Neurotoxin Market Size to Hit 12.3% CAGR, Globally, by 2028 Lead by Botox Segment | The Insight Partners

The Insight Partners published latest research report on "Neurotoxin Market Outlook Report, Size, Share, Trends & Growth to 2028 - COVID-19 Impact and Global Analysis By Product Type, Application, and End User”, the global market size is expected to reach USD 13,195.06 million by 2028 from USD 6,622.36 million in 2022; it is estimated to record a CAGR of 12.3% from 2023 to 2028.

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Global Neurotoxins Market: Competitive Landscape and Key Developments:

Merz Pharma GmbH & Co KGaA, AbbVie Inc, Revance Therapeutics Inc, Ipsen SA, List Biological Labs Inc, Medytox Inc, Evolus Inc, Hugel Inc, Lanzhou Institute of Biological Products Co Ltd, Supernus Pharmaceuticals, and Guficare are among the leading companies operating in the neurotoxins market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base by tapping prevailing business opportunities.

In February 2023, Evolus, Inc. announced the commercial launch of Nuceiva (botulinum toxin type A) in Germany and Austria. The European Commission approves Nuceiva for the temporary improvement in the appearance of moderate to severe vertical lines between the eyebrows seen at maximum frown (glabellar lines) when the severity of the above facial lines has an important psychological impact in adults below 65 years of age.

In October 2022, Hugel announced that it resubmitted the BLA for its botulinum toxin called Botulax for indications of glabellar lines to the US FDA. Hugel received a complete response letter (CRL) from the US FDA last March after submitting the BLA for Botulax (50 and 100 units) to advance into the US market in March last year.

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Global Neurotoxins Market: Segmental Overview

The neurotoxins market, by type, is segmented into botox, dysport, xemoin, and others. The botox segment held the largest market share in 2022 and is anticipated to register the highest CAGR during the forecast period. In terms of application, the neurotoxins market is bifurcated into therapeutic and aesthetic. The therapeutic segment held a larger market share in 2022. Based on end user, the neurotoxins market is segmented as hospitals, dermatology clinics, medical spas, and others. The hospitals segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR in the neurotoxin market during the forecast period.

The neurotoxins market, based on type, is divided into botox, dysport, xemoin, and others. Botulinum toxins are much popular in the medical aesthetic industry. The widely used botulinum toxin is Botulinum type A. The botulinum toxin market is primarily driven by rising aesthetic consciousness and a number of noninvasive cosmetic procedures. In addition, the increasing quality of care, improved professional services, and the availability of minimally invasive surgeries by highly qualified aesthetic surgeons have contributed to procedural volume growth, technological advancements, and the introduction of cost-effective aesthetic products. For instance, in November 2022, Hugel, a medical aesthetic company in South Korea, announced receiving approval from Australia's Therapeutic Goods Administration (TGA) for its Letybo. Letybo is a botulinum toxin type A injection formulated to treat indications of glabellar lines.

The company plans to complete its first shipment and launch in the local market within the first quarter of 2023. The preference of the brands differs in different countries; for instance, botulinum toxin brands that are largely used in Singapore are Botox (Allergan), Dysport (Ipsen Biopharmaceuticals Inc.), Xeomin (Merz Pharmaceuticals, LLC). These are Health Saving Account (HAS) approved. The prices of these brands are Botox US$ 20.6–34.4 (US$15–25), Dysport US$ 16.5–27.5 (US$12–20), and Xeomin US$ 20.6–27.5 (US$15–20) per unit. As per Evolus’s estimates, Botox has the maximum market share that holds ~70% of the total botulinum toxin’s market. Similarly, in Thailand, two main brands, Botox Allergan and Botox Aestox, are widely used and approved by the Thai FDA. Botox Allergan costs US$ 2,802.8 (79.98 baht) and Botox Aestox costs US$ 7,008 (199.98 baht) per unit. Thus, the aforementioned factors are responsible for the segmental growth of the neurotoxin market during 2022–2028.

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The neurotoxins market, by application, is bifurcated into therapeutic and aesthetic. The therapeutic segment accounted for a larger market share in 2022. Neurotoxins are widely used to treat medical conditions such as chronic migraine, adult spasticity, and pediatric spasticity. The aforementioned clinical indications can be treated with neurotoxins temporarily in patients. For migraine conditions, BOTOX onabotulinumtoxinA is a prescription medication injected into the muscle to prevent chronic migraine among adults. For adult spasticity, BOTOX (onabotulinumtoxinA) is a prescription medicine injected into the muscles and used to treat increased muscle stiffness in people aged 2 years and older suffering from spasticity. Therefore, such clinical effects offered by the botox injection to treat chronic migraine and other clinical conditions are responsible for the segmental growth.

Global Neurotoxin Market Share Report, Segmentations, Regional & Country Scope:

Browse key market insights spread across 186 pages with 107 list of tables & 78 list of figures from the report, "Neurotoxin Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Botox, Dysport, Xeomin, and Others), Application (Therapeutic and Aesthetic), and End User (Hospitals, Specialty Clinics, Dermatology Clinics, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/neurotoxin-market

BOTA for Assisted Reproductive Technology (ART):

Despite numerous advancements in the field of ART, a significant number of patients still suffer from repeated implantation failure. For example, adequate endometrial growth plays a crucial role in embryo implantation and continuation of pregnancy in an ART procedure. Since several years, BOTA has been widely used in clinics for purposes such as plastic and aesthetic surgeries; it has been revealed that BOTA has a positive influence on the re-epithelialization of human keratinocytes and angiogenesis of endothelial cells. For example, the therapeutic impact of BOTA administration on the pathophysiology aspects recovers the structure and functionality of the thin endometrium. Therefore, clinical results revealed that BOTA administration recovers the damaged structure and impaired function of the thin endometrium by increasing cellular proliferation and vessel formation, reducing collagen-accumulated lesions, and ultimately successful embryo implantation. Thus, the increasing application of BOTA in ART procedures is likely to catalyze the growth of the global neurotoxin market in the forthcoming years.

Asia Pacific accounts for the fastest-growing CAGR for the neurotoxins market. In Asia Pacific, China accounts a major share of the neurotoxin market. China is among the leading countries that have performed a significantly large number of aesthetic procedures. The country has seen significant growth in the aesthetic industry due to rising disposable income, increasing demand for aesthetic requirements, and growing consciousness among the masses to appear youthful. In addition, China is the largest consumer of aesthetic products, and the advancements in medical technology are enabling it to perform more procedures.

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Among the non-surgical aesthetic, Botox and HA fillers are the leading segments, with Botox being the second leading among the two. According to Daewoong Pharmaceutical, China is a smaller market for botulinum toxin products than the US; only 1% of Chinese have used botulinum toxin products. However, it is anticipated that Botox will rule the market in the coming years due to increasing demand for faster results of non-surgical aesthetic products. Also, social media and advertisements play important roles in leading to appearance anxiety among young people. These factors have created chaos in the medical aesthetic field. Therefore, the Chinese government has regulated the practice of non-surgical aesthetic treatments by enforcing strict rules on the demand and supply of aesthetic products.

Thus, companies must comply with the Chinese approval processes to sell their products nationwide. For instance, in October 2020, Hugel, Inc. received approval from China's National Medical Products Administration to sell its product Letybo in the Chinese market. Hugel, Inc. partnered with the Chinese firm Sihuan Pharmaceutical Holdings Group to distribute the product nationwide. Similarly, in July 2021, Daewoong Pharmaceutical announced a speeding up of their entry into the Chinese market with their product Nabota. Daewoong Pharmaceutical released the topline results of Nabota’s phase 3 clinical trial conducted in China. Thus, such instances of companies making efforts to enter the market with their advanced products are anticipated to enhance the growth of the neurotoxin market during the forecast period.

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