Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global botulinum toxin market size was valued at USD 7.23 billion in 2022 and is projected to grow from USD 7.49 billion in 2023 to USD 10.62 billion by 2030, exhibiting a CAGR of 5.1% during the forecast period. The gram-positive anaerobic bacterium Clostridium botulinum produces the neurotoxin known as botulinum toxin. The market's expansion is driven by the introduction of new products, an increase in their affordability, and modifications to reimbursement policies that include these products for therapeutic use.
Key Industry Development:
April 2022: Aquavit Pharmaceuticals, Inc. announced the submission of an IND package (Investigation of New Drug) to the U.S. FDA for their (DTX-021) product.
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Key Takeaways
- Growing demand for botulinum toxin for cosmetic applications is driving market growth.
- Increasing use of botulinum toxin for therapeutic purposes, such as muscle spasms and chronic migraines, is expanding the market.
- Advancements in technology and product innovation are enhancing the effectiveness and safety of botulinum toxin treatments.
- Rising awareness about the benefits of botulinum toxin and its non-surgical nature is fueling market growth.
- The presence of key market players and expanding research and development activities are shaping the competitive landscape of the botulinum toxin market.
Discover the Leading Players Featured in the Report:
AbbVie Inc. (U.S.), Ipsen Pharma (France), Merz Pharma (Germany), Medytox (South Korea), GALDERMA (Switzerland), Lanzhou Institute of Biological Products Co., Ltd. (China), HUGEL, Inc. (South Korea), Evolus, Inc. (U.S.), Revance Therapeutics, Inc. (U.S.), Supernus Pharmaceuticals, Inc. (U.S.).
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.% |
| 2030 Value Projection | USD 10.62 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 7.23 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 177 |
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Drivers & Restraints:
Increase in Demand for Minimally Invasive and Non-Invasive Procedures to Expand Market
The International Society of Aesthetic and Plastic Surgery (ISAPS) estimates that there will be 17,598,888 nonsurgical procedures performed in 2021, including laser hair removal, hyaluronic acid, and botulinum toxin. The sudden shift in people's search for painless, easy ways to look young and healthy without the risks of invasive cosmetic surgery is the reason for the rise in procedures. These factors are anticipated to increase the global botulinum market share.
Nevertheless, the introduction of counterfeit goods has a negative impact on botulinum toxin market growth.
Segments:
By Application
- Therapeutics
- Chronic Migraine
- Spasticity
- Overactive Bladder
- Cervical Dystonia
- Blepharospasm
- Others
- Aesthetics
By Type
- Botulinum Toxin Type A
- Botulinum Toxin Type B
By End-user
- Specialty & Dermatology Clinics
- Hospitals & Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Insights
An increasing Number of Product Releases Dominates the Market in North America
The market in North America has the largest share and generated USD 4.77 billion in sales in 2022. The reasons that contribute to the region's success include the rising number of product releases, the presence of large corporations, and the rising adoption of these practices among locals.
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Competitive Landscape
Strong Global Network and Product Portfolio Enables Companies to Achieve Market Dominance
In terms of the competitive landscape, the market has a variety of players, including large, well-established players as well as newer, smaller regional players. AbbVie Inc. is the market leader and holds a sizable share of the market in the current scenario. The company has a strong portfolio of botulinum toxin products, including BOTOX Cosmetic and BOTOX Therapeutic. As a result, it dominates the market.
FAQ’s
How big is the Botulinum Toxin Market?
The Botulinum Toxin Market size was USD 7.23 billion in 2022.
How fast is the Botulinum Toxin Market growing?
The Botulinum Toxin Market will exhibit a CAGR of 5.1% during the forecast period, 2023-2030
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