Botox is a neurotoxic protein obtained by the bacterium Clostridium botulin. Botox finds usage in the treatment of a number of medical conditions such as excess sweating, migraines, muscle spasticity, bladder disorders, and various other allergy symptoms. It is also used cosmetically to lessen the appearance of facial wrinkles and fine lines by temporarily paralyzing muscles. While carrying out the treatment, botox is usually injected into humans in small amount. It functions by averting the signals from the nerve cells to reach the muscles, thus paralyzing them. Taking into account the growth of the global botox market, QYR Consulting has lately published a new report names, “Global Botox Market Report, History and Forecast 2014 - 2025.” According to the report, the global botox market was US$ 4550 mn in 2018 and is expected to reach US$ 10.4 bn by the end of 2025. The global botox market is predicted to exhibit a healthy CAGR of 12.5% during the forecast period of 6 years, i.e. between 2019 and 2025. —
The 50U Segment to Capture a Greater Share in the Market
The global market has been classified based on the product as 50U, 100U, and others. The 50U product segment is anticipated to witness significant growth in the coming years owing to its increasing demand. By application, the global botox market can be segregated on the basis of application as medical and cosmetic. The medical sector is prophesied to emerge as a key application segment as botox is extensively employed in the treatment of various medical conditions.
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North America to Maintain its Supremacy in the Market
Presence of key manufacturers and increasing cosmetic surgical procedures are some of the key factors driving the botox market in North America. Moreover, high-end products largely come from the US, which is giving North America an upper hand to lead the market over other regions. The market in Europe is expected to expand in the forecast period, reason being increase in the geriatric population.
Asia Pacific is anticipated to witness significant growth in the forthcoming years owing to developed health care system in countries such as Japan. Companies are also tapping various regional markets such as China and India to expand their base and reach geographically.
Key Players Having a Strong Foothold in the Botox Market
Some of the key players operating in the global botox market are US World Meds, Allergan, Merz Pharmaceuticals, LIBP, Ipsen, and Medytox. Players are adopting strategic initiatives such as research and development, business expansion, and robust marketing with an aim to gain a competitive advantage.
Aging Population to Raise the Demand for Botox
Growing aging population and rising concerns over physical appearance are some of the major factors boosting the botox market growth. Increasing aging symptoms including wrinkles, fine lines, dry skin, dark spots, and lack of skin elasticity are impelling the demand for surgical procedures among aged people. Rising disposable income and developed health care facilities are also offering growth opportunities for the market growth.
It has been observed that over the past few years, demand for minimally invasive or non-invasive procedures has witnessed a surge. This, in turn, has impacted the botox market growth to a great extent. Technological developments are also expected to open up new avenues for the market players in the forthcoming years.
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