Botulinum toxin market to grow at 7.5 per cent CAGR over the next six years
The effectiveness of botulinum toxin for treating pain disorders will be a factor contributing to market growth.
Despite the critical setback to the botulinum toxin market growth because of reduced elective surgeries due to the pandemic, the global botulinum toxin market size is projected to reach US$ 7.71 billion by 2027, exhibiting a CAGR of 7.5 per cent during the forecast period. According to a recent study conducted in the UK, the impact of the pandemic resulted in nearly 28 million planned surgeries being cancelled. Another report from the US found that even once elective surgeries resumed, health facilities would take over a year to get back on track in terms of performing all stalled elective surgeries. Thus, the influence of botulinum toxin, which is a highly potent neurotoxin, in producing a therapeutic effect on the body, which according to a study, will be a major contributing factor to fuel the growth of this market.
Further, as reported, the neurotoxins’s potential for treating complex chronic pain conditions led the US Food and Drug Administration (FDA) to allow its use as a treatment option for glabellar lines, blepharospasm, and cervical dystonia. Further, recent evidence has also shown that this protein is equally effective in managing chronic migraine and another study found that botulinum toxin injections are effective in reducing the frequency of chronic migraine headaches as well. The proven effectiveness of botulinum toxin and its widening applicability will help the growth of this market in the upcoming years.