Botulinum Toxin Market Size
Increasing demand among patients for nonsurgical cosmetic treatments has proliferated global botulinum toxin market, along with the prevalence of numerous medical conditions like migraine headaches and excessive sweating. In recent times, the awareness about botulinum toxin and its various benefits have increased due to the extensive adoption of botulinum toxin therapies by dermatologists for reducing signs of aging as well as eliminating facial lines and wrinkles in people.
U.S. botulinum toxin market, by product, 2018 & 2025 (USD Million)
Out of the two key subtypes, botulinum toxin A is the considered as one of the most potent and has gained rapid and enthusiastic acceptance amid customers. It is now being used clinically with most frequently performed procedures, helping millions to rejuvenate their physical appearance. Botox A will undoubtedly represent a prominent growth segment for botulinum toxin industry players, with beauty salons and spas also providing injectable Botox treatments. Growing trend among middle-aged women to stay young and attractive will subsequently boost botulinum toxin market expansion.
According to the America Society of Plastic Surgeons, Botox treatment is the most prevalent cosmetic medical procedure in the US, with around 7.23 million procedures reportedly performed in 2017. Botulinum toxin A was initially approved by the U.S. FDA for treating crossed eyes and in the year 2002, it was approved for cosmetic treatment. Botulinum toxin market has gained traction in US specifically on the account of treating dermatologic conditions including crow’s feet near the eyes, thick jaw muscles and gummy smiles, achieving optimal results globally and advancing the industry scope.
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Besides cosmetic therapies, botulinum toxin has become a safe and effective therapeutic tool for a wide range of medical conditions including chronic migraines, muscle spasticity, and dysphonia. Apparently, in 2010 it was approved by the U.S. Food and Drug Administration (FDA) for the prevention of chronic migraines. Migraines are the third most common disorder globally, with an estimated worldwide prevalence of 14.7%. Botox injections provide one of the most effective and positive treatments and a prominent study reveals that most people experience reduction in migraine frequency. This will create substantial product demand for botulinum toxin industry, as chronic diseases are leading causes of fatality in people of all ages.
Allergan plc had announced the results of higher doses of its Botox Cosmetic product in 2018 for the treatment of moderate to severe glabellar lines. This trial was significantly helpful in evaluating the duration of effect and safety of the treatment. Such trials indicate the application scope of botulinum toxin market. Allergan had also unveiled 29 presentations including 24 migraine presentations highlighting the company’s innovations for addressing migraine problems. Undoubtedly, innovations and product-driven approaches would pave the way for botulinum toxin industry towards depicting an upward revenue graph in the next few years.
Rising geriatric population around the globe has created opportunities for the application of botulinum toxin in the treatment of spasticity, which causes specific body muscles to be continuously contracted. The disease affects nearly 12 million people worldwide, while 80% of multiple sclerosis patients suffer from varying levels of spasticity. Common occurrence of disorders that cause spasticity, such as strokes, traumatic brain injuries and meningitis will warrant a considerable demand for effective therapies. Oral as well as injected botulinum toxin are considered to be helpful in dealing with cerebral palsy spasticity, reinforcing the market penetration.
With the healthcare sector experiencing significantly higher consumption than before and the surge in preference for nonsurgical cosmetic treatments, botulinum toxin industry is projected to amass tremendous revenues worldwide. Escalating competition among major industry players by executing mergers & acquisitions and innovating transformative therapies will underscore the industry dynamics imminently. Reports suggest that global botulinum toxin market size is anticipated to exceed USD 8.5 billion by 2025.
Author Name : Deeksha Pant