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Neurotoxin Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Neurotoxin Market Size,
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According to The Business Research Company's, The neurotoxin market size has grown rapidly in recent years. It will grow from $6.74 billion in 2023 to $7.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to rise in aesthetic procedures, therapeutic applications, advancements in cosmetic industry, growing aging population, increasing acceptance of non-surgical procedures..
The neurotoxin market size is expected to see rapid growth in the next few years. It will grow to $11.14 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to expanding applications in neurology, continued demand for aesthetic procedures, innovation in formulations, rising consumer awareness, expansion of cosmetic tourism.. Major trends in the forecast period include advancements in drug delivery techniques, collaborations for neurotoxin development and research, market response to regulatory changes in neurotoxin industry, integration of neurotoxins in multimodal treatment plans, focus on long-lasting effects and patient satisfaction..
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Market Drivers and Trends:
The surge in cosmetic procedures to improve the appearance is expected to propel the growth of the neurotoxin market going forward. Cosmetic procedures refer to a wide range of medical treatments or interventions performed with the primary goal of enhancing or altering a person's physical appearance. This shift has resulted from societal, technological, and cultural influences and awareness related to the advantages of cosmetic procedures. Neurotoxins are used in cosmetic procedures to relax specific muscles and reduce the appearance of wrinkles and fine lines. For Instance, in August 2022, according to a cosmetic surgery survey by the American Society of Plastic Surgeons, a US-based non-profit plastic surgery specialty organization, many Americans are investing in cosmetic procedures. 3 out of 4 plastic surgeons in the USA have noticed a rise in demand for cosmetic procedures and 30% of them have observed growth of their cosmetic procedure businesses have doubled. Therefore, the surge in cosmetic procedures to improve appearance is driving the growth of the neurotoxins market.
Innovative facial aesthetic products are a key trend gaining popularity in the neurotoxins market. Companies operating in the neurotoxins market are innovating facial aesthetic products to sustain their position in the market. For instance, in January 2023, Evolus Inc. a US-based medical aesthetics company got approval from the Australian Therapeutic Goods Administration (TGA) for Nuceiva (prabotulinumtoxinA). Nuceiva (prabotulinumtoxinA) is a neurotoxin used for aesthetic purposes. It is used to temporarily improve the appearance of moderate glabellar lines in adult patients by blocking the nerve impulses of facial muscles, making them relax, and smoothing the wrinkles formed by facial expressions, squinting, and frowning.
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Major Key Players of the Market:
AbbVie Inc., Galderma Inc., Ipsen SA, Daewoong Pharmaceutical Co. Ltd., Supernus Pharmaceuticals, Merz Pharma GmbH & Co KGaA, Hugel Inc., Evolus Inc., Medytox Inc., Croma-Pharma GmbH, Revance Therapeutics Inc., US WorldMeds, Gufic Biosciences Ltd., Hironic Co. Ltd., Allergan, List Biological Laboratories, Lanzhou Institute of Biological Products Co. Ltd., Solstice Neurosciences, Sinclair Pharma, Vida Aesthetics, Aquavit Holdings LLC, PharmaResearch Products Co.Ltd, Entod Pharmaceuticals, Object Pharma Inc., Eisai Co. Ltd.
Neurotoxin Market 2024 Key Insights:
• The neurotoxin market size is expected to see rapid growth in the next few years. It will grow to $11.14 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Growing Demand For Cosmetic Procedures Fuels Neurotoxin Market As Consumers Seek Non-Invasive Solutions
• Advanced Facial Aesthetic Solutions To Temporarily Improve Glabellar Lines
• North America was the largest region in the neurotoxin market in 2023
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