Botox Market is anticipated to grow at 7.5% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Botox Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global botox market is estimated to be over US$ 4800 million in 2019. It is anticipated to grow at 7.5% CAGR from 2019 to 2030.
Increasing inclination towards cosmetic procedures for several aesthetic treatments, growing adoption rate by geriatric individuals, and rising preference of minimally invasive & noninvasive aesthetic procedures are anticipated to boost the growth of botox market over the forecast period. Moreover, extensive research & development and awareness programs conducted by major companies across the globe for introducing new botox products is expected to contribute in increasing use of botox injections for several non-surgical cosmetic procedures. For instance, in June 2019; Evolus, Inc. launched #NEWTOX NOW consumer conversion program for rapid adoption of Jeuveau. It is a purified botulinum toxin type A formulation used for the temporary improvement in appearance of moderate to severe glabellar lines in adults.
According to American Society of Plastic Surgeons (ASPS), in 2018, there were more than 17.7 million surgical and minimally-invasive cosmetic procedures performed in the United States. In 2018, 15.9 million cosmetic minimally-invasive procedures were performed, out of which 7.44 million procedures used botulinum toxin type A during procedure. There has been rise of 4% for the use of botulinum toxin type A since 2017. Hence, the increasing preference of cosmetic minimally-invasive procedures with the application of botulinum toxin, in several developed and developing regions aid in substantial growth of the botox market.
Increasing number of new product launches by key players is contributing in the growth of botox market. For instance, in 2019 Huons Global launched Liztox, a new botulinum toxin (BTX) product for treating forehead wrinkles in Korea. Moreover, several new botulinum toxin type A products are receiving approvals in specific regions. For instance, in 2019, Evolus, Inc. received European Commission (EC) approval for marketing of Nuceiva. It is a purified botulinum toxin type A formulation for temporary improvement in the appearance of moderate to severe vertical lines between the eyebrows seen at maximum frown in adults below 65 years of age. Hence the increasing availability of wide range of botulinum products across wide regional horizon is attributed to the market growth.
Browse key industry insights spread across 190 pages with market data tables & figures & charts from the report, Botox Market By Type (Botulinum Toxin Type A and Botulinum Toxin Type B), By Application (Aesthetics and Therapeutics), By End User (Specialty & Dermatology Clinics and Hospital & Clinics) – Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/botox-market/198
However, severe patient assessment remains as a major concern for cosmetic surgeons owing to the risk associated with high doses of botulinum toxin. The side effects associated with botox injection includes headache, pain, flu-like illness and temporary facial drooping. Moreover, in recent times there is increasing concern regarding retrograde botulinum toxin transmission, which refers to the toxin to travel back to the central nervous system leading to long-term damage. Hence the associated risk with the application of botulinum toxin hinders the growth of the market.
Asia Pacific is estimated to account for the highest CAGR in botox market over forecast period. Significant technological advancement, better access to health care services and economic growth in this region contributes in the market growth. Moreover, the increasing medical tourism is attributed to increasing number of cosmetic procedure in this region. The most preferred medical tourism destinations include India, Malaysia, Singapore, Thailand and Middle Eastern countries such as Dubai. For instance, according to the Medical Tourism Association, around 14 million people in the world travel other countries for medical care annually. Hence high medical tourism for cosmetic procedure is one amongst the several factors which is attributed for the market growth in this region.
Some prominent players in the botox market include Allergan, Ipsen Group, Medytox, Merz Pharma, HUGEL, Inc, US WorldMeds, LLC, Galderma Laboratories, L.P., Revance Therapeutics, Inc, Eisai Co., Ltd. and DAEWOONG CO.LTD among others.
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