USD 5.8 billion
Report ID:
SQMIG35I2220 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
61
|Figures:
75
Global Botulinum Toxin Market size was valued at USD 10.01 billion in 2022 and is poised to grow from USD 11.12 billion in 2023 to USD 23.54 billion by 2031, growing at a CAGR of 9.83% during the forecast period (2024-2031).
Botulinum Toxin (BNT) is a neurotoxin with seven antigenic forms: BNT-A, B, C, D, E, F, and G. It is produced by the anaerobic bacterium Clostridium botulinum and is commonly used for cosmetic purposes. Currently, just a few BNT - A goods and one BNT - B product are commercially available in the market. However, significant investment in R&D initiatives to develop botulinum toxin's therapeutic usage is offering chances for its use cases to expand botulinum toxin market in the coming years.
The spike in the demand for cosmetic, non-invasive surgical procedures, new product launches, improving affordability, and changes in reimbursement policies to cover botulinum injections are some of the factors driving growth of the global botulinum toxin market.
US Botulinum Toxin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.8 billion
Largest Segment
Aesthetic
Fastest Growth
Aesthetic
Growth Rate
11.5% CAGR
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Global Botulinum Toxin Market is segmented by Product, Application, End User, and Region. Based on Product, the market is segmented into Type A (Botox, Dysport, Xeomin, Others), Type B. Based on Application, the market is segmented into Therapeutic (Chronic Migraine, Overactive Bladder, Cervical Dystonia, Spasticity, Others), Aesthetic (Glabellar Lines, Crow’s Feet, Forehead Lines, Others). Based on End User, the market is segmented into Hospitals, Dermatology Clinics, Cosmetic Centers and Medspas. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Botulinum Toxin Market to Floushrish with Growing Consumption of BT in Aesthetic Application
In 2021, the aesthetic segment dominated the global botulinum toxin market and is projected to continue holding its position during the forecast period. Botulinum toxin is largely utilized for cosmetic (aesthetic) purposes that majorly includes improving facial looks and minimizing aging indications. It is used to treat crow's feet lines, frown lines, and glabellar lines.. Allergan, one of the key players in the global botulinum toxin market, got FDA approval for botulinum toxin (Botox) in 2004 for hyperhidrosis; cervical dystonia in 2009; post-stroke upper limb spasticity in 2010; and urine incontinence and overactive bladder in 2011. As a result, continual R&D efforts are broadening the usage of Botox across diverse indications.
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North America dominated the global botulinum toxin market in 2021, owing to the region's highly aware and economically stable population, as well as a significantly higher number of procedures conducted in the US and Canada. In 2021, more than 3.6 million cosmetic procedures involving neurotoxins (such as Botox) were performed. The increasing availability of numerous non-invasive cosmetic treatments and frequent new product approvals for a wide range of therapeutic indications are expected to fuel the expansion of botulinum toxin market over the forecast period.
Europe is second-largest botulinum toxin market because of high demand for botox operations in most of the European nations and increased research and development spending in Europe.
According to a study conducted in the United Kingdom, women who had assessed their self-esteem, life satisfaction, and attractiveness as low had little religious beliefs, and were exposed to a lot of media were more likely to get botox.
On the other hand, some of the developing countries in Asia Pacific and Latin America like India, China, Brazil, Thailand are experiencing a condierable growth in the demand for cosmetic surgeries that involves the use of botulinum toxin. The Asia Pacific botulinum toxin market growth is further supported by rising per capita disposable income, increased want to look beatuful and growing impact of social media are taking the market to next level. As a result, Asia Pacific botulinum toxin market is primed to see an increase in the demand for non-invasive aesthetic operations. According to the annual Global Aesthetic Survey conducted by the International Society of Aesthetic Plastic Surgery (ISAPS), medical tourism for cosmetic operations in Thailand is expanding, with more than 33.2% of cosmetic surgery patients coming from other countries.
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Botulinum Toxin Market Driver
The demand for botulinum toxin is increasing in minimally invasive to non-invasive cosmetic surgeries. Botulinum toxin is used to relax the muscles that cause wrinkles. It is also used to improve the appearance of skin irregularities. The most common areas treated with botulinum toxin are the forehead, eyes, and mouth. As a result, the number of cosmetic procedures performed each year is increasing. In 2020, Botulinum toxin became the the most popular non-surgical cosmetic surgery worldwide. Over 6.2 million Botox injections were administered by plastic surgeons throughout that year. Hyaluronic acid and hair removal were the second and third most prevalent types of non-surgical cosmetic procedures worldwide.
The availability of minimally invasive operations performed by highly qualified aesthetic surgeons has contributed to the increase in procedural volume. Furthermore, technological improvements, the introduction of low-cost aesthetic products, the aging population, and the increased incidence of aesthetic problems such as crow's foot and lateral canthal lines are all contributing to the global growth of the botulinum toxin market.
Botulinum Toxin Market Restraint
Side effects of botulinum toxin injection in patients, such as allergic reactions, rash, neck and back pain, difficulty swallowing, shortness of breath, and nausea are expected to hamper the growth of the botulinum toxin market. Potentially serious occurrences are the result of the toxin's systemic dissemination, which might cause botulism-like symptoms or systemic anaphylactic reactions. Cosmetic application of botulinum toxin seldom results in serious negative effects.
It has been observed that serious side effects are 33 times more common in therapeutic circumstances than in cosmetic cases. According to our estimates, the median botulinum toxin dose is four times larger in therapeutic instances than in cosmetic situations. They are defined as a life-threatening occurrence that necessitates intervention to prevent permanent damage and is connected with patient hospitalization or the extension of an existing hospitalization, as well as chronic or major disability. All these factors are likely to hamper the botulinum toxin market to some extent.
The botulinum toxin (BNT) procedures are expensive procedures, as well as low reimbursement coverage for treatments such as myobloc are deterring patient from opting the procedure. In addition, lack of inclusion of cosmetic procedure in insurance further stops people from avaialing the procedure performed, which further negatively affects the botulinum toxin market.
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The key players in the botulinum toxin market are working on continuous innovation and product portfolio enhancement for better aesthetic and therapeutic outcomes for patients. For example, in February 2021, AbbVie, one of the prominent players in global botulinum toxin market, got FDA clearance for Botox to treat detrusor overactivity associated with a neurological disease in select pediatric patients aged 5 and older. Furthermore, the growing relevance of aesthetic beauty, fueled by the expanding therapeutic applications of these toxins for critical and chronic diseases, is expected to drive the growth of botulinum toxin during the forecast period.
Top Players in Botulinum Toxin Market
Recent Development in Global Botulinum Toxin Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the aesthetic segment dominated the global botulinum toxin market in 2021 and is anticipated to maintain its dominace throughout the forecast period.
In 2021, North America dominated the global botulinum toxin market owing to the region's highly aware and economically stable population, as well as a significantly higher number of procedures conducted.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 10.01 billion |
Market size value in 2031 | USD 23.54 billion |
Growth Rate | 9.83% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Botulinum Toxin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Botulinum Toxin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35I2220