The global botulinum toxin market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for non-invasive or invasive therapeutic procedures for eye disorders.
Botulinum toxin can be understood as a type of neurotoxic protein that is produced by bacterium called clostridium botulinum and associated species. It primarily causes a range of eye disorders due to the development of the disease, impacted by muscle stiffness around cervical areas. This is also used for cosmetic and medical purposes, which are available of seven different forms i.e. botulinum toxin – A, B, C, D, E, F, and G. Most of these toxins are processed by anaerobic bacterium, which is largely used for aesthetic purposes. Large investments in research & development projects to develop the therapeutic use of the toxin are generating opportunities for the expansion of its application in various medical fields.
However, issues concerning such as reverse effects such as rash, neck and back pain, and nausea are key factors effecting the acceptance of neurotoxins in cosmetic application and therapeutics. Additionally, huge cost involve in performing such expensive procedures and poor reimbursement coverage are expected to negatively affect the market. Meanwhile, the COVID-19 situation has also effected to market negatively as all the non-urgent or non-COVID related-medical facilities were shut down due to lockdown restrictions.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for minimally non-invasive or invasive procedures for the disease treatment are the factors fueling the growth of the global market.
- Huge investments in research and development projects to develop the therapeutic use of botulinum toxin is expected to create opportunities for its application area in the coming years.
- Increasing social awareness regarding the commercial availability of these products is expected to boost the growth of the market.
- Side effects such as allergic reactions, and shortness of breath are expected to hamper the acceptance of neurotoxins in cosmetic and therapeutics application.
- High cost for the therapeutic procedures and lack of a proper remuneration system are further expected to hamper the market growth.
Key Players
- Ipsen Group
- Allergan, Inc.
- Revance Therapeutics, Inc.
- Merz Pharma GmbH and Co. KGaA
- Medytox, Inc.
- Lanzhou Institute of Biological Products Co. Ltd.
- US Worldmed, LLC.
Competitive Landscape
Key players competing in the global botulinum toxin market are Ipsen Group; Allergan, Inc.; Revance Therapeutics, Inc.; Merz Pharma GmbH and Co. KGaA; Medytox, Inc.; Lanzhou Institute of Biological Products Co. Ltd.; and US Worldmed, LLC. The main market players are continuously engaged in a range of business development activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations to enhance their market share.
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