Success of Botox drives innovations in the facial rejuvenation market
The worldwide success of Botox as a facial rejuvenation treatment has led to an escalation in research and development from competitors in the line and wrinkle treatment sector of the cosmetic surgery industry, according to a new report.
The study was undertaken by medical market researcher, Kalorama Information, and is titled "Facial Rejuvenation Markets Worldwide".
Botox, a highly purified toxin designed to smooth out facial wrinkles, is developed by Allergan, who keep the formula secret. But the Kalorama report states that the rapid success of Botox has meant that the market has now become hugely competitive, with more than 50 competing products and treatment options.
Mary Anne Crandall, an analyst at Kalorama, stated: "No brand can dominate the market forever and this may be the case with Botox. Allergan has enjoyed huge success following an aggressive campaign to promote the benefits of Botox.
"This was a wakeup call for competitors to accelerate development, product improvement and promotion of existing treatments and the introduction of innovative technologies - otherwise they would be left behind."
The study shows that the facial rejuvenation market for non-surgical procedures - which include line and wrinkle treatments, like Botox, and dermal fillers - has enjoyed significant annual growth of 20.1 per cent, reaching $1.32 billion in 2007.
Botox procedures in particular have increased steadily, up 488 per cent from 786,911 in 2000 to 4.6 million in 2007.
In related news, a recent study showed that, though Botox is generally considered a temporary solution to smoothing out lines and wrinkles, sustained use of the treatment over nine years or more could have permanent effects.