Medytox Co., Inc, Ipsen Group, and AbbVie Inc, among others, are the major players in the global chromhidrosis treatment market.
The global chromhidrosis treatment market is being supported by the growth of the skin diseases treatment market, which attained a value of about USD 19 billion in 2020. The skin diseases treatment market is further anticipated to grow at a CAGR of 3% in the forecast period of 2021-2026 to reach around USD 23 billion by 2026. As per the analysis by Expert Market Research, the market is expected to be driven by the rising prevalence of benign chronic conditions globally.
The market is being positively driven by certain factors such as the easy availability of chemicals like capsaicin and surging cases of diabetes and kidney diseases resulting in abnormally strong body odours. Furthermore, the demand for botulinum toxin type A injections used for treating chromhidrosis and diminishing facial wrinkles is fuelling the market growth. In addition, the increasing number of regulatory approvals for drugs in North America, rising disposable incomes and ageing population are aiding the market growth.
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The major players in the global chromhidrosis treatment market include Meditox Co. Inc (KOSDAQ: 086900) and AbbVie Inc (NYSE: ABBV). Medytox Co. Inc in 2021 started phase 3 clinical trials of new botulinum toxin for treating chromhidrosis. The company has been developing the toxin since 2016 and aims to launch in 2022 for commercial uses. AbbVie Inc's brand BOTOX ® provides botulinum toxin type A for injections for intramuscular, intradetrusor, and intradermal purposes.
Headquarters: Seoul, South Korea
Medytox Co., Inc is a Korean biopharmaceutical company that researches, manufactures and markets botulinum toxin, hyaluronic acid filler, and other medical devices. The company is one of the top 20 biopharmaceutical companies in the world and exports its products to over 60 countries. It has a high market share in the global botulinum market and is penetrating the United States and European markets. Medytox Co., Inc has annual revenue of more than USD 1 billion and has joint ventures in China, Japan, Hong Kong, Taiwan, and Thailand for global operations. The company heavily invested in R&D and was the first to develop three types of botulinum toxin.
Headquarters: Paris, France
Ipsen Group is a French biopharmaceutical company and one of the largest pharmaceutical companies in the world. The company specialises in oncology, neuroscience, rare diseases and consumer healthcare. It sells over 20 drugs in 115 countries and operates in about 30 countries globally with approximately 5,700 employees. The company has collaborated with multiple companies such as Exelixis, PharmaEngine, Photocure, 3B Pharmaceuticals, Servier and many others to foster solutions and develop new therapies.
Headquarters: Illinois, United States of America
AbbVie Inc is an American researcher and developer of pharmaceutical products and a spin-off of Abbot Laboratories. The company offers pharmaceutical drugs for speciality therapeutic areas such as immunology, hepatitis C, oncology, chronic kidney disease, and neuroscience. It has manufacturing facilities in over 20 countries and employs more than 48,000 people in 70 countries. The brands owned by the company include HUMIRA, BOTOX, CELEXA, NORVIR, RINVOQ, SKYRIZI, LEXAPRO, and others. The company has more than 220 research partnerships, about 30 brands and 275 patient support programs worldwide. AbbVie Inc generated a revenue of USD 50.195 billion in 2021.
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