The increasing adoption of research activities by leading companies is touted to fuel botulinum toxin demand over the forthcoming years. These initiatives are being undertaken for enabling the development and launch of superior solutions. In addition, industry players are forging partnership deals and collaborations for the expansion of their geographical footprint.
For instance, in May 2021, Revance Therapeutics, Inc. announced the U.S. FDA’s plans for initiating the pre-approval inspection of its manufacturing unit for DaxibotulinumtoxinA for Injection by the end of June 2021. Such developments are expected to impel the business landscape across various regions.
According to Fortune Business Insights, the global botulinum toxin market size was USD 3.20 billion in 2020. The market is anticipated to hit USD 5.68 billion by 2028, exhibiting a CAGR of 7.6% during 2021 to 2028. The escalation can be credited to additional steps taken by key industry participants such as mergers, acquisitions, capacity expansion initiatives, and others.
The competitive landscape of the industry is shared by a number of players including:
- Revance Therapeutics, Inc.
- AbbVie Inc.
- HUGEL, Inc.
- USWM, LLC.
- Lanzhou Institute of Biological Products Co., Ltd.
Some of the additional factors favoring the market growth comprise rising affordability, the growing popularity of cosmetic non-invasive surgical procedures, and amendments in reimbursement policies.
How Has the COVID-19 Pandemic Affected the Product Demand?
The coronavirus pandemic has negatively impacted the sales of botulinum toxin products driven by the decreased adoption in both aesthetic and therapeutic applications. This can be attributed to a range of factors, including ban on elective procedures, strictly imposed lockdowns, and disruptions in supply chains.
However, in some applications, protein has proved to be of help where stopping the treatment would elevate the need for emergency and critical care. This aspect has aided in reviving product demand, thereby positively influencing industry expansion.
Scope of Botulinum Toxin Usage in the Healthcare Sector
Protein is becoming popular in the healthcare industry and can be used in the treatment of a range of chronic and critical diseases. These include cervical dystonia, spasticity, chronic migraine, and others. Chronic migraines can be debilitating, leading to a significant impact on the quality of life of the sufferers. In such cases, the use of botox helps in blocking the messages from the nerve to the muscle, leading to temporary muscle relaxation.
Furthermore, it can be utilized for the treatment of abnormal muscle tightness, spasticity, and in patients with cerebral palsy, multiple sclerosis, amyotrophic lateral sclerosis, and brain or head trauma. These aspects are likely to favor product adoption in the healthcare sector over the coming years.
Examining the Industry Landscape in Asia Pacific
The Asia Pacific market is slated to depict lucrative expansion over the forecast period. The rise is being favored by an increase in regulatory approvals for the launch of various products. For instance, in June 2021, Teijin Pharma Limited and Merz Therapeutics jointly announced the Japanese Ministry of Health, Labor and Welfare’s approval of Teijin Pharma. The approval was intended at marketing Xeomin for intramuscular injection in 50, 100, or 200 units for the treatment of lower limb spasticity.
An Assessment of the Industry Scenario in North America
The market in North America is anticipated to register a commendable surge over the forecast period. The escalation can be attributed to a rise in the rollout of a series of botulinum toxin solutions by numerous regional players.
Citing an instance, in July 2020, Ipsen Biopharmaceuticals announced the approval of the U.S. Food and Drug Administration (FDA) for the expanded usage of Dysport in pediatric patients. Similar developments are anticipated to create favorable ground for industry expansion over the estimated period.
The coming years are anticipated to register a remarkable surge in the development and rollout of various botulinum toxin products by pharmaceutical companies. This is set to be favored by the growing demand for cosmetic surgeries and minimally invasive and non-invasive procedures. These factors are poised to positively influence the business growth across various regions.
About the author
Madhura holds a Masters in English Literature with a distinct command over language. Reading and writing being her key interests, she enjoys penning insightful articles on technology, healthcare, chemicals, and business. She is passionate about painting.