Botox Market Revenue Driven by Rising Focus on Enhancing Aesthetic Appearance: Reports and Data
Increasing focus on personal appearance and grooming, technological advances in cosmetic surgical procedures, and rising preference for non-invasive cosmetic treatments are some of the key factors expected to drive market revenue growth over the upcoming years
New York, December 15, 2021 – Reports and Data has published its latest report titled “Botox Market, By Product Type (Botulinum Toxin A, Botulinum Toxin B), By Gender (Male, Female), By Application (Medical, Cosmetics), By End-use (Hospitals, Dermatology Clinics, Spas and Cosmetic Centers), and By Region, Forecast To 2028”
According to the latest report by Reports and Data, the global botox market size was USD 3.4 Billion in 2020 and is expected to reach USD 5.2 Billion in 2028 and register a revenue CAGR of 5.7% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Key factors contributing to the global botox market revenue growth include increasing prevalence of various skin-related problems, growing need for skin revitalizing products – especially among the aging population – rising focus on improving aesthetic appearance, and increasing volumes of cosmetics surgeries. Rising cases of skin disorders, increased spending on skin care products and advanced cosmetic solutions, and increasing disposable incomes, mainly in developing countries around the world, are other factors driving market revenue growth to a significant extent.
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Botox is a drug made from Botulinum toxin derived from the bacterium called Clostridium botulinum. The drug helps weaken muscles, and when used in small doses, can help treat specific skin conditions. As one of the most researched drugs, botox finds numeorus cosmetic and therapeutic applications. Botox injections are a common cosmetic treatment that helps remove skin wrinkles and reduce the signs of aging such as glabellar lines, nasolabial folds, and crow’s feet. Botox is approved by the U.S. Food and Drug Administration (FDA) as a treatment for various health problems such as excessive sweating, eyelid spasms, migraine, and certain bladder disorders. Botox is also used in various medications for improving hair growth and is also approved for treatment of medical conditions such as strabismus, cervical dystonia, neck pain, and hyperhidrosis. Rising awareness of the medical and cosmetic benefits of botox, increasing preference for non-invasive cosmetic treatments or surgery, growing use of botox medications in dermatology clinics and cosmetic centers, and increasing R&D activities for advanced dermatological solutions are other key factors bolstering revenue growth of the global botox market.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Botulinum Toxin A Segment Accounted for Largest Revenue Growth in 2020:
Based on product type, the global botox market is segmented into botulinum toxin A and botulinum toxin B. The botulinum toxin A segment accounted for the largest revenue share in the global market in 2020. Rising prevalence of various chronic diseases, increasing problems of skin aging among men and women, rising demand for anti-aging products and solutions, and increased expenditure on cosmetic products and treatments are key factors boosting revenue growth of this segment. Also, increasing usage of botulinum toxin A in various medications for eye muscle spasms, chronic migraine, urinary incontinence, hyperhidrosis, and blepharospasm is another key driver for this segment’s growth.
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Dermatology Clinics Segment to Lead in Terms of Revenue Share:
Based on end-use, the global botox market is segmented into hospitals, dermatology clinics, and spas and cosmetic centers. The dermatology clinics segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Revenue growth of this segment is mainly attributed to rise in research activities to develop advanced dermatological products and solutions, growing prevalence of skin-related disorders, increasing consciousness about aesthetic appearance, and increasing number of cosmetic surgical procedures. Other major factors boosting this segment’s growth are presence of skilled dermatologists and advanced dermatology centers in developed, as well as developing countries around the world, and increased healthcare spending of individuals.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America botox market was the most dominant in terms of largest revenue share in the global market in 2020. Major factors supporting the regional market revenue growth are rise in aging population, rising focus on skin rejuvenation, growing need for non-invasive cosmetic treatments and surgeries, and increasing availability of botox medications for a wide range of chronic diseases. Technological advances in cosmetic procedures, presence of advanced skin treatment facilities, high disposable incomes of the population, and presence of major market players in the region, such as AbbVie, Allergan Inc., Pfizer Inc., and Syneron Candela, are other key factors prompting the North America market growth.
Major Companies in the Global Botox Market Include:
- Allergan Inc.
- Evolus, Inc.
- Pfizer Inc.
- Solta Medical
- Syneron Candela
- Galderma S.A.
- Merz Pharma
- Medy Tox Inc.
- Hugel, Inc.
- Revance Therapeutics Inc.
- WorldMeds, LLC
- Ipsen Group
- Eisai Co., Ltd.
- Lanzhou Institute of Biological Products Co. Ltd.
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For the purpose of this report, Reports and Data has segmented the global botox market based on product type, gender, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion, 2018-2028)
- Botulinum Toxin A
- Botulinum Toxin B
Gender Outlook (Revenue, USD Billion, 2018-2028)
Application Outlook (Revenue, USD Billion, 2018-2028)
End-use Outlook (Revenue, USD Billion, 2018-2028)
- Dermatology Clinics
- Spas and Cosmetic Centers
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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