Global pharmaceutical company Allergan has announced key future growth drivers for its medical aesthetics portfolio at its first ever Medical Aesthetics Analyst Day this month.
The company predicted its aesthetics portfolio has the potential to double by 2025 and is expected to grow at an 8-10% compound annual growth rate from 2017-2025. According to Allergan, this means the business could generate net sales of approximately US $7-8 billion in 2025, from $3.8 billion in 2017.
The company also highlighted that its medical aesthetics research and development team expects to invest more than $1 billion on medical aesthetic innovations from 2018-2025 and it expects to launch one or two new products each year until 2025.
Brent Saunders, chairman and CEO of Allergan said, “Since the first introduction of Botox Cosmetic in 2002, Allergan has been a pioneer in creating the medical aesthetics market. Today the medical aesthetics market is on the cusp of a new era of extraordinary growth and Allergan is uniquely positioned to build on its leadership position and double our medical aesthetic business by 2025. Allergan consistently delivers unparalleled innovation across our extensive Medical Aesthetics portfolio and pipeline, along with superior provider experience and service."
As well as this, Allergan will seek three new indications for Botox Cosmetic: treatment of the masseter muscle and platysma prominence, and skin quality and is developing a liquid formulation of a neurotoxin, nivo botulinum toxin A, and plans to initiate development for glabellar lines and crow's feet lines.
Allergan's Juvéderm franchise will also expand to include treatments for the temple, tear trough, nose and fine lines in the upper face, as well as lower facial shaping for the jawline, chin, neck lines and décolletage. CoolSculpting is also expanding, transforming into full face and body contouring solutions with three new platforms expected in the next three years including muscle conditioning, skin tightening and cellulite.
In terms of global expansion, in 2019 Allergan expects to substantially increase its training of medical aesthetics providers to reach 80,000 providers globally. It also plans to double its medical aesthetics team in China by 2025, and to triple the number of medical aesthetics accounts and injectors trained each year in China by 2025, with revenue on key products rising as a result.
"Allergan will continue driving innovation in medical aesthetics into new frontiers, and the impact for patients will be profound," said David Nicholson, Allergan chief research and development officer. He continued, "Allergan is excited about the potential for delivering even more advanced innovation to patients across facial aesthetics, body contouring and regenerative medicine in the years to come."