Neurotoxin Market is expected to reach US$ 13,195.06 million by 2028

Botox Segment to Dominate Neurotoxin Market During 2022–2028

According to our new research study on "Neurotoxin Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and End User," the market is expected to grow from US$ 6,622.36 million in 2022 to US$ 13,195.06 million by 2028; it is estimated to register a CAGR of 12.3% from 2023 to 2028. Key factors driving the market growth are surge in cosmetic procedures to improve appearance and emergence of innovative facial aesthetic products. However, improper/inappropriate injection techniques are restricting the growth of market.

North America is leading the global neurotoxin market due to increasing product launches, growing FDA approvals for neurotoxins for various muscular conditions in aging population and increasing numbers of non-surgical or minimally invasive cosmetic procedures. The US is the largest market for neurotoxins in the world. The growth of the market is widely defined by the factors such as an increasing number of aesthetic procedures, growing product launches, rising FDA approvals for neurotoxins, and increasing demand for minimally invasive therapeutics. In addition, the senior population is a vital factor leading to the growth of the neurotoxin market, by application, in the country, as neurotoxins are widely used for aesthetic purposes and as therapeutic for muscular conditions.

Neurotoxin Market, by Geography, 2022 (%)

The US is home to various companies operating in the neurotoxin market. Therefore, there are various neurotoxin products available across the country. Also, the FDA monitors all the products before and after their launch in the market. Recently, various neurotoxin products have been launched after FDA’s approval. In August 2020, FDA approved Genentech, Inc. for its product Evrysdi (risdiplam). Evrysdi is intended to treat spinal muscular atrophy (SMA) in patients aged two months and more. Similarly, in July 2021, FDA approved the label expansion of BOTOX of Allergan, an AbbVie company. Allergan has expanded Botox’s applications to treat eight new muscle conditions of upper limb spasticity in adults. The muscle conditions included are for elbow and forearm (brachialis, brachioradialis, pronator teres, and pronator quadratus), intrinsic hand muscles (lumbricals and interossei), and thumb muscles (flexor pollicis brevis and opponens pollicis). Moreover, companies are representing their products at international conferences. For instance, in July 2022, Revance Therapeutics, Inc. presented six abstracts at the 2022 Toxins International Conference in New Orleans, Louisiana. The presentations included the demonstration of membrane binding of the core toxin of BoNT/A via Revance’s peptide excipient, RTP004.

In the US, most people opt for minimally invasive cosmetic treatment. According to a survey by the American Society of Plastic Surgeons, during 2021–2022, the top five minimally invasive procedures people looked as a treatment were botulinum toxin type A, soft tissue fillers, non-invasive fat reduction, non-surgical skin tightening, and skincare & treatments. According to government estimates, by 2030, the number of senior people is expected to reach 74 million. Therefore, neurotoxins are expected to be prescribed more in numbers as a treatment for muscular conditions, and the willingness to look younger will demand minimally aesthetic procedures leading to the growth of market.

The neurotoxin market, by product type, is segmented into Botox, Dysport, Xemoin, and others. The Botox segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2023–2028. Botulinum toxins are much popular in the medical aesthetic industry. The widely used botulinum toxin is Botulinum type A. The botulinum toxin market is primarily driven by rising aesthetic consciousness and a number of noninvasive cosmetic procedures. In addition, the increasing quality of care, improved professional services, and the availability of minimally invasive surgeries by highly qualified aesthetic surgeons have contributed to procedural volume growth, technological advancements, and the introduction of cost-effective aesthetic products. In November 2022, Hugel, a medical aesthetic company in South Korea, announced receiving approval from Australia's Therapeutic Goods Administration (TGA) for its Letybo. Letybo is a botulinum toxin type A injection formulated to treat indications of glabellar lines. The company plans to complete its first shipment and launch in the local market within the first quarter of 2023. These aforementioned factors are responsible for the segmental growth of the neurotoxin market during 2023–2028.

Merz Pharma GmbH & Co KGaA, AbbVie Inc, Revance Therapeutics Inc, Ipsen SA, Medytox Inc, Evolus Inc, Hugel Inc, Lanzhou Institute of Biological Products Co Ltd, Gufic, and Metabiologics, Inc. are among the key companies operating in the neurotoxin market.

The report segments the neurotoxin market as follows:

Based on product type, the neurotoxin market is segmented into botox, dysport, xemoin, and others. By application, the neurotoxin market is bifurcated into therapeutic and aesthetic. The neurotoxin market, by end user, is segmented into hospitals, dermatology clinics, medical spas, and others. Based on geography, the neurotoxin market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, Russia, Poland, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, Israel, Lebanon, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, Venezuela, and the Rest of South & Central America).

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com