The global Botox market is expected to reach US$1,420.1 million by the end of 2021. This is growing at a compound annual growth rate (CAGR) of 4.52% over the forecast period (2015-2021). Botox is growing in the beauty, medical, pharmaceutical and medical device industries. It is used for treating a variety of cosmetic and medical applications such as depersonalisation (depression), blepharoplasty (flattening of the eye) and trigeminal neuralgia. In a nutshell, it takes months to get the desired results when using Botox. It is the most easily administered cosmetic solution because it is both effective and has a proven track record.
Botox Sales are Expanding
Since 2012, the global Botox market has witnessed an impressive 18.28% CAGR, with a promising increase in growth. The largest regional market for Botox is Europe, which represents around 20.75% of the total global market. The second largest region is the Americas which represents 9.47% of the global market. The United States represents the largest market for Botox, followed by Europe and Asia/Pacific. The U.S. market has been growing at a CAGR of 17.43% and Europe has been experiencing growth at an impressive rate of 7.53% over the past five years.
The largest market by region, the Americas, has been experiencing high growth rates in the cosmetic and medical device industries. Therefore, it is no surprise that the market for Botox would be growing at a faster rate than others. Botox is an important tool in the beauty industry because it reduces the symptoms of cosmetic wrinkles and hyperpigmentation by suppressing nerves that cause the nerve endings in the skin to activate.
Despite the impressive growth, the market for Botox in the United States still represents only 4.73% of the global market. The United States is a developed country and is the country with the highest per capita beauty spending globally. Therefore, consumer spending on beauty is significantly higher in the United States than other countries.
Botox is a significantly cheaper solution for medical and cosmetic applications. The average cost of Botox in the United States is US$275,000. Compare this to more expensive treatments like facial plastic surgery. This cost is relatively low. However, it does not represent what the patient will eventually pay, which could be much more. Furthermore, it is difficult to plan what the initial treatment cost will be. The price depends on a number of factors such as the region where the treatment is being carried out, the type of treatment and the dosage. The dosage of Botox is the key variable when comparing the cost. In the United States, prices tend to be relatively lower than in Europe and Asia/Pacific.
Future Growth for Botox in Healthcare
Despite a relatively low price, the cost of Botox is relatively low and is fairly affordable for medical practitioners, testimony to which is the prioritisation of a Botox course for doctors who want to add that to their service offerings. This is a good factor for medical practitioners in developing countries where the cost of healthcare is very high. Medical practitioners want the most effective solution available for patients.