The pressing need for quality and the identification of new applications sustains the competition in the global Botulinum Toxin Market, says a recent report by Transparency Market Research (TMR). Most companies are focused on investing in research to identify new applications that could help them get advantage and gain a greater share in the global botulinum toxin market. At the same time, considering the current applications of the product, the need for high quality is invoking companies to adopt quality control techniques. On the other hand, rising requirement from specific sections of the healthcare industry is also promoting companies to step up production.
According to TMR analysts, the global botulinum toxin market is expected to grow to a value of US$ 8,718.7 mn by the end of 2026. The analysts predict that this will happen as the market will grow a stable CAGR of 7.6% during the forecast period of 2018-2026.
The key players in the global market are Allergan, Inc., Ipsen Group, Merz Pharma GmbH & Co. KGaA, Medytox, Inc., US Worldmed, LLC, Galderma, Metabiologics, Inc. (US), Lanzhou Institute of Biological Products Co. Ltd., and Revance Therapeutics.
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Cosmetics and Neurology to Fuel the Global Botulinum Toxin Market
Appearance has become an important aspect for every person today. So much so that people are willing to go an extra mile to make them look good. As a result, the need for products that solve problems regarding facial appearance are growing in importance. This stokes demand for products in the global botulinum toxin market. They are preferred because they are capable of fixing problems like spasticity and cervical dystonia.
On the other hand, the demand for products in the neurology section of healthcare is also looking promising. This section will stoke demand as the number of neurological cases rise and doctors find new treatment applications for the product. The product is known to be helpful for certain neurological conditions, and thus can influence demand in the global market.