The global botulinum toxin market size was valued at USD 5.91 billion in 2021 and USD 6.27 billion in 2022. The market is expected to reach USD 8.59 billion by 2029 with a CAGR of 4.6% during the forecast period. High demand for non-invasive cosmetic procedures is anticipated to drive market growth. Increasing importance and preference for aesthetic beauty is expected to propel the market course. The trend of launching new products by the key players is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Botulinum Toxin Market, 2022-2029.”
Key Industry Development
February 2022- HUGEL, Inc. announced that the company received the approval for Letybo, a botulinum toxin product. The approval was granted by the Austrian Federal Office for Safety in Health Care.
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Drivers and Restraints
Demand for Minimally Invasive and Non-Invasive Cosmetic Procedures to Boost Market Trajectory
Global demand for minimally invasive and non-invasive cosmetic procedures is anticipated to drive the botulinum toxin market growth. According to the International Society of Aesthetic and Plastic Surgery (ISAPS), total number of non-surgical procedures has been increased by 5.7% compared to previous year. Growth in the number of procedures is anticipated to create the product demand. Major market players have started the development of advanced products, which is expected to pose opportunities for the market growth. Increasing number of R&D activities for the expansion of therapeutic and aesthetic applications is expected to propel market development.
However, availability of counterfeit products is estimated to limit the market growth.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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