[Research Report] The neurotoxin market size is expected to reach US$ 13,195.06 million by 2028 from US$ 6,622.36 million in 2022; it is estimated to record a CAGR of 12.3% from 2023 to 2028.
Neurotoxin is widely used as a therapeutic substance or an agent to treat various conditions. It is widely used for facial aesthetic and treating muscular movements and others. The internalization and cytosolic delivery of proteolytic enzymes property of neurotoxin that helps in slicing proteins integral to the exocytosis of neurotransmitters allow in treating medical conditions. The growth of the market is primarily driven by a few key drivers, such as surge in cosmetic procedures to improve appearance and emergence of innovative facial aesthetic products. However, improper/inappropriate injection techniques are hindering the growth of market during the forecast period.
The neurotoxin market is segmented on the basis of products type, application, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South & Central America. The report offers insights and in-depth analysis of the market, emphasizing parameters such as market trends, technological advancements, and market dynamics, along with the competitive landscape analysis of the leading market players across the world.
Neurotoxin Market -
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Neurotoxin Market: Strategic Insights
Market Size Value in US$ 6,622.36 million in 2022 Market Size Value by US$ 13,195.06 million by 2028 Growth rate CAGR of 12.3% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Neurotoxin Market: Strategic Insights
| Market Size Value in | US$ 6,622.36 million in 2022 |
| Market Size Value by | US$ 13,195.06 million by 2028 |
| Growth rate | CAGR of 12.3% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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Lucrative Regions for Neurotoxin Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Neurotoxin Market
Surge in Cosmetic Procedures to Improve Appearance
Structural changes affecting the skin, muscles, ligaments, fat, and bone get noticeable on an individual’s face due to decrease in cellular functions with aging. The inevitable physiological process of aging is generally not conceived positively by many, which, in turn, urges them to indulge in cosmetic rejuvenation procedures to remain youthful visually. Botulinum toxin (BOTA)—which is naturally produced by Clostridium botulinum—is the most popular neurotoxin used in cosmetic procedures globally. The American Society of Plastic Surgery reveals that over 7.4 million BOTA type A injections were administered in 2019, proving to be the most recommended minimally invasive cosmetic procedure globally.
The below case study further illustrates the use of BOTA in improving the appearance:
Case Title:
Facial Treatment with BOTAChallenge:
A male patient, aged 74, seeks guidance to reduce facial wrinkles through surgical proceduresResult and Discussion:
Botulinum Toxin A (BOTA) application was targeted at the orbital region of the eyes and the nasal region to reduce the dynamic wrinkles in the upper third of the face. Two units were injected at each of the four sites. Each eye's orbital muscle received an injection of 10 units BOTA, evenly distributed over five sites. To make the patient's eyes appear wider and help correct eyebrow ptosis, 1 unit of BOTA was injected into the orbital muscles of each eye in the direction of the eyebrow arch. A total of 58 units of BOTA were used, evenly dispersed over the muscles in the top third of the face, to enhance the brow arch, reduce dynamic wrinkles, and promote facial rejuvenation.The BOTA selection to treat the aforementioned case involved Abobotulinum A (ABO; Dysport/Ipsen Limited, Slough Berkshire, UK) containing 500 European units. Following the manufacturer’s recommended ratio of 2.5 ml saline solution to 500 units botulinum toxin was administered, the reconstitution was carried out.
BOTA has thus been proven effective in repositioning eyebrows and facial rejuvenating the upper third of the face. Therefore, the rising popularity of cosmetic procedures involving neurotoxins to reduce facial wrinkles while ensuring safety, effectivity, and efficiency is catalyzing the market for neurotoxins.
Application Insights
Based on application, the global neurotoxin market is segmented into therapeutic and aesthetic. The therapeutic segment held a larger market share in 2022. The aesthetic segment is anticipated to register a higher CAGR during the forecast period. Neurotoxin has wide medical conditions to treat medical conditions such as chronic migraine, adult spasticity, pediatric spasticity, and others. The aforementioned clinical indications can be treated with neurotoxins temporarily in patients. For migraine conditions, BOTOX onabotulinumtoxin A is a prescription medication injected into the muscle with clinical effects such as preventing headaches among adults with chronic migraine. Additionally, 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. Such clinical effects offered by the botox injection to treat chronic migraine and other clinical effects are responsible for significant segmental growth, thereby dominating the overall neurotoxin market growth during 2022-2028.
Neurotoxin Market, by Application – 2022 and 2028
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Companies are investing in the development of new and innovative products to secure good return on investment (ROI) by launching new products. Additionally, the product approval by regulatory authorities confirms the assurance of products results. Recently, various market players have launched effective neurotoxins and adopted acquisition strategy. A few strategies by market players are listed below:
- 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 December 2022, Gufic Biosciences launched locally developed botulinum toxin type A (Botox) injection in India. Gufic's botox will be sold under brand name ‘Zarbot’ in India. Zarbot has been developed and manufactured in collaboration with US-based Prime Bio. ‘Zarbot’ has been manufactured using purified HALL strain and proprietary technology, which results in thin film formulation and better stability compared to others companies.
- In August 2021, Merz Therapeutics has been granted the use of XEOMIN for the symptomatic treatment in children and adolescents aged 2 to 17 years and weighing 12 kg of chronic sialorrhea due to neurological/neurodevelopmental disorders on EU level.
- In January 2023, Hugel America, Inc. announced the successful completion of Croma-Pharma’s Decentralized Procedure for Letybo (LetibotulinumtoxinA Injection) in Europe. Approval is supported by positive results from three completed randomized, placebo-controlled phase III trials that enrolled more than 1,000 subjects in the US and Europe.
These recent developments were made to enhance the beauty of individuals across the world. Also, the therapeutic applications have enabled to cure the medical disorders. Thus, the enormous developments by the companies facilitates the growth of the neurotoxin market.
Neurotoxins – Market Segmentation
The global neurotoxin market is segmented on the basis of products type, application, and end user. Based on products type, the market is divided into Botox, Dysport, Xeomin, and others. The Botox segment held the largest market share in 2022 and is anticipated to register the highest CAGR during the forecast period. Based on application, the global neurotoxin market is segmented into therapeutic and aesthetic. Based on end user, the market is segmented into hospitals, dermatology clinics, medical spas, and others.
Based on geography, the neurotoxin market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Poland, Russia, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East (the UAE, Saudi Arabia, South Africa, Israel, Lebanon, and the Rest of Middle East), and South & Central America (Brazil, Argentina, Venezuela, and the Rest of South & Central America).
Company Profiles – Neurotoxin Market
- Merz Pharma GmbH & Co KGaA
- AbbVie Inc
- Revance Therapeutics Inc
- Ipsen SA
- Medytox Inc
- Evolus Inc
- Hugel Inc
- Lanzhou Institute of Biological Products Co Ltd
- Gufic
- Metabiologics, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Israel, Italy, Japan, Lebanon, Mexico, Poland, Russian Federation, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States, Venezuela
Frequently Asked Questions
Neurotoxin is widely used as a therapeutic substance or an agent to treat various conditions. It is widely used for facial aesthetic and treating muscular movements and others. The internalization and cytosolic delivery of proteolytic enzymes property of neurotoxin that helps in slicing proteins integral to the exocytosis of neurotransmitters allow in treating medical conditions.
The neurotoxin market is analyzed in the basis of product type, application, and end use. Based on product type, is segmented into Botox, Dysport, Xemoin, and others. The Botox segment held the largest share of the neurotoxin market size, and it is anticipated to register the highest CAGR.
The neurotoxin market majorly consists of the players such as Merz Pharma GmbH & Co KGaA, AbbVie Inc, Revance Therapeutics Inc, Ipsen SA, Medytox Inc, Evolus Inc, Hugel Inc, Lanzhou Institute of Biological Products Co Ltd, Gufic, and Metabiologics, Inc.
The factors that are driving the growth of market are growth are surge in cosmetic procedures to improve appearance and emergence of innovative facial aesthetic products. However, improper/inappropriate injection technique is anticipated to hinder the growth of market during the forecast period.
The List of Companies - Neurotoxin Market
- 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
- Gufic
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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