PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1390122
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1390122
The botulinum toxin market is expected to grow at a CAGR of 6.23% from US$5.650 billion in 2021 to US$8.625 billion in 2028.
Botulinum toxin is used in several medicinal and cosmetic products. Currently, type A and type B are common in commercial usage. The diversified application of botulinum toxin and increasing demand, especially in the cosmetic industry is expected to boost the botulinum toxic market. Further, the growing number of migraine cases coupled with increased awareness about the medicinal and cosmetic benefits is another major growth driver in the botulinum toxic market. Additionally, the government approval for the use of botulinum toxin in several diseases is also widening the botulinum toxin market size.
Botulinum toxin is used for several purposes leading to higher demand and botulinum toxin market growth. The medicinal application of botulinum toxin is muscle spasticity in body parts such as the head and neck, eyelid, vagina, limbs, jaw, and vocal cords can be treated with botulinum toxin. In 2016, abobotulinumtoxinA (Dysport) was approved by the FDA for the treatment of lower limb spasticity in pediatric patients. AbobotulinumtoxinA also helps in treating excessive sweat in the underarms. Botulin toxin is also used in the cosmetic industry to reduce facial wrinkles. Moreover, it is used to treat neuropathic pain, and chronic pain in shoulders and improves range of motion which is further expected to propel the botulinum toxin market size.
The use of botulinum toxin in the cosmetic industry is increasing with the growing and aging population. It is used to reduce facial wrinkles through plastic surgery which is a natural part of aging. According to The International Society of Aesthetic Plastic Surgery, surgery procedures by plastic surgeons increased by 19.3% in 2021 as compared to 2020 including more than 12.8 million surgical and 17.5 million non-surgical procedures worldwide. This increase in facial surgery indicates the botulinum toxin market growth. Moreover, the rising aging population is also contributing to the botulinum toxin market with older people wanting a youthful face. For instance, people above 60 years or older will reach 2.1 billion by 2050 from 1.4 billion in 2020 as per the WHO estimation.
Botox injection (OnabotulinumtoxinA) is used to prevent migraine headaches. It was approved in 2010 for migraine treatment usage., According to the American Migraine Foundation, nearly 1 billion people worldwide are suffering from migraine currently and it is the second leading cause of all global disability. The huge migraine-affected population contributes heavily to the botulinum toxin market growth.
The growing aging population and diversified application of botulinum toxin in the medicinal and cosmetic industry provide an excellent opportunity for botulinum toxin market expansion. Moreover, the product launches and FDA approval for Type A and Type B botulinum toxin in the cosmetic and therapeutic sector are further expected to boost the botulinum toxin market thereby providing a good opportunity. Additionally, the rising disposable income of people is pushing the demand for botox surgical and non-surgical procedures as more people are inclined to look good with the rising usage of social media and self-image enhancement.
Apart from the diverse beneficial applications of botulinum toxin, a few associated side effects are limiting the botulinum toxin market growth. The side effects in the cosmetic industry include temporary facial paralysis, muscle weakness, and trouble swallowing if injected into the wrong facial muscles. Moreover, it can also cause headaches, flu-like symptoms, and allergic reactions. The side effects in the therapeutic industry may be caused in case of excess dosage leading to serious health problems such as heart attack, respiratory arrest, seizures, and arrhythmia. Additionally, strict government regulation acts as an entry barrier until the proper fulfilment of the required criteria limits the botulinum toxin market prospects.
The North American region is expected to contribute significantly to the global botulinum toxin market during the forecasted period. The factors attributed to such a share are the higher number of migraine cases in the region and highly advanced research programs. Currently, 39 million Americans live with migraine which means it affects 1 in 4 households in the US as per the American Migraine Foundation. Additionally, the strong healthcare system and FDA regulations provide an immense growth prospect for the botulinum toxin market in the region. For instance, the FDA approved the label expansion of Botox® to add new eight muscles for the treatment of upper limb spasticity in July 2021.