Therapeutic Segment to Account Larger Share in Neurotoxin Market during 2022–2028

According to our new research study on "Neurotoxin Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and End User," the market is expected to grow from US$ 6,622.36 million in 2022 to US$ 13,195.06 million by 2028; it is estimated to register a CAGR of 12.3% from 2023 to 2028. The report highlights the key factors driving the neurotoxin market growth and prominent players with their developments in the market.  

Based on application, the neurotoxin market is segmented into therapeutic and aesthetic. The therapeutic segment held a larger share of the neurotoxin market in 2022 and is expected to record 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 onabotulinumtoxinA is a prescription medication injected into the muscle to prevent chronic migraine among adults. Additionally, for adult and pediatric spasticity, BOTOX (onabotulinumtoxinA) is a prescription medicine injected into the muscles to treat increased muscle stiffness in people 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.

The effect of the COVID-19 pandemic was largely seen in the aesthetic industry. The market was widely affected as governments had restricted non-necessary healthcare services and permissions for limited necessary surgeries. This led to a steep decrease in the aesthetic industry. Also, the fear of contracting COVID-19 decreased the interest and demand for reconstructive procedures, including non-surgical procedures. Nevertheless, there was a quick recovery from the COVID-19 pandemic, and interest in non-surgical procedures among people reached new heights. The factors driving the increased procedures were rising social media use, increased time in front of a camera focused on facial features, increased virtual meetings, and time at home.

In a country like the US, the number of injectable procedures increased tremendously. According to the American Society of Plastic Surgeons (ASPS), 65% of people’s interest in botulinum toxin procedures post-pandemic increased. According to the ASPS report for 2020, 4,401,536 botulinum toxin procedures were performed using botox, dysport, and xeomin. In addition, the society’s members collected data from telehealth visits, and reports revealed soft tissue filler procedures were the third most popular among 37% of potential patients after breast augmentation.

Furthermore, awareness campaigns by the companies were increased, which helped to regain the market. For instance, in September 2020, Merz Aesthetics for Xeomin’s first global campaign assigned Gwyneth Paltrow, an actress, and entrepreneur, as a spokesperson. This strategic move helped the company target customers in their 30s and 40s. The company states that this age group sees aesthetics as personal care rather than luxury pleasures. Thus, the factors mentioned above have positively impacted the neurotoxin market's growth post-pandemic. The trend is expected to continue during the forecast period.

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. are among the key companies operating in the neurotoxin market.

Neurotoxin Market, by Application, 2022 (%)

Source: The Insight Partners Analysis

Companies operating in the neurotoxin market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the neurotoxin market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall neurotoxin market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

A few of the significant developments by key market players are listed below.

In September 2022, MiMedx Group, Inc. announced the launch of AMNIOEFFECT, a tri-layer PURION-processed human tissue allograft consisting of amnion, intermediate, and chorion membrane layers of the placenta. AMNIOEFFECT complements and expands the company’s Surgical Recovery product portfolio. In addition, AMNIOEFFECT offers superior handling characteristics and provides surgeons the capability to secure the tissue in place with sutures when needed to address a surgical wound.

• In September 2022, MiMedx Group, Inc. announced the launch of AXIOFILL, an Extracellular Matrix (ECM) Particulate product derived from human placental tissue. AXIOFILL is the first and only human placental-derived particulate product available for Surgical Recovery procedures. AXIOFILL offers a distinct advantage over other particulate products and provides impressive clinical utility for physicians treating complex surgical wounds.
• In August 2022, 3M Health Care's Medical Solutions Division advanced the delivery of 3M Veraflo Therapy. A new 3M Veraflo Cleanse Choice Complete Dressing Kit and a software upgrade for the 3M V.A.C. Ulta Therapy Unit were introduced at no increased cost to the customer. These new offerings help simplify the care delivery processes for clinicians using Veraflo Therapy (negative pressure wound therapy with instillation) and help make dressing changes easier, faster, and less painful for their patients compared to previous Veraflo Therapy dressings.

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