Global Botulinum Toxin Market Witnessing Speedy Recovery Following 2020 Slump - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Botulinum Toxin - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
With Billions of People Self-Isolating, Now is the Time to Recover From Cosmetic Surgery. Botulinum Toxin to Reach $6.8 Billion
The global market for Botulinum Toxin is projected to reach US$6.8 billion by the year 2027, trailing a post COVID-19 CAGR of 7.2% over the analysis period 2020 through 2027.
The waitlist for nonessential, noninvasive skin-care has been growing all through the lockdown period in 1H of 2020 when all non-essential care services closed down.
As cosmetic surgery clinics new open up, pent-up demand for beauty procedures is expected to boost growth in the year 2021. With no vaccine in sight and the pandemic not expected to end soon, living with the virus is the new reality and normal. As social isolation measures, work-from-home (WFH), and face masks culture prolong into the year 2021, an increasing number of patients are expected to leverage the opportunity to opt for cosmetic surgeries which often take months to recover from swelling, changes in skin sensation, and bruising of the skin.
The unprecedented social and lifestyle changes set into motion pandemic provides the perfect opportunity for patients to plan their post-surgery recovery at home without disruptions to social or work life which otherwise would have been impacted. Botulinum Toxin market will go from a -8.6% slump in 2020 to a speedy recovery of 4.7% in 2021.
Once perceived as merely a product used by celebrities and affluent members of the aging population, botulinum toxin injections have become a common option used by people to improve their aesthetic appearance. An increasing number of people are seeking minimally-invasive procedures to improve appearance.
The ease of treatment and increased accessibility to local providers, and availability at affordable price points is further expected to aid in the growth of Botox as a mainstream aesthetic treatment in the coming years. Over the last few years, botulinum toxin injectables and other aesthetic injectables are gaining much greater social acceptance. Although in the past these treatments were considered unwarranted, of late these procedures have been gaining widespread acceptance.
Extensive media coverage regarding the benefits of botulinum toxin therapy and rise in the number of celebrity endorsements have all added to the increase in number of people undergoing these treatments. People, especially women, are seeing Botox as a vital component of their beauty maintenance routines. As botulinum toxin cosmetic treatments do not follow the 'one size fits all' approach and require an extremely targeted therapy, injectors are greatly customizing a treatment procedure in order gain patient satisfaction and retention. Technological and product advancements have been instrumental in improving results and patient satisfaction rates. Rise in patient satisfaction rates is expected to ultimately drive adoption of Botox.
Pre-pandemic growth drivers that will gradually come into play will include the expanding range of therapeutic indications for Botulinum Toxin and the rising demand for non-invasive cosmetic treatment solutions. The market will benefit from the growing acceptance of facial injectables especially BTX for improving facial aesthetics among adults.
With cosmetic indications for BTX ranging from facial wrinkles to eyebrow furrows, the rapidly aging world population is emerging as a strong demographic driver of growth. In addition to cosmetic applications, emerging use as a therapeutic medicine in treating urinary incontinence; focal dystonias like hemifacial spasm; achalasia; hyperhidrosis; chronic anal fissure; and ocular motility disorders, will also help drive growth in the market. The United States represents a major market supported by approvals for use in newer therapeutic indications.
Asia-Pacific will grow stronger led by factors such as growing base of affluent middle class population with a strong focus on appearance maintenance; aggressive marketing of cosmetic surgeries and treatments; growing physician acceptance of and confidence in the claimed benefits of botulinum toxin; and rise in medical tourism in low cost Asian countries especially for elective procedures such as cosmetic surgeries.
The market for long has been characterized by huge unmet medical needs and the ensuing strong off-label aesthetic and therapeutic uses of botulinum toxin. Expanding use in neurological disorders such as cervical dystonia, blepharospasm, oromandibular dystonia & hemifacial spasm; improved treatment outcomes of cosmetic btx among individuals in the 40-54 age group; and combination therapies will expand business opportunities for botulinum toxin.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Daewoong Pharmaceutical Co. Ltd.
- HUGEL Pharma
- Ipsen Group
- Medy-Tox Inc.
- Merz Pharma GmbH & Co. KGaA
- Metabiologics, Inc.
- Revance Therapeutics, Inc.
- US WorldMeds
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