Affinity of Millennials and Gen Z for Therapeutic Procedures: Top Botulinum Toxin Brands Catering to Healthcare Industry

Botulinum toxin refers to a neurotoxin that is created by Clostridium botulinum, a gram-positive anaerobic bacterium. They are deployed for the treatment of overactive bladder and sweating and to smooth the wrinkles on the face. In the present scenario, Type B and Type A toxin forms are available in the market which are deployed in different aesthetic and therapeutic procedures.

The world is witnessing the growing trend of cosmetic procedures among millennials and the Gen Z population for an aesthetic appearance. In addition, non-invasive cosmetic procedures have witnessed immense traction in recent years, mainly propelled by growing disposable incomes, supportive reimbursement policies, and advanced launches of products. The strong demand for non-invasive procedures is set to propel the market growth. The surge in demand has led suppliers and manufacturers of non-invasive cosmetic technology to focus on these products.

These products have both aesthetic and therapeutic applications. There is a rise in demand for these products among the public owing to their dual usage. The considerable surge in R&D initiatives to expand aesthetic applications is further set to flourish the market growth. Due to sedentary lifestyles, consumption of unhealthy food, and excessive alcohol intake, there is an increased prevalence of chronic disorders. Moreover, the increase in chronic and severe diseases, including chronic migraine, cervical dystonia, and spasticity, further propel the market growth.

As per a report by Fortune Business Insights™ , the market for botulinum toxin reached USD 8.14 billion in 2023 and is set to reach USD 16.01 billion by 2032 with a CAGR of 7.9%. The market is expected to be valued at USD 8.74 billion in 2024.

In terms of the global botulinum toxin market, the competitive landscape is highly consolidated due to the presence of a few major companies such as AbbVie Inc. (Allergan Aesthetics). Abbvie Inc. is regarded as the major company in the market, accounting for a significant share owing to its robust portfolio of products, which is inclusive of BOTOX Therapeutic and BOTOX Cosmetic. The company’s growth can be credited to the diverse array of applications of its portfolio of products coupled with its constant efforts toward participation in clinical trials.

Fortune Business Insights™ Profiles Top 5 Key Botulinum Toxin Brands in the Market

1. AbbVie Inc.

AbbVie Inc. is one of the prominent companies in the global pharmaceutical industry, which has an emphasis on commercializing, manufacturing, and creating branded biologics, surgical devices, regenerative medicine, and pharmaceuticals for patients globally. The botulinum toxin company is the largest participant in the market holding more than 50% of the market. It has an extensive geographical presence spanning over 175 nations across the globe. In October 2020, Allergan’ s medical aesthetic unit formed a standalone and separate company named ‘ Allergan Aesthetics.’ In October 2023, the company declared the results of Phase 3 clinical trials of trenibotulinumtoxinE (BoNT/E) (M21-500 and M21-508), deployed for the treatment of patients diagnosed with moderate to critical glabellar lines.

2. Ipsen Pharma

Ipsen Pharma is the second-leading player among the leading botulinum toxin brands in the market. Innovative medicines in three major therapeutic areas, including neuroscience, rare diseases, and oncology, are commercialized and developed by the company. In addition, over 20 drugs spanning more than 115 nations are sold by the company, with a direct presence in over 30 nations. Moreover, in 2020, revenue worth USD 3.4 billion was generated by the company. In January 2024, it released results from the AboLiSh study for the assessment of deployment and effectiveness of Dysport with injection guidance technique in patients diagnosed with lower limb spasticity.

3. Evolus, Inc.

Evolus, Inc. is the third-leading player in the global market. It is a performance beauty customer-focused company providing breakthrough products in the self-pay aesthetics market. In 2023, it recorded revenue worth USD 202.0 million. Its Jeuveau is a purified botox type A formulation deployed for the temporary improvement of moderate to critical frown lines (glabellar lines) in adults. Owing to this factor, it has emerged as one of the prominent companies in the market. In June 2023, the company announced the Italian release of Nuceiva, which is a botulinum toxin type A for the treatment of moderate to critical glabellar lines.

4. HUGEL, Inc.

HUGEL, Inc. captures the fourth-largest position in the market. The botulinum toxin company is one of the prominent names in biopharmaceuticals, emphasizing the development of cosmetics and beauty-related products. Its major products are fillers and botulinum toxin. It has an indirect and direct presence in more than 40 nations across the globe, with over 21 production sites. In September 2023, the company unveiled that it has re-submitted the biologics license application for Letybo (letibotulinumtoxinA) to the U.S. FDA for glabellar lines.

5. Revance Therapeutics, Inc.

Revance Therapeutics, Inc. secures the fifth position in the market for botulinum toxin brands. The botulinum toxin company is one of the prominent biotechnology players emphasizing the commercialization, manufacturing, and creation of novel neuromodulators for multiple therapeutic and aesthetic indications. In 2023, the revenue worth USD 219.0 million was registered by the company. In August 2023, the company unveiled the U.S. FDA approval for DAXXIFY (DaxibotulinumtoxinA-lane) for injection to treat adults diagnosed with cervical dystonia.

How is the Road Ahead for the Market?

In the present scenario, celebrity endorsements are encouraging the youth to undergo cosmetic procedures. In addition, cosmetology has witnessed remarkable advancements owing to the introduction of novel technologies with minimal invasiveness. Moreover, leading botulinum toxin brands are also showing proactive measures to surge awareness about these procedures.

The spread of awareness through different promotional activities by prominent companies to boost botulinum toxin uptake is set to create lucrative opportunities for market growth. In addition, considerable participants, including Merz Pharma and Abbvie Inc. are carrying out marketing plans to boost awareness among customers.

Furthermore, the deployment of social media platforms by companies, including Facebook and Instagram, has also emerged as a necessary tool for marketing. Thus, prominent brands are implementing measures for engaging with consumers through celebrities to promote their products and releasing campaigns to address the concerns of people. These factors are poised to pave the way for market growth in the coming years.