According to a recently published report by Roots Analysis, the rising aging population seeking minimal invasive cosmetic treatments to slow down the aging process is anticipated to drive the market during the forecast period.
LONDON , Jan. 15, 2024 /PRNewswire/ —
Global Botox Market Overview
The global botox market is growing rapidly; it is estimated to be worth USD 4.3 billion in 2023 and is anticipated to reach USD 13.6 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 10.08% during the forecast period from 2023 to 2035.
Botulinum toxin, commonly known as botox, is a popular choice of cosmetic surgeons to treat skin abnormalities such as fine lines, frown lines, glabellar lines, and skin elasticity. This is a form of neurotoxin extracted from the Clostridium botulinum (bacteria). When Botox is injected beneath the skin, it blocks the presynaptic release of neurotransmitters at the neuromuscular junction—it results in chemical denervation of muscle fiber, thereby causing paralysis in muscle and initiating muscle relaxation. In 2002, botox received approval from the FDA for cosmetic treatment. Botox has shown promising results in reducing fine lines, wrinkles, and other aging signs. Owing to its minimally invasive nature and benefits, several people seeking cosmetic procedures have adopted botox treatments to slow down aging signs and achieve a youthful appearance.
Interestingly, according to the American Society of Plastics Surgeons, in 2022, more than 4.2 million botox treatments were done by surgeons in the United States. Though botox is gaining popularity worldwide, the results obtained from botox treatment last only for a few months. Hence, several market players emphasize developing advanced botox formulations that last longer. Moreover, several stakeholders are also evaluating the newly developed Microbotox, which is capable of covering a broad area with a small dose. Driven by the ongoing research and the increasing popularity of botox treatment, the market witnesses substantial growth during the forecast period.
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Botox Market Report Scope:
Market Revenue in 2023
USD 4.3 billion
Estimated value by 2035
USD 13.6 billion
CAGR of 10.08%
2023 to 2035
Distribution by Gender, End User, Distribution Channel
North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America
Revenue Forecast, Competitive Landscape, Growth Factors, Drivers, Restraints and Trends
Several factors are propelling the botox market during the forecast period. One of the promising factors is the minimally invasive nature of the botox procedures and short hospital stays after the treatment. The number of aging population is increasing across the globe, which has led to the surge in demand for botox procedures to reduce aging signs and achieve a radiant look. Additionally, the increasing awareness among people about aesthetic enhancement through social media and celebrity endorsement has positively impacted the Botulinum toxin market. The therapeutic significance, such as cervical dystonia treatment using botox, further increases the demand for this medical aesthetic procedure, which is anticipated to drive the market during the forecast period.
Several factors that slow down the growth of the botox market include the perception of side effects after the treatment. Some of the potential side effects experienced by the patients include inflammation, minimal pain, neck pain, indigestion, and eye irritation. However, the side effects are short-lived and usually reduced with post-operative care. In addition, botox results are short-term and usually last only 3-4 months. Therefore, there is a requirement to develop advanced formulations that last longer. The market may also be hampered due to the presence of other inexpensive and minimally invasive procedures, such as dermal fillers.
Despite market restraints, the botox market will witness significant growth in the upcoming years. The primary growth factor that drives the market is the active participation of stakeholders for the development of personalized formulations to meet the specific requirements of the consumers. Further, the increasing demand for minimally invasive procedures for the treatment of aging signs become a prominent growth factor that drives the market in the future. Several botox market players are engaging in collaborations and partnerships to offer tailored solutions by combining two aesthetic modalities, such as Botulinum toxin and dermal fillers to treat skin abnormalities efficiently. The ongoing research by market players has become a significant growth factor that drives the market during the forecast period.
Recent Developments in Botox Market
It is worth highlighting here that the botox market has witnessed several breakthrough developments that have helped expand production capabilities to produce advanced botox procedures. Examples of the recent research and development activities that have taken place in this field include:
- In November 2023, Allergan Aesthetics celebrated the fifth annual BOTOX cosmetics day, achieving their breakthrough numbers. This month witnesses the highest number of Botox treatments that have been done to date.
- In June 2023, Revance Therapeutics raised USD 30 million in a venture capital round. The company has decided to use the raised funds to expand production capabilities and improve future growth.
- In October 2021, Huon’s Biopharma (a South Korean healthcare subsidiary) of Huon’s Global inked an agreement of USD 97.2 billion with Haematol Pharm (a German pharmaceutical company) to market its botulinum toxin product in Europe. These two companies are aiming to enhance the public’s knowledge of Hutox in Switzerland, the U.K., and 27 other E.U. nations.
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Botox Market Players
Examples of the key companies engaged in the botox market (which have also been profiled in the market report; the complete list of the companies is also included in the full report) include:
- Allergan Aesthetics
- Croma Pharma
- Koru Pharma
- Love Cosmedical
- Merz Pharma
- Nyuma Pharma
Botox Market Segments
Based on the gender, the botox market is segmented into females and males.
- Based on gender, the botox market is led by females, capturing 90% of the market share in 2023.
- Males will likely grow at the highest compounded annual growth rate (CAGR) of 20.5% during the forecast period 2023-2035.
Based on the end user, the botox market is segmented into hospitals, clinics / med spas, and dermatology / cosmetology centers.
- Based on end users, clinics / med spas and dermatology / cosmetology centers will dominate the market during the forecast period and capture 50.0% of the share in 2023.
- The clinics / med spas and dermatology / cosmetology centers will grow at a higher CAGR of 9.57% during the forecast period.
Based on distribution, the botox market is segmented into direct distribution and indirect distribution.
- Based on the distribution, the botox market is led by indirect distribution, capturing 80% of the market share in 2023.
- Indirect distribution is anticipated to grow at a higher CAGR of 11.7% during the forecast period 2023-2035.
Based on the key geographical regions, the botox market is segmented into North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, South Korea, Japan, India), MENA (Turkey, Iran, Rest of the Middle East and North Africa) and Latin America (Brazil, Argentina, Rest of Latin America)
- North America is anticipated to dominate the botox market, holding a significant share (48.4%) in 2023.
- In Asia-Pacific, the botox market is likely to grow at a higher CAGR of 11.52% during the forecast period 2023-2035.
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Key Benefits of Buying this Report
- The report offers market leaders and newcomers valuable insights into revenue estimations for the overall market and its sub-segments.
- Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
- The report provides stakeholders with a pulse on the botox market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.
Don’t Miss Out on Other Interesting Titles:
Medical Aesthetics Market – The global medical aesthetics market size is estimated to be $ 35 billion in 2023 and is anticipated to grow at a compounded annual growth rate (CAGR) of around 9.3% over the forecast period 2023-2035.
Dermal Fillers Market – The global dermal filler market size is estimated to be $3.0 billion in 2023 and is anticipated to grow at a compounded annual growth rate (CAGR) of around 9% over the forecast period 2023-2035.
Skin Care Market – Industrial Landscape and Recent Trends, 2023-2035.
About Roots Analysis
Roots Analysis is a global leader in the pharma/biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research/consulting services dedicated to serving our clients in the best possible way.
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SOURCE Roots Analysis
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