A recent study by Triton Market Research titled ‘Global Botulinum Toxin Market,’ covers the Global Analysis and Forecasts by Type (Type A; Type B); by Application (Cosmetic Applications [Forehead Lines; Lateral Canthal Lines (Crow’s Feet); Glabellar Lines; Other Cosmetic Applications]; Non-cosmetic Applications [Ophthalmologic Disorders; Chronic Migraine; Dystonia; Other Non-cosmetic Applications]); by End-users (Hospitals; Clinics and Others); and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
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The report by Triton estimates the global botulinum toxin market to exhibit a CAGR of 5.55% in the forecasting years from 2021 to 2028. This industry is likely to accumulate a revenue of $4744.35 million by 2028.
The World Health Organization (WHO) estimates that, by 2050, more than 2 billion people across the world will be aged over 60 years. The findings of the WHO’s research depict that the growth of the facial fillers market is directly proportional to the rise in the population of elderly people. This is because the skin loses its collagen and fluid as a person grow older, resulting in the development of wrinkles on the face and neck. Owing to this, many people undergo aesthetic procedures, treatments, and surgeries, which is aiding the growth of the market studied.
However, the upgradations and continuous amendments in reimbursement policies are some of the factors restraining the growth of this market. With the current trends in healthcare, such as reimbursement, payer & provider consolidation, coverage reform, and escalating healthcare costs, the demand for newer advanced botulinum toxin products is expected to slow down, and impede the market’s growth.
The market for botulinum toxin is segmented into type, application, and end-user. Based on type, it is divided into type A and type B. Whereas, based on application, it is categorized mainly into cosmetic applications and non-cosmetic applications. The cosmetic applications segment is further divided into forehead lines; lateral canthal lines (crow’s feet); glabellar lines; and other cosmetic applications. And the non-cosmetic applications segment is further divided into ophthalmologic disorders; chronic migraine; dystonia; and other non-cosmetic applications. And lastly, according to end-users, it is classified into hospitals and clinics and others.
North America presently leads the global market for botulinum toxin, and is expected to maintain its leading position by the end of the forecast period. The increase in people’s disposable income, the presence of a well-equipped healthcare infrastructure, and the availability of various aesthetic procedures to enhance one’s looks are factors pushing the demand for botulinum toxin in the region. The geriatric population in the country has also been growing steadily. People in this age group require efficient facial rejuvenating products & treatments to delay the appearance of aging signs. This is expected to increase the demand for botulinum toxin, and eventually foster the market growth during the forecast period.
Hugel Inc, and Abbvie Inc, Galderma Pharma SA (Acquired By EQT), Ipsen Pharma, US WorldMeds LLC, and Evolus Inc, Medytox Inc, Merz Pharma, and Revance Therapeutics Inc are the well-known players in the botulinum toxin market.
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Question & Answer: Botulinum Toxin Market
Question 1: What factor is aiding the growth of the botulinum toxin market?
Answer: The World Health Organization (WHO) estimates that, by 2050, more than 2 billion people across the world will be aged over 60 years. The findings of the WHO’s research depict that the growth of the facial fillers market is directly proportional to the rise in the population of elderly people. This is because the skin loses its collagen and fluid as a person grow older, resulting in the development of wrinkles on the face and neck. Owing to this, many people undergo aesthetic procedures, treatments, and surgeries, which is aiding the growth of the market studied.
Question 2: What factors are impeding the growth of the global botulinum toxin market?
Answer: The upgradations and continuous amendments in reimbursement policies are some of the factors restraining the growth of this market. With the current trends in healthcare, such as reimbursement, payer & provider consolidation, coverage reform, and escalating healthcare costs, the demand for newer advanced botulinum toxin products is expected to slow down, and impede the market’s growth.
Question 3: Which region is expected to dominate the global botulinum toxin market over the forecasting period?
Answer: North America presently leads the global market for botulinum toxin, and is expected to maintain its leading position by the end of the forecast period. The increase in people’s disposable income, the presence of a well-equipped healthcare infrastructure, and the availability of various aesthetic procedures to enhance one’s looks are factors pushing the demand for botulinum toxin in the region. The geriatric population in the country has also been growing steadily. People in this age group require efficient facial rejuvenating products & treatments to delay the appearance of aging signs. This is expected to increase the demand for botulinum toxin, and eventually foster the market growth during the forecast period.
Question 4: Who are the well-known players in the botulinum toxin market?
Answer: Hugel Inc, and Abbvie Inc, Galderma Pharma SA (Acquired By EQT), Ipsen Pharma, US WorldMeds LLC, and Evolus Inc, Medytox Inc, Merz Pharma, and Revance Therapeutics Inc are the well-known players in the botulinum toxin market.
Related Report:
Global Cosmetic Surgery and Procedure Market
The global cosmetic surgery and procedure market is deemed to register growth at a CAGR of 5.70% during the estimated phase of 2019-2027, while reaping $48.27 billion in revenue by 2028.
Cosmetic surgery is primarily evolved from reconstructive procedures; thus, there are similarities in reconstructive and cosmetic procedures. However, it has a wider application in the unwanted fat removal process. Besides, these surgeries are available as surgical or non-surgical procedures.
The market is primarily motivated by the growing number of the aging population, rising medical tourism, and surge in disposable income among consumers. Along with this, an upsurge in cosmetic surgeries and growing demand for energy-based liposuction methods are other factors creating growth opportunities for the cosmetic surgery and procedure market.
However, the increase in explant procedures and side-effects associated with breast implants have restricted the market’s growth globally.
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