Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the Botox market will grow from USD 6.4 billion in 2022 and reach USD 15.2 billion by 2030. In just eight years, Botox has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. In expansion, massive investment in research & development projects to expand the therapeutic use of botox is building considerable opportunities in the global market.
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Key Insight of Botox Market
North America to account for largest market size during the forecast period
North America is expected to have the largest market share in the botox market. Key factors favouring the growth of the Botox market in North America include the increasing disposable income, technical advances in aesthetic botox processes, and cutting-edge treatment and surgery facilities are mainly pushing the market growth in the region. The increasing need for cosmetic surgeries, fast approvals, and verification of different botox treatments additionally result in revenue development in the region. According to the American Society of Plastic Surgeons, Botulinum Toxin, including botox treatment, ranks top in the list of non-surgical methods. In 2022, Botox will be the most popular non-invasive procedure. Botox was administered to more than 7.4 million patients in the United States.
The Botulinum Toxin A Segment Accounted for the Largest Market Share of 54% in 2022
The product type segment is divided into Botulinum Toxin A and Botulinum Toxin B. The Botulinum toxin A segment dominated the market, with a market share of around 54% in 2022. A minimally invasive treatment for cosmetic flaws like forehead creases, fine lines, facial wrinkles, and muscle cramps is Botulinum toxin A injection. It is broadly used for treating hyperhidrosis, migraine, incontinence, and blepharospasm. Different initiatives by critical companies associated with government licenses and permissions are also contributing to the segment's revenue growth.
The therapeutic segment accounted for the largest market share of 56% in 2022
The application segment is divided into therapeutics, and aesthetics. The therapeutic segment dominated the market, with a market share of around 56% in 2022. Due to the worldwide upsurge in the cases of migraine and the boost in demand for the non-surgical therapeutic approach, which is non-invasive or minimally invasive in nature.
The dermatology clinics segment accounted for the largest market share of 36% in 2022
The end-use segment is divided into spas and cosmetic centers, hospitals, and dermatology clinics. The dermatology clinics segment dominated the market, with a market share of around 36% in 2022. Dermatologists are skilled and experienced in complex medical and surgical operations, including botox, hair transplants, fillers, and many other procedures. According to the research, dermatology clinics are more skilled at determining skin and cosmetic issues. They pay attention to minor details to identify the problems correctly.
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Advancement in market
In October 2022, Evolus, Inc. the performance beauty company, established its commercial operations in the United Kingdom with a customer-centric approach and sent its first customer orders for Nuceiva (botulinum toxin type A). Healthcare experts are registered in the Evolus Innovator and Evolus Early Adopter education programs, and interest is growing as users begin using Nuceiva.
Market Dynamics
Drivers: Improves natural beauty
One of the key advantages of getting botox treatment is that it is a simple way to improve the natural beauty. Botox is an anti-ageing treatment, as it is an easy way to reduce the appearance of wrinkles. Botox injections can enhance anything from severe forehead lines to frown lines and all parts in between. As these areas are what people notice first when they meet, getting Botox is an easy way to enhance the appearance and make a better first impression.
Restraint: Not permanent results
One of the main elements of Botox that serves as a benefit of the treatment can also be a significant drawback. The results of Botox are temporary and last about 3 to 6 months only. The patient would need to return for the next appointments to maintain the effects of the treatment.
Opportunity: Massive investment in R&D projects
The huge investment in research & development projects to grow the therapeutic use of botox is building considerable opportunities in the global market. Botox is more economically feasible for patients; patients may notice botox results instantly, botox injections are less invasive than other cosmetic methods, and it is an adaptable treatment. These advantages are anticipated to push the demand of the global market over the projection years.
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Some of the major players operating in the Botox market are:
• AbbVie
• Allergan Inc.
• Eisai Co., Ltd.
• Evolus, Inc.
• Galderma S.A.
• Hugel, Inc.
• Ipsen Group
• Lanzhou Institute of Biological Products Co. Ltd.
• Lumenis
• Medy Tox Inc.
• Merz Pharma
• Pfizer Inc.
• Revance Therapeutics Inc.
• Solta Medical
• Syneron Candela
• WorldMeds LLC
Key Segments cover in the market:
By Product Type:
• Botulinum Toxin A
• Botulinum Toxin B
By Application:
• Therapeutics
• Aesthetics
By End-Use:
• Spas and Cosmetic Centers
• Hospitals
• Dermatology Clinics
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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