Transparency Market Research (TMR) has published a new report titled, “Botulinum Toxin Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global botulinum toxin market was valued at US$ 4,527.0 Mn in 2017 and is projected to reach US$ 8,718.7 Mn by 2026, expanding at a CAGR of 7.6% during the forecast period. Global increase in prevalence of spasticity and cervical dystonia and rise in the incidence rate of glabellar lines, crow’s foot, and facial wrinkles are driving the botulinum toxin market. Furthermore, continuously growing worldwide geriatric population and adoption of non-surgical aesthetic and therapeutics procedures are boosting the botulinum toxin market.
North America is expected to dominate the global botulinum toxin market during the forecast period owing to the increasing awareness regarding noninvasive or minimally invasive, non-surgical aesthetic and therapeutics procedures. The market in Europe is projected to be a lucrative market for botulinum toxin due to the increasing demand for botulinum toxin procedures in the region. The market in Asia Pacific is expected to expand at a rapid pace owing to the increase in geriatric population and favorable government regulations regarding botulinum toxin procedures. The market in the region is projected to expand at a significant CAGR of 8.7% during the forecast period.
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Increase in prevalence of aesthetic problems and therapeutic diseases to drive the global botulinum toxin market
Increase in the prevalence of spasticity & cervical dystonia and rise in the incidences of glabellar lines and facial wrinkles are key factors driving the global botulinum toxin market. According to American Association of Neurological Surgeons, globally, spasticity affects more than 12 million people worldwide. In the U.S., around 400,000 people are affected with some degree of spasticity related to cerebral palsy. According to Brain Foundation, in the U.S., rate of cervical dystonia is around 30 in 100,000 population. Prevalence of spasticity and cervical dystonia is increasing year-over-year, thereby increasing the demand for non-surgical therapeutics procedures, which in turn is driving the market. Consistent rise in the geriatric population worldwide is a major factor boosting the global botulinum toxin market. According to the United Nations, in 2017, the global geriatric population was 962 million, comprising around 13% of the global population and is expected to reach 2.1 billion in 2050. Surge in awareness regarding botulinum toxin procedure is fuelling the market.