APAC botulinum toxin market will reach USD 410.6 million by 2027 owing to the aging population, and the subsequent increase in demand.
Selbyville, Delaware, May 13, 2021 (GLOBE NEWSWIRE) --
According to latest report “Botulinum Toxin Market by Product (Botulinum Toxin A, Botulinum Toxin B), Application (Medical, Aesthetic), Gender (Female, Male), By Age Group (13-19, 20-29, 30-39, 40-54, 55 and Above), End-use (Hospitals, Dermatology Clinics, Spas & Cosmetic Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of botulinum toxin will cross $6 billion by 2027.
Growing awareness among the population pertaining to various non-invasive aesthetic procedures will drive the market growth for botulinum toxin treatments. The U.S. FDA approved the use of botulinum toxin in specific areas of the face that will enable the dermatologists to offer specialized treatment to consumers. Increasing awareness among public regarding procedures along with high patient satisfaction rate will assist in growth of the industry over the forecast timeframe. Furthermore, the introduction of novel products will further boost the product demand, thereby augmenting the market expansion in the coming years.
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The botulinum toxin A segment accounted for USD 3.4 billion in 2020. Botulinum toxin A is widely used to treat ageing signs such as square jaws, crow’s feet and forehead lines among other indications. Also, a rise in demand for botulinum toxin A to treat muscle spasm is likely to impel the segment growth in the coming years. Additionally, researchers at National Institution of Health (NIH) suggested that injections of botulinum toxin might relieve endometriosis, an associated pain from pelvic floor spasms. Thus, multiple therapeutic indications will enhance the product demand and foster the market progression.
The aesthetic segment captured 42.1% of the botulinum toxin market share in 2020. Increasing reliance of patient on aesthetic surgeries, safety parameters and technological advancements has increased the demand for aesthetic surgery. Also, these surgeries show long-lasting results with minimal side effects. Thus, these factors will influence the market value during the forecast timeframe. Moreover, rising investment in R&D activities for application of botulinum toxin in new indications will positively affect the industry expansion.
The female segment in the botulinum toxin market is expected to witness 5.8% growth rate through 2027 led by rising awareness regarding the application of botulinum toxin in cosmetic procedures will. Also, application of botulinum toxin to reduce ageing signs such as forehead lines, frown lines, crow's feet etc. will further stimulate the market demand. In addition, companies functioning in the market are focused towards innovation and product portfolio up-gradation that will further increase the demand and fuel the industry progression.
The botulinum toxin market for age group between 20-29 years segment was valued at USD 76.9 million in 2020. This age group is highly consciousn regarding their physical appearance and thus, individuals opt for treatments including skin rejuvenations. Also, the adoption of botulinum procedure is highest among the middle-aged population due to its age reducing effects, thereby augmenting the market growth. Furthermore, increasing demand for minimally invasive procedures along with major impact of social media on changing beauty trends will propel the industry value over the coming years.
Spa & cosmetic centers in the botulinum toxin market is estimated to attain a CAGR of 6.3% till 2027 owing to increasing number of spas & cosmetic centers coupled with rising demand for minimally invasive aesthetic procedures. Also, technological advancement has increased the demand for botulinum toxin products, thereby fostering the market revenue. Additionally, various benefits offered by these centers such as de-stress and relaxation technique among others will significantly contribute to the industry demand.
Asia Pacific botulinum toxin market is poised to reach USD 410.6 million by 2027 on account of the aging population, and the subsequent increase in demand. Growing usage of botulinum toxin products, rising social awareness, and accessibility to new technologies will drive the market expansion. Increasing number of non-surgical procedures in India, Japan and South Korea among others has increased in last few years. Also, availability of plastic surgeons in APAC region will increase the number of aesthetic surgeries, and thus impel the market share during the forecast timeframe.
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Some notable companies operating in the botulinum toxin market include Revance Therapeutics, Inc, Eisai Co., Ltd., Hugel Inc., Hugh source international ltd., Galderma S.A., Allergan, Ipsen, Medytox Inc. and Merz Pharma among others. Industry players are focusing on various strategies such as novel product launches, acquisitions and business expansion to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Botulinum Toxin Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By gender
3.4.4 By age group
3.4.5 By end-use
3.5 COVID-19 impact analysis
3.6 Brand analysis, 2016 – 2027 (USD Million)
3.7 Porter’s analysis
3.8 Competitive landscape
3.8.1 Company matrix analysis, 2020
3.9 PESTEL analysis
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