The global Botulinum Toxin Market was valued at USD 3.4 billion in 2015 and is expected to grow at a CAGR of 7.9% over the forecast period according to the report published by the Grand View Research, Inc. The constant introduction of innovative products for enhancement of aesthetic appeal supporting minimally invasive aesthetic treatments is the prime factor driving the growth of the market. In addition, the rapid growth of the sector is attributed to the rising demand for minimally invasive or non-invasive procedures. These procedures provide advantages such as small incision, shorter hospital stays, and rapid wound healing, and hence lead to larger acceptance and demand.
Also, the successful completion of research projects is expected to expand the applications of presently approved products. Companies are trying to widen the application of botulinum toxin in the therapeutic area through various research activities. For instance, Botox by Allergan received the U.S. FDA approval to treat strabismus (crossed eyes) and blepharospasm associated with dystonia in 1989. Furthermore, in 2004, Botox was approved by the U.S. FDA for hyperhidrosis, cervical dystonia, upper limb spasticity, chronic migraine, and urinary incontinence in 2009, 2010, and 2011 respectively. Hence, these factors all together will aid in boosting the growth of BNT sales during the forecast period. Recently, Aquavit Holdings LLC introduced a new botulinum toxin (DTX-021) for the aesthetic market. With the help of the exclusive license, the Korean firm will be able to register, market, and commercialize this new BNT in Canada and the United States.
Botulinum Toxin Market Report Highlights
• The botulinum toxin type A segment had the largest share in 2015 and is also expected to be the fastest-growing segment during the forecast period.
• Botulinum toxin is widely used for aesthetic purposes as it helps in improving facial appearance and decreasing signs of aging, thus, the aesthetic segment had the largest share in 2015.
• North America captured the largest revenue share in 2015, as it has a large population having higher disposable income. Also, North America has many aesthetic procedures available to them, which are pushing the demand in this region.
• As social awareness regarding anti-wrinkle procedures is growing in the Asia Pacific, this region is anticipated to be the fastest-growing region during the forecast period.
• Major players in this market are Allergan, Inc.; Ipsen Group; Merz GmbH, and Co. KGaA, Medytox, Inc.; US Worldmed, LLC; Lanzhou Institute of Biological Products. Co.Ltd. and Revance Therapeutics, Inc.
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Botulinum Toxin Market Segmentation
Grand View Research has segmented the botulinum toxin market by type, end use, and region:
Product Type Outlook (Revenue, USD Million; 2013 – 2025)
•Botulinum Toxin Type A
•Botulinum Toxin Type B
End-use Outlook (Revenue, USD Million; 2013 – 2025)
Regional Outlook (Revenue, USD Million; 2013 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
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