At least seven more years of Botox dominance, coming right up. According to a research report by Transparency Market Research that analyzed the North American facial injectables market, the market is expected to continue to flourish through 2024 partly because of Americans’ growing inclination toward non-invasive procedures and higher priority placed on aesthetics.
The Botox Boom
As a whole, the North American injectables market is expected to reach a $5.8 billion valuation by the end of 2024, compared to its $2.1 billion valuation at the end of 2015. The U.S. will likely lead the market over Canada. Botulinum toxin is expected to continue its prominence over hyaluronic acid, collagen, and particle and polymer fillers with an estimated 12.7% CAGR between 2016–2024.
Allergan Plc. leads the market, with Botox and Juvéderm contributing to the company’s 62% share of the regional market.
Lifestyles Drive Demand
More active lifestyles, paired with rising disposable income, have lead to a boom in facial injectables with hopes of reversed signs of aging and maintained standards of physical attractiveness. North America’s growing preference for minimally invasive surgeries is expected to drive the market over the next several years.
Newly developed synthetic options have also contributed to the increased demand. With a longer shelf life, patients can go longer without treatments, and therefore, spend less money overall.
The market is not infallible; however, poor reimbursement policies and side effects have the ability to threaten its growth. Allergic reactions and other side effects could possibly hamper overall and regional market growth.
