SAN FRANCISCO, June 29, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Botulinum Toxin – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: April 2021
Executive Engagements: 702
Companies: 28 – Players covered include AbbVie; Daewoong Pharmaceutical Co., Ltd.; HUGEL Pharma; Ipsen Group; Medy-Tox Inc.; Merz Pharma GmbH & Co. KGaA; Metabiologics, Inc.; Revance Therapeutics, Inc.; US WorldMeds and Others.
Coverage: All major geographies and key segments
Segments: Product (Type A, Type B); Application (Therapeutics, Aesthetics); End-Use (Specialty & Dermatology Clinics, Hospitals & Clinics, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Rest of World.
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Global Botulinum Toxin Market to Reach $7.9 Billion by 2026
Botulinum toxin, a neurotoxin produced by Clostridium Botulinum bacterium, is capable of arresting release of acetylcholine, thus leading to muscle relaxation. Manufactured under controlled laboratory conditions and administered in extremely small therapeutic doses, BTX is administered intravenously only at the affected site. Growth in the global market is driven by growing demand in medical/therapeutic and cosmetic applications. The growing acceptance of facial injectables such as BTX to facial aesthetics among adults and approval for using therapeutic BTX in the treatment of an expanded range of indications is expected to spur market expansion. The constant development and launch of novel products for enhancing aesthetic appeal and the growing demand for minimally invasive treatments in cosmetology as well as therapeutic applications are boosting demand in the market. In the field of neuromuscular therapeutics, the use of botulinum toxin is driven by rising incidences of movement related disorders and growing number of patients with muscle spasms. Further, new clinical indications of botulinum toxin such as in the treatment of nystagmus, stridor, palatal myoclonus, scoliosis, co-spasms following brachial plexus lesions (birth related), and gait freezing (Parkinson), have helped further strengthen growth in this space.
Amid the COVID-19 crisis, the global market for Botulinum Toxin estimated at US$4.9 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2026, growing at a CAGR of 8.2% over the analysis period. Type A, one of the segments analyzed in the report, is projected to record 8.2% CAGR and reach US$8.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Type B segment is readjusted to a revised 6.9% CAGR for the next 7-year period. Botulinum toxin type A finds use in the treatment of movement disorders, vocal cord dysfunction and obesity, and is also used as a medical aid in gastric cancer. Growth in the botulinum toxin type A will be driven by its increasing use in the treatment of muscle spasms in cerebral palsy as well as neurogenic bladder diseases occurring in children. Type B is used for various muscle related conditions. Botulinum neurotoxin type B was approved by the FDA in 2000 for treatment of for the treatment of adults with cervical dystonia to reduce the severity of abnormal head position and neck pain linked with cervical dystonia.
The U.S. Market is Estimated at $3.1 Billion in 2021, While China is Forecast to Reach $665 Million by 2026
The Botulinum Toxin market in the U.S. is estimated at US$3.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$665 Million by the year 2026 trailing a CAGR of 14.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.1% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.1% CAGR. The United States represents the largest regional market, driven mainly by the growing approval for newer therapeutic indications. Further the increasing focus on improving physical appearance, rising disposable incomes of people, and the subsequent rise in demand for cosmetic procedures is also fueling growth. Rising demand for non-invasive or minimally invasive aesthetic treatments is also contributing to the growth of Botox market in the US. Europe also offers attractive opportunities for the botox market owing to the presence of a large number of cosmetic product manufacturers. Rapidly improving socio-economic conditions and proliferation of medical tourism, particularly in Asian countries, presents favorable prospects for botulinum toxin in Asia-Pacific region. More
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SOURCE Global Industry Analysts, Inc.