Global Neurotoxin Market to 2028 -A Surge in Cosmetic Procedures to Improve Appearance Propels Growth in Beauty Industry
DUBLIN, Nov. 10, 2023 /HSJ/ -- The "Neurotoxin Market Forecast to 2028 - Global Analysis By Product Type, Application, and End User" report has been added to ResearchAndMarkets.com's offering.
The neurotoxin market size is expected to reach US$ 13,195.06 million by 2028 from US$ 6,622.36 million in 2022; it is estimated to record a CAGR of 12.3% from 2023 to 2028.
The overall market for neurotoxins is expected to propel exponentially during the forecast period to meet the growing demand for facial aesthetics. In March 2022, Aquavit Pharmaceuticals, Inc. announced the submission of an Investigational New Drug (IND) of 'DTX-021'-a botulinum toxin type A intended to treat moderate to severe glabellar lines.
The product is a highly purified and clinically tested injectable neuromodulator with a 900 kDa protein complex derived from neurotoxins produced by Clostridium botulinum. Also, Aquavit is accelerating clinical trials by introducing DTX-022, and its final approval will be recognized as the first-of-its-kind and the world's first pan-facial microinjection of neurotoxins.
Likewise, with the ongoing weight loss trend, Gastric Botox has become a popular choice among patients seeking non-invasive procedures. It involves injecting Botox into specific stomach regions using an endoscopic technique. By this technique, the contraction of the stomach muscles is restrained. Due to the limitation, the stomach's evacuation process takes longer, which causes the patient to feel full for longer period, resulting in reduced appetite and improved weight-related health issues/lifestyle disorders such as high blood pressure and diabetes mellitus.
In June 2021, Galderma announced a new product launch-'Alluzience'-intended to be the first ready-to-use neuromodulator and a wrinkle-relaxing injection in Europe. The newly launched product Alluzience is a liquid form of botulinum toxin type A, particularly for adult patients, to temporarily improve the appearance of moderate to severe glabellar lines (vertical lines between the eyebrows).
Based on product type, the neurotoxin market 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 the forecast period.. 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 glabellar lines indications. The company plans to complete its first shipment and launch in the local market within the first quarter of 2023.
The preference of the brands differs in different countries; for instance, botulinum toxin brands that are largely used in Singapore are Botox (Allergan), Dysport (Ipsen Biopharmaceuticals Inc.), Xeomin (Merz Pharmaceuticals, LLC). These are Health Saving Account (HAS) approved. The prices of these brands are Botox US$ 20.6-34.4 (Singapore$ 15-25), Dysport US$ 16.5-27.5 (Singapore$ 12-20), and Xeomin US$ 20.6-27.5 (Singapore$ 15-20) per unit.
As per Evolus's estimates, Botox has the maximum market share that holds ~70% of the total botulinum toxin's market. Similarly, in Thailand, two main brands, Botox Allergan and Botox Aestox, are widely used and approved by the Thai FDA. Botox Allergan costs US$ 2,802.8 (79.98 baht) and Botox Aestox costs US$ 7,008 (199.98 baht) per unit. These aforementioned factors are responsible for the segmental growth of the neurotoxin market during 2023-2028.
Market Dynamics
Drivers
Surge in Cosmetic Procedures to Improve Appearance
Emergence of Innovative Facial Aesthetic Products
Restraints
Improper/Inappropriate Injection Technique
Opportunities
Neurotoxins to Reduce Spasticity in Upper Limb Muscles
Future Trends
BOTA for Assisted Reproductive Technology (ART)
Companies Mentioned
Merz Pharma GmbH & Co KGaA
AbbVie Inc
Revance Therapeutics Inc
Ipsen SA
List Biological Labs Inc
Medytox Inc
Evolus Inc
Hugel Inc
Lanzhou Institute of Biological Products Co Ltd
Supernus Pharmaceuticals
Gufic
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