.
- June 2020: Merz Pharmaceuticals and Teijin Pharma Limited announced that Japan’s Ministry of Health, Labor, and Welfare granted Teijin the right to market Xeomin ® (incobotulinumtoxinA) developed by Merz. The treatment is designed to treat upper limb spasticity with intramuscular injections of varying doses.
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Botulinum Toxin Market Segmentation
By Application
By Type
● Botulinum Toxin A
● Botulinum Toxin B
By End User
● Specialty & Dermatology Clinics
● Hospitals & Clinics
● Others
By Geography
● North America (the U.S. and Canada)
● Europe (the U.K., Germany, France, Italy, Spain, Russia, Austria, Switzerland, Turkey, Scandinavia, and the Rest of Europe)
● Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
● Latin America (Brazil, Mexico, and the Rest of Latin America)
● The Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
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