Global QYResearch, in its current report “Global Botox Market (Type: 50U, 100U, Others; Application: Medical, Cosmetic)”, estimates that the global market for botox is anticipated to grow at a considerable CAGR of over 12%. Botox is primarily used for reducing signs of aging and in cosmetic applications to enhance the facial appearance. It is used for treating several other skin problems as well. Consequently, owing to these reasons, the cosmetic segment captured the leading market share in 2016. Moreover, it is observed that these products have few side effects such as rash, allergic reactions, and neck and back pain. Botox products are quite expensive and involve elevated expenses while performing surgeries. Thus, such factors are currently restricting the growth of botox market.
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Therapeutic Applications of Botox to Score Over Cosmetic Applications
While botox is principally used to treat aesthetic conditions, the therapeutic applications outnumber the cosmetic application of botox. Further, muscle spasm, chronic cases of migraine, over reactive bladder, and hyperhidrosis botox is an effective treatment alternative. Moreover, botox has been found to be enormously useful in lightening chronic pelvic pain in female suffering from endometriosis. Studies signify that patients injected with botox were able to stay pain free for nearly 11 months. Botox is also widely used in cosmetic applications in treatment of forehead lines, Crow’s feet, square jaw/masseter, frown lines/galbellar, and others. However, the market for therapeutic applications is likely to witness rapid growth with the demand for botox to treat muscle spasm and is predicted to witness growth in near future.
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North America was the biggest supplier of botox, with a production market share of more than 70% in 2016. Europe is the second largest provider of botox nearly 16% in 2016. North America is the largest sales place, with a sales market share over 60% in 2016 in terms of volume. Followed by, Europe which is the second largest sales place with the sales market shares of nearly 20%. Japan, China, and Korea are also significant sales regions for the botox market.
The Botox industry is extremely intense, globally there are only six chief manufacturers, and high-end products mainly come from the U.S. Globally, key manufactures mostly distribute in North America and Europe. The major manufactures includes Allergan, Ipsen, Merz Pharmaceuticals, and Medytox Inc.; with the development of technology, new companies will have numerous opportunities.
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