Market Size of Botulinum Toxin Industry
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Botulinum Toxin Market Analysis
The botulinum toxin market was valued at USD 4,655.53 million in the base year, and it is expected to register a CAGR of 9.5% during the forecast period.
- COVID-19 had a significant impact on the growth of the market during the pandemic period. This was due to the reduction of botulinum toxin procedures due to the imposition of strict lockdown restrictions and the postponement of non-elective surgeries such as cosmetic surgeries. For instance, according to the report published in the American Society of Plastic Surgeons, around 4,401,536 Botulinum Toxin Type A minimally-invasive procedures were performed in 2020, a 13% decrease from the Botulinum Toxin Type A procedures performed in the previous year.
- The decline in the number of surgeries was due to the strict regulations imposed by governments across different countries due to the COVID-19 pandemic, which highly affected the studied market. However, the resumption of cosmetic surgeries after the relaxation of strict guidelines on non-elective aesthetic procedures during the post-pandemic situations is expected to contribute to the market's growth over the coming five years.
- Various factors are currently driving the growth of the global botulinum toxin market. These include the increasing demand for aesthetic procedures, growing research and development initiatives to expand the therapeutic applications of botulinum toxin, and growing patient preference for non-invasive or minimal treatments coupled with novel product development.
- The increasing demand for aesthetic procedures is expected to be the major driver for the market's growth over the forecast period. The survey conducted by the American Society of Plastic Surgeons in 2022 mentioned that in the United States, 76% of plastic surgeons witnessed increased demand for cosmetic procedures and 23% reported that their business has doubled. The report also mentioned that Botulinum Toxin Type A is one of the top minimally invasive cosmetic procedures among patients during 2021-2022. Such increasing demand for botulinum toxin procedures is expected to contribute to the market's growth over the forecast period.
- Also, growing applications for the therapeutic usage of botulinum toxin in various non-cosmetic procedures such as dystonia, migraine, and others are expected to contribute to the growth of the market over the forecast period. Moreover, the prevalence of various disorders in which the botulinum toxin can be used as the potential therapy is expected to drive the demand for the botulinum toxin, thereby contributing to the market's growth.
- For instance, an article published by AAN in January 2021 mentioned that the prevalence of dystonia tremor in the international cross-sectional cohort study varied from 36.9% to 48.4% in the United States. Also, the increasing clinical trials market player for treating diseases using botulinum toxin is expected to contribute to the market's growth.
- For instance, in September 2022, AEON Biopharma reported positive topline results from the phase-2 clinical trial of ABP-450 (prabotulinumtoxinA) in 6treatment of cervical dystonia in adults. Such clinical trials and product development activities by various market players are expected to contribute to the market's growth over the forecast period.
- Furthermore, innovative product launches to meet the growing demand for botulinum toxin are expected to boost the market's growth. For instance, in January 2021, Maypharm launched a botulinum toxin, METOX, which is an effective solution for smoothing any wrinkles from severe to moderate caused by daily active facial movements.
- Thus, the increasing demand for botulinum toxin in cosmetic and non-cosmetic applications and frequent product launches are expected to drive the market's growth over the forecast period. However, adverse effects associated with botulinum toxin and the lack of reimbursement policies supporting cosmetic procedures are expected to restrain the market's growth over the forecast period.