Healthcare Industry News: Allergan
News Release - September 17, 2008
Botox’ Unprecedented Success Spurs CompetitionNew York, September 17, 2008 --(HSMN NewsFeed)— Since Allergan received FDA approval in 2002 to market Botox as a facial rejuvenation procedure, the product has become the second most-recognized pharmaceutical brand in the U.S. Allergan has a formidable presence in this area since its formula is secret and the highly purified toxin is difficult to replicate. Still, according to Kalorama Information’s new report “Facial Rejuvenation Markets Worldwide,” Botox’ huge success has spurred research into innovative technologies, development of new products and the possibility of a topical Botox.
A shift towards less invasive, more effective, safer procedures, accessible to more people, has benefited the facial rejuvenation market, especially the prescription fillers and botulism segment, which enjoyed outstanding worldwide growth of 20.1% annually to reach $1.32 billion in 2007. At $721.3 million, botulism product sales represent more than half of this segment, with 95% coming from sales of Allergan’s Botox, $684.9 million in 2007. Botox procedures have steadily increased, up 488% from 786,911 in 2000 to 4,625,192 in 2007.
“No brand can dominate the market forever, and this may be the case with Botox,” notes Kalorama analyst Mary Anne Crandall. “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 market has become a huge competitive arena in which more than 50 competing products, various treatment options, and alternative modalities, are crossing the line in each other’s core products and markets, creating an ever more fractured market.
Recently, there has been considerable research into developing a topical Botox. Medicis has been working with Revance Therapeutics to modify the botulism formulation so that it can penetrate deep enough into the skin to affect the muscle. The details are still largely under wraps, but a topical Botox would be a real boon to the industry since many consumers hesitate to receive recurring Botox injections.
Kalorama Information’s report “Facial Rejuvenation Markets Worldwide” provides a worldwide overview, market analysis by product and region, products in development, competitive analysis and estimates and forecasts through 2012. To obtain this report or for additional information, visit http://salesandmarketingnetwork.com/reports.php?ID=2722 .
About Kalorama Information
Kalorama Information supplies the latest in independent market research in the life sciences, as well as a full range of custom research services. Kalorama routinely assists the media with healthcare topics, and can provide experts to speak about markets in the life sciences industry.
Source: Kalorama Information
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