The pressing need for quality and the identification of new applications sustains the competition in the global botulinum toxin market, says a recent report by Transparency Market Research (TMR). Most companies are focused on investing in research to identify new applications that could help them get advantage and gain a greater share in the global botulinum toxin market. At the same time, considering the current applications of the product, the need for high quality is invoking companies to adopt quality control techniques.
On the other hand, rising requirement from specific sections of the healthcare industry is also promoting companies to step up production. The key players in the global botulinum toxin market are Allergan, Inc., Ipsen Group, Merz Pharma GmbH & Co. KGaA, Medytox, Inc., US Worldmed, LLC, Galderma, Metabiologics, Inc. (US), Lanzhou Institute of Biological Products Co. Ltd., and Revance Therapeutics.
According to TMR analysts, the global botulinum toxin market is expected to grow to a value of US$ 8,718.7 mn by the end of 2026. The analysts predict that this will happen as the market will grow a stable CAGR of 7.6% during the forecast period of 2018-2026.
Further, the botulinum toxin type A is expected to lead the global market for botulinum toxin during the forecast period. According to TMR report, the segment will alone account for 82% of the sales in the coming years, that will reap revenues of US$ 7,153.5 bn by the end of 2026. When it comes to geography, North America is predicted to be the leader in the coming years.
Cosmetics and Neurology to Drive the Global Botulinum Toxin Market
Appearance has become an important aspect for every person today. So much so that people are willing to go an extra mile to make them look good. As a result, the need for products that solve problems regarding facial appearance are growing in importance. This stokes demand for products in the global botulinum toxin market. They are preferred because they are capable of fixing problems like spasticity and cervical dystonia.
On the other hand, the demand for products in the neurology section of healthcare is also looking promising. This section will stoke demand as the number of neurological cases rise and doctors find new treatment applications for the product. The product is known to be helpful for certain neurological conditions, and thus can influence demand in the global botulinum toxin market.
Research to Open New Applications in the Global Botulinum Toxin Market
While the applications of the product in the global botulinum toxin market has been found for the last three centuries, the need for fresh applications may help players find new hopes. As a result, the research and development section of most prominent players in occupied with studies aiming to find fresh applications. This will open new opportunities for the players in the global botulinum toxin market.
At the same time, players will also be looking at other key trends in the healthcare industry. This will help devise them strategies for the future and help give more credibility to the existing product line. Besides this, the growing health awareness among people, increasing access to information on social media, and the rising spending capacity in developed and emerging economies are other factors that will influence growth in the global botulinum toxin in the coming years.-Bio Space