The botulinum toxin market is primarily driven by rising aesthetic consciousness and a number of non-invasive cosmetic procedures. According to the recent data of American Society of Plastic Surgeons (ASPS), in 2018 among the 15.9 million cosmetic minimally-invasive procedures performed in the United States, Botulinum Toxin Type A tops the list with 7.44 million procedures. Many advanced non-surgical and minimally invasive aesthetic procedures were developed at the beginning of the 21st century.
The increasing quality of care improved professional services, and the availability of minimally invasive surgeries by highly qualified aesthetic surgeons have contributed to the growth of procedural volume. Furthermore, technological advancements, the introduction of cost-effective aesthetic products, the aging population, and rising incidence of aesthetic problems, such as crow’s foot and lateral canthal lines are also boosting the growth of the botulinum toxin market globally. However, the side effects of available products, lack of reimbursement policies supporting cosmetic procedures, and the high cost of the products can limit the adoption rate of botulinum toxin during the forecast period.
Key Market Trends
Cosmetic Applications Segment Holds Significant Share
There is a rising demand for aesthetic appearance among the individuals that have created a subsequent demand for botulinum toxin procedures around the world. The concerns of people regarding their appearance are gradually on the increase, both in the developed and the developing world; thus, there is an increase in the number of cosmetic surgeries done, annually.
According to the International Society of Aesthetic Plastic Surgery 2018 report, there has been an increase in botulinum toxin procedures worldwide by 17.4% in 2018 compared to 2017. The botulinum toxin injection for the treatment of wrinkles is one of the most frequently performed cosmetic procedures worldwide, and it is one of the most common entry procedures for clinicians who seek to incorporate aesthetic treatments into their practice.
Moreover, the effects of the botulinum toxin take about two weeks to develop and usually last three to four months fully. Further injections need to be given in order to sustain the effects for a longer period, and recurring revenue from injectable botulinum toxin encourages beauty clinics and medical practitioners to continue to recommend it.
Asia Pacific is the fastest growing region in Global Botulinum Toxin Market
The medical aesthetic technology has advanced rapidly over the last two decades in the United States. The highly advanced technologies have offered a wide range of products and solutions to patients seeking medical assistance.
According to the American Society for Aesthetic Plastic Surgery in 2018, there were 1,801,033 procedures that had been performed with botulinum toxin, and it was the number one nonsurgical procedure found in 2018. Out of the total procedures, 1,638,940 were considered for females and 162,093 for males.
There is also increased competition in the US botulinum toxin market that is set to increase with the launch of Jeuveau. Evolus Inc. in 2019, received the US FDA approval for its lead product, Jeuveau, for the temporary improvement in the appearance of moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity in adults. Similarly, Daewoong pharmaceutical, in 2019, also officially launched Nabota, its botulinum toxin (BTX) strain, in the United States.
Morover, there has been increasing demand for aesthetic procedures especially botulinum toxin in Asia Pacific region, which is projected to have significant market growth over the forecast period.
Botulinum Toxin market has rapidly evolved over the last few years. Industry observed significant changes in adopting market strategies such as product developments, mergers, and acquisitions in recent years. For instance, Teijin Limited a Japanese company had signed an exclusive agreement with Merz Pharma in 2017, opening a new window regarding Xeomin (incobotulinumtoxinA), i.e. novel type A botulinum neurotoxin. Thus, the Botulinum Toxin market has become a very competitive industry. Major companies in the market are US WorldMeds, LLC., Galderma, Evolus, Inc., AbbVie, Merz Pharma amongst others.
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