The global botulinum toxin market is expected to reach US$ 8.59 billion in 2029 with a CAGR of 4.6 per cent as opposed to the US$ 5.91 billion that the market holds in 2022, according to a Fortune Business Insights report.
The market in Asia-Pacific is expected to report a steady growth thanks to multiple product launches and product approvals, the report titled Botulinum Toxin Market, 2022-2029 stated. The region is also estimated to grow at a high CAGR compared with other regions.
While Europe will potentially witness a sizeable growth in the market, North America will likely dominate the segment because of rapid launches of products and demand for the procedure. In 2021, the botulinum toxin market share in the region stood at US$ 4.04 billion.
Factors driving market growth
High demand for non-invasive cosmetic procedures, coupled with rising disposable income globally, and the consequent demand for related products is expected to drive the botulinum toxin market growth. Product launches by key market players will also likely up the market growth.
The sector has witnessed an increase in research and development of therapeutic and aesthetic applications, which will further likely boost the market. However, the report cautioned that the availability of counterfeit products may limit the market growth.
Clinics vs hospitals
Given the rising demand for aesthetic and cosmetic procedures, specialty and dermatology clinics will potentially dominate the market compared with hospitals, according to the report. Apart from this, type A botulinum toxin that held a major portion in 2021 will continue to lead the market, the report stated.