iCrowd Newswire – Jul 23, 2020
Botulinum Toxin Market Size, Trends and Share Analysis By Type (Botulinum Toxin A and Botulinum Toxin B), Application (Aesthetic and Therapeutic), End User (Dermatology Centers, Hospitals and Clinics and others) and Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) – Forecast till 2025
The global demand for botulinum toxin is expected to experience lucrative growth during the forecast period. One of the significant factors that characterize market growth is the rise in demand for facial aesthetics. Rising cases of spasticity, cervical dystonia, chronic migraine, increased demand for facial aesthetics, and increasing product launches and approvals are likely to propel the global market for botulinum toxins during the forecast period.
Botulinum toxin is an exotoxin released by the organism clostridium botulinum responsible for the deadly poisoning disease known as botulism. Botulinum neurotoxins comprise eight distinct subtypes identified as A, B, C1, C2, D, E, F, and G. Botulinum toxin is commonly preferred as an effective method of treatment across cosmetic and therapeutic indications such as spasticity, cervical dystonia, chronic migraine, etc.
Global Botulinum Toxin Market size is expected to reach USD 9442.93 million with a CAGR of 10.3% by 2025, says Market Research Future (MRFR). The global botulinum toxin market analysis offers a significant and in-depth study of market shares of players and dominant market segments for various regions around the globe.
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For example, in March 2018, Merz Pharma GmbH & Co. KGaA, a German-based aesthetics, and neurotoxin firm had obtained US FDA approval to apply for a supplemental biologic license (SBLA) for Xeomin (Incobotulinumtoxin) for the treatment of sialorrhea in adult patients.
Nonetheless, the adverse effects associated with botulinum toxin and weak refund policies are projected to curb market growth over the forecast period.
Botulinum Toxin Market Regional Analysis
Region-wise, the global botulinum toxin market has been divided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The global botulinum toxin market in the Americas is segmented into North America and Latin America. North America is expected to dominate the market in this region.
The Americas are expected to have the largest botulinum toxin market share due to growing product approvals, rising spasticity cases, and the presence of key manufacturers such as US WorldMeds, LLC., Revance Therapeutics, Hugel, Inc., and Evolus, Inc. in the region. In addition, growing product approvals and the rising occurrence of spasticity are likely to drive the growth of the demand for botulinum toxin in these countries. In August 2019, US WorldMeds, LLC, a US-based pharmaceutical firm, obtained US FDA approval for a supplemental biologic license for injection of Myobloc (rimabotulinumtoxinB) for the treatment of chronic sialorrhea.
The European botulinum toxin market consists of Eastern Europe and Western Europe. Western Europe is consisting of countries such as Germany, the United Kingdom, France, Italy, and Spain. Europe is the second-largest market for global aesthetics due to increasing botulinum toxin procedures and the involvement of developed economies such as Germany, the United Kingdom, and France. According to the International Society of Esthetic Plastic Surgery, about 321,702 botulinum toxin procedures were carried out in Germany in 2018.
The Asia Pacific is projected to show the highest botulinum toxin market growth from 2019 to 2025 due to the increasing geriatric population, rising disposable per capita income, expanding healthcare infrastructure, medical tourism, and the expanding entertainment industry. In India, as per a report published by the United Nations Population Fund (UNFPA), the share of the population over the age of 60 was 8% in 2015 and is expected to reach 19% by 2050. The regional botulinum toxin market is anticipated to expand at a CAGR of 11.01% during the forecast period from 2019 to 2025.
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The Middle East & Africa is expected to hold the least market share in the global demand for botulinum toxin. The Middle East is expected to lead the market in this region due to the presence of a well-developed healthcare sector. Market growth is primarily due to the presence of countries such as Kuwait, Qatar, Oman, and South Arabia, as well as high expenditure on healthcare.
Botulinum Toxin Market Competitive Analysis
The prominent participants in the global botulinum toxin market are Allergan PLC, Merz Pharma GmbH & Co KGaA, Daewoong Pharmaceutical Co., Ltd, Ipsen Pharma, Galderma S.A., US WorldMeds, LLC. (Solstice Neurosciences, LLC), Hugel, Inc, Medytox, Evolus, Inc., Revance Therapeutics, Inc. The market for botulinum toxin has grown rapidly over the last few years. Industry has seen significant changes in the adoption of market strategies such as product developments, mergers and acquisitions in recent years.
Botulinum Toxin Market Segmentation
The global botulinum toxin market has been segmented into type, application, and end-user.
Based on type, the global market for botulinum toxin market has been classified into botulinum toxin type A and B. The segment for botulinum toxin type A products are expected to have a maximum botulinum toxin market share of 96.29% over the forecast period. The majority of products available on the market are products of type A botulinum toxin. Botox (Allergan PLC), Xeomin (Merz Pharma GmbH & Co KGaA), and Dysport (Galderma SA) are leading botulinum toxin A-type brands with a substantial market share in the global market.
Based on the application, the global botulinum toxin market has been segmented into therapeutic and aesthetic applications. The segment for therapeutic is further classified into a chronic migraine, spasticity, cervical dystonia, overactive bladder, blepharospasm, and others.
By the end-user, the global botulinum toxin market has been segmented into dermatology centers, hospitals & clinics, and others.
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Keywords: Botulinum Toxin Market Size, Botulinum Toxin Market Trends, Botulinum Toxin Market Insights, Botulinum Toxin Market Growth, Botulinum Toxin Market Share