PUBLISHER: Grand View Research | PRODUCT CODE: 1529805
PUBLISHER: Grand View Research | PRODUCT CODE: 1529805
The China botulinum toxin type A market size is anticipated to reach USD 3.6 billion by 2030, registering a CAGR of 18.9% during the forecast period, according to a new report by Grand View Research, Inc. Key factors driving the country's botulinum toxin market are increasing disposable income fueling spending on medical aesthetics, diverse demand channels across genders and age groups, and the development of consumer-centric treatment modalities. The introduction of newer players within the Chinese botulinum toxin type A market paradigm shifted the market share structure; before 2020, only two products had received approval from China's National Medical Product Administration (NMPA).
However, post-2020, several established market players gained product approvals, while several others are in the pipeline. Such developments are expected to create lucrative opportunities in the market. The growing number of strategic initiatives in China is expected to impact the market positively. For instance, in July 2023, Shanghai Fosun Pharmaceutical Co., Ltd received approval from the NMPA for its RT002 product to treat moderate to severe glabellar lines in adults. Moreover, in October 2023, Sinclair, a subsidiary of Huadong Medicine Co., Ltd. & ATGC Co., Ltd, announced a strategic collaboration and licensing agreement through which Sinclair shall develop and commercialize ATGC's BoNT-A, ATGC-110 for aesthetic and therapeutic indication.