DUBLIN, October 05, 2021–(BUSINESS WIRE)–The “Botulinum Toxin Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Botulinum Toxin Market was valued at USD 3,601.5 million in 2020, and it is expected to reach USD 7,854.9 million by 2026, registering a CAGR of 9.94% during the forecast period.
Key Market Trends
Cosmetic Applications Segment Holds Significant Share
There is a rising demand for aesthetic appearance among the individuals that have created a subsequent demand for botulinum toxin procedures around the world. The concerns of people regarding their appearance are gradually on the increase, both in the developed and the developing world; thus, there is an increase in the number of cosmetic surgeries done, annually.
According to the American Society of Plastic Surgeons’ (ASPS) recent data, among the 2,630,832 cosmetic non-invasive procedures performed in the United States in 2019, botulinum toxin Type A tops the list with 1,301,823 procedures. The botulinum toxin injection for the treatment of wrinkles is one of the most frequently performed cosmetic procedures worldwide, and it is one of the most common entry procedures for clinicians who seek to incorporate aesthetic treatments into their practice.
Globally, the increasing demand for modern beauty standards has created a massive growth platform for botulinum toxin A products across the world. Furthermore, therapeutic applications for botulinum toxins have opened the doors for growth through the healthcare platform.
According to the National Clinical Trial (NCT) Registry, as of 18 June 2021, there are more than 312 ongoing and planned clinical trials related to botulinum toxin A across different development phases for various indications. Moreover, In March 2021, Revance announced that the long-awaited, longer-lasting neuromodulator drug candidate DaxibotulinumtoxinA for Injection (DAXI), a botulinum toxin type A formulated with a novel peptide excipient or combined treatment of glabellar, dynamic forehead, and lateral canthal lines is nearing the FDA approval. In December 2020, the company announced the results from its phase 2 upper facial lines study investigating DAXI. These factors are expected to impact the market positively in the future.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the global market. The medical aesthetic technology has advanced rapidly over the last two decades in the region. The highly advanced technologies have offered a wide range of products and solutions to patients seeking medical assistance.
According to the American Society for Aesthetic Plastic Surgery, in 2019, 1,301,823 procedures were performed with botulinum toxin products (Botox, Dyport, Xeomin), that constituted to 45% of total aesthetic procedures in the country.
There is also increased competition in the US botulinum toxin market that is set to increase with the launch of Jeuveau. Evolus Inc. in 2019, received the US FDA approval for its lead product, Jeuveau, for the temporary improvement in the appearance of moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity in adults. Similarly, Daewoong pharmaceutical, in 2019, also officially launched Nabota, its botulinum toxin (BTX) strain, in the United States.
Also, In April 2021, Aquavit Holdings LLC announced that it acquired an exclusive license to register, market, and commercialize a botulinum toxin (DTX-021) in the United States and Canada. Hence, all these approvals and launches helped in the growth of the overall market and is expected to continue the same trend over the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Aesthetic Procedures
4.2.2 Growing Research and Development Initiatives to Expand the Therapeutic Applications of Botulinum Toxin
4.3 Market Restraints
4.3.1 Adverse effects Associated with Botulinum Toxin
4.3.2 Lack of Reimbursement Policies Supporting Cosmetic Procedures
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.2 End User
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wjfxxl
View source version on businesswire.com: https://www.businesswire.com/news/home/20211005005988/en/
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