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Botox Treatment Market Statistics - 2027
Botox cosmetic is an injectable wrinkle muscle relaxer. It uses botulinum toxin type A, specifically OnabotulinumtoxinA to temporarily paralyze muscle. This reduces the appearance of facial wrinkles. Botox treatment is minimally invasive. It is considered a safe, effective treatment for fine lines and wrinkles around the eyes. It can also be used on the forehead between the eyes. Botox cosmetic involves a nonsurgical, in-office treatment. It requires minimal preparation. One should let the treatment provider know about his or her medical history, allergies, or medical conditions before the procedure is carried out. The treatment provider should be a licensed physician, a physician assistant, or a nurse. One needs to remove all makeup and cleanse the treatment area before the procedure. One may need to avoid blood-thinning medicines, such as aspirin, to reduce the risk of bruising.
COVID-19 scenario analysis:
Pharmaceutical and biotechnological companies together with governments around the globe are working to combat with the COVID-19 outbreak, from supporting the development of vaccines to schedule for medicines supply chain challenges. Furthermore, there are around 115 vaccine candidates and other 155 molecules that are kept in the R&D pipeline in the coming years. Moreover, commonly used drugs, such as hydroxychloroquine, have witnessed huge boost in demand for the management of COVID-19. There is an increase in demand for drugs that could present huge opportunity for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Attributed to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is anticipated to witness a substantial growth in the next few years.
Top impacting factors: Market scenario analysis, trends, drivers and impact analysis
The major factor affecting the industry includes the rise in demand for aesthetics at present. This is anticipated to help the industry to propel in the coming years. The increase in newer product launches is needed for aesthetic appeal supporting the minimally invasive procedures or even the non-invasive procedures, which would help the industry to boost in the next few years. The greater advantages posed by the market include smaller incision, littler hospital stay, and quick wound healing. These are anticipated to fuel the industry in the coming years.
Growth in the number of product launches to boost the market
The growth in the number of product launches would help the industry flourish over the forecast period. For instance, in February 2020, Allergan plc declared its ‘Be the Difference’ philanthropic program supporting children and their families who may benefit from treatment with BOTOX (onabotulinumtoxinA) for pediatric upper limb spasticity. BOTOX is approved to treat increased muscle stiffness in children from 2 to 17 years of age with upper limb spasticity.
BOTOX cosmetic is approved for three aesthetic indications, and BOTOX is approved for 11 therapeutic indications in the U.S. In February 2020, every BOTOX Cosmetic treatment recorded in Brilliant Distinctions, Allergan's loyalty reward program, to help Allergan contribute up to a total of $500,000 to foundations that help children across the country.
Furthermore, in June 2019, Allergan plc declared that the U.S. Food and Drug Administration (FDA) approved company's supplemental biologics application (sBLA) for BOTOX for the treatment of pediatric patients (2 to 17 years of age) with upper limb spasticity. BOTOX was granted a six-month Priority Review by the FDA, which is typically granted to therapies that if approved, could offer significant improvements in safety and effectiveness when compared to current standard of care. The FDA is also reviewing an additional sBLA for the use of BOTOX to treat pediatric patients with lower limb spasticity, with a decision expected in the fourth quarter of 2021.
Surge in number of mergers & acquisitions to propel the market
The increase in the number of mergers & acquisitions is anticipated to help the industry boost in the coming years. For instance, in June 2019, the drugmaker, AbbVie, planned to buy Allergan, the maker of Botox, for about $63 billion, in one of the biggest mergers in the healthcare industry. The deal represents a classic response to a perennial drug industry challenge: how to recover when a blockbuster drug is losing its patent protection. In acquiring Allergan, AbbVie gets to bypass the risky process of R&D by buying a portfolio of popular products as it faces the loss of patent protection for Humira, a treatment for rheumatoid arthritis that is the world’s top-selling drug.
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