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The botox market size is forecast to increase by USD 4.58 billion, at a CAGR of 9.66% between 2023 and 2028.
There has been a rising demand for minimally invasive procedures as they are associated with less pain, fewer complications, and shorter hospital stays. In addition, the advancements in technology and developments of innovative techniques and equipment allow more precise, effective, and less invasive procedures. Moreover, advancements in minimally invasive procedures include laser technology, injectables such as Botox and dermal fillers, and the use of small incisions. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Application, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The aesthetic segment is estimated to witness significant growth during the forecast period. The aesthetic segment of the global market is expected to achieve steady growth fuelled by the increase in awareness about the various types of procedures and innovations emerging in the aesthetic segment. In addition, annual reports by global medical aesthetic organizations, such as the International Society of Aesthetic Plastic Surgery (ISAPS) and the American Society for Aesthetic Plastic Surgery (ASAPS), have found a global increase in the number of aesthetic procedures conducted across the world.
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The aesthetic segment was the largest segment and was valued at USD 4.22 billion in 2018. Moreover, the growing geriatric population (people aged 65 years or above) is also a key factor driving the growth of the aesthetic segment in the (botulinum toxin) market. In addition, older adults have become more concerned about their appearance and are readily opting for these skin procedures. Furthermore, the demand for aesthetic medicines has also surged among men. The ease of treatment procedures and effective and timely results are the key factors that are driving the demand among men for medical aesthetic procedures. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
It offers several benefits to hospitals and clinics across multiple levels and roles, including improved patient care and satisfaction, enhanced operations at point of care (POC), and facilitating cost savings by strengthening the operational bottom line. In addition, in 2023, the hospitals were the major revenue contributors to the growth of the (botulinum toxin) market owing to factors such as the increasing number of surgeries and the presence of skilled professionals. Moreover, governments of countries such as the UK are taking effective measures to make medical aesthetic products accessible to people; hence, they promote the usage of Botox in hospitals. Furthermore, the increasing growth of Tier-1 hospitals has led to an increase in the adoption of medical aesthetic products in POC settings. Hence, such factors are fuelling the growth of this segment which, in turn, drives the market growth during the forecast period.
In dermatology clinics is utilized for different cosmetic and medical purposes, due to its ability to temporarily relax muscles and reduce certain skin concerns. In addition, it is commonly used on the upper half of the face to target horizontal forehead lines, glabellar frown lines, and lateral canthal lines (Crows feet). Moreover, dermatologists may recommend injections to prevent the formation of new wrinkles by relaxing muscles that contribute to premature aging, especially in areas prone to wrinkling due to facial expressions. Furthermore, the increase in demand for cosmetic procedures, including injections, dermal fillers, laser treatments, and chemical peels, has led to an increased demand for dermatology services. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Factors such as rapid advances in technology, increasing awareness about aesthetic procedures, increasing demand for minimally invasive techniques, and growth in the number of older adults are some of the factors fuelling the growth of this botulinum toxin market in North America. In addition, the population aged 60 years and above is on the rise in North America. Moreover, people of this age group are susceptible to aging signs, such as wrinkles, scars, and acne. In addition, to treat these skin conditions, some individuals are increasingly opting for cosmetic surgeries. Furthermore, this has increased the demand for cosmetic surgeries, particularly for minimal and noninvasive surgical procedures, in the region. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AbbVie Inc: The company offers such as Botox cosmetic onabotulinumtoxin A injection under the brand Allergan Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the market growth is the increasing use of botox in dentistry. Botox is extensively used in dentistry. In addition, botox plays a critical role in managing bruxism by relaxing the jaw muscles responsible for teeth grinding. Furthermore, it Is been recommended by many dentists for patients suffering from severe cases of bruxism and temporomandibular jaw joint disorders.
Moreover, its also widely used to treat the issues of gummy smiles and release tension around the teeth and the facial muscles. In addition, botox is gaining popularity in dentistry owing to its increased use in correcting parafunctional cleaning, extracapsular myogenic temporomandibular disorder, trismus, and the headaches caused by these conditions. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the botox market growth is the increasing demand for preventive cosmetic treatments. The rise in demand for preventive treatments to delay the onset of wrinkles and lines, especially in younger individuals, propelled the growth of the global market. In addition, is effective in preventive treatments in cosmetic procedures in order to delay or prevent the formation of wrinkles and lines before they become more pronounced.
Moreover, this approach involves administering injections in areas prone to wrinkles in order to inhibit muscle movement and reduce the development of lines caused by repetitive facial expressions. In addition, some individuals opt for preventive treatments in their late twenties or early thirties as a proactive measure to maintain a youthful appearance. Hence, such factors are driving the market growth during the forecast period.
Side effects associated with the use of facial aesthetic products are one of the key challenges hindering the botox market growth. Like any medical procedure, treatments, such as botox and dermal fillers, carry a risk of potential side effects. In addition, the use of facial aesthetic products leads to temporary redness, swelling, bruising, or tenderness at the injection site.
Moreover, it also leads to allergic reactions, including itching, rash, hives, or more generalized reactions at the injection site. In addition, negative experiences or concerns about potential adverse reactions to the use of facial aesthetic products result in individuals reconsidering or avoiding undergoing treatments. Therefore, it is negatively impacting the botulinum toxin market. Hence, such factors are hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
Botox Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.66% |
Market Growth 2024-2028 |
USD 4.58 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.22 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 51% |
Key countries |
US, Mexico, Brazil, Germany, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Bausch Health Companies Inc., BTXA, Candela Corp., Daewoong Bio Inc., Eisai Co. Ltd., Evolus Inc, FASTOX Pharma, Galderma SA, Hugel Inc, Huons Global, Ipsen Pharma, MedyTox Co. Ltd., Merz Pharma GmbH and Co KGaA, NEXUS LIFECARE PVT. LTD., Object Pharma Inc., Revance Therapeutics Inc., SciVision Biotech Inc., Suneva Medical, and USWM LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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