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Description
Botulinum Toxin Market size was valued at USD 3.42 billion in 2021, It is growing at a significant CAGR of 7.5% from 2022–2028. The global botulinum toxin market benefits from rapid growth in the cosmetics industry and increasing research and development. Botulinum toxin is commonly used to address wrinkles, frown lines, forehead lines, square jaws, crow’s feet, and other aging indications. Furthermore, an increase in the number of manufacturers and users in various economies will boost the market growth. As a result, the expanding influence of aesthetics among the population and the growing number of producers from multiple developed and emerging countries propels the botulinum toxin market worldwide. The remarkable efficacy of botulinum toxins in medicinal applications has boosted the botulinum toxin market tremendously. The increased awareness of botulinum toxin benefits in both developed and emerging countries will open many new business opportunities. In recent years, emerging economies have started as competitive market players in the past few years. With the expanding influence of the fashion and aesthetics industries, botulinum toxin providers will have a lot of growth options in the coming years. For example, Allergan PLC, a global leader in botulinum toxin manufacture, launched a campaign called “See Yourself” in June 2021, which showcases the success stories of genuine Botox cosmetic patients. This campaign was launched as part of its global efforts to reach out to its target demographics and customers.
Recent Market Developments:
In Feb 2021, the United States Food and Drug Administration approved Allergan’s BOTOX (onabotulinumtoxinA) neurotoxin to treat pediatric detrusor overactivity associated with a neurologic condition.
In December 2020, Merz Therapeutics announced the U.S. FDA approval for its botulinum toxic product Xeomin to treat patients aged two years and older with chronic sialorrhea or drooling. With this approval, the company will be able to expand its customer base and increase its revenue stream.
