The Global Botulinum Toxin Market to Progress with CAGR of 5.55% by 2028
Triton's report on the Global Botulinum Toxin Market proposes that this industry will evolve at a CAGR of 5.55% over the forecasting years between 2021 and 2028.
Globally, the demand for aesthetic procedures has been on the rise, and this trend is expected to continue in the near future. The International Society of Aesthetic Plastic Surgery (ISAPS) stated that, in 2018, close to 12,659,147 non-surgical procedures were performed around the world. Of these, 6,097,516 procedures were botulinum toxin-based procedures. The growing demand for such procedures is driving the growth of the market studied.
However, as the usage of botulinum toxin is expanding, the complications associated with its use are also increasing. Some of the side effects of Botox include bleeding, swelling, erythema, headaches, and even nausea. Thus, owing to the fear of all these adverse effects, some patients are reluctant to undergo these treatments and procedures, which is hindering the growth of the botulinum toxin market.
The botulinum toxin market in North America is presently the largest in the world, holding the highest share. It is expected to remain in the leading position over the projected phase. The region comprises developed nations like the United States and Canada. Rapid advancements in medical technology and aesthetic procedures have taken place in these nations over the last few years, which is fostering the industry growth. With the growing consciousness about looks and beauty, the demand for aesthetic procedures here is extremely high. This is boosting the demand for botulinum toxin, and, in turn, driving the growth of the North American market.
Merz Pharma, Medytox Inc, Revance Therapeutics Inc, US WorldMeds LLC, Galderma Pharma SA (Acquired By EQT), Ipsen Pharma, Hugel Inc, and Abbvie Inc, and Evolus Inc are the eminent names present in this industry.
The established names in the market are competing intensely on product development and marketing fronts. They are also making heavy in research & development, therapeutic label extension, mergers & acquisitions, to streamline or bolster their offerings. Further, the increased expenses on advertising, along with powerful competitive strategies, are also increasing the competitive rivalry in the global botulinum toxin market. Though, sustainable competitive advantage exists, in this industry by means of innovation.
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