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Hyaluronic Acid Products Market: Introduction
According to the report, the global hyaluronic acid products market was valued at US$ 8.5 Bn in 2020. It is projected to expand at a CAGR of 7.1% from 2021 to 2028. Hyaluronic acid, one of the key components of the extracellular matrix (ECM), is a unique non-sulfated glycosaminoglycan that is well distributed across different types of tissues such as connective tissues, epithelial, and neural tissues.
The molecule performs a variety of physiological functions, and is extensively utilized in areas of drug delivery, skin healing, and wound repair, particularly fetal wound healing. It is also known to moderate the inflammation necessary for stabilizing the granulation tissue, thereby promoting healing. The molecule is being used as a biomarker for various cancer types, especially that of prostate and breast, for the last few years. Moreover, it can help monitor the disease progression. It has wide applications in orthopedic surgery, as the molecule promotes normal cushioning of tissues and lubricates the joints. It is also utilized in various eye surgeries, such as cataract removal and corneal transplantation.
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Increase in Number of Orthopedic Disorders
Hyaluronic acid supplements are highly useful for people suffering from orthopedic disorders, such as osteoarthritis ‒ a type of degenerative joint disease caused by wear and tear on the joints over time. Hyaluronic acid could also be injected directly into the joints in order to gain pain relief. The hyaluronic acid market primarily thrives on the aging population who are highly susceptible to bone injuries, incontinence, and fractures.
The aging or geriatric population is one of the largest target segments for hyaluronic acid-based products, worldwide. Increase in the number of patients for osteoporosis and rheumatoid arthritis is prompting manufacturers to produce hyaluronic acid-based supplements and injectables. Thus, rise in cases of bone and joint-related issues is projected to propel the market for hyaluronic acid during the forecast period.
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Single-injection Cycle Treatment Gaining Preference
Based on product, the hyaluronic acid products market has been segmented into single-injection, three-injection, and five-injection cycle. In 2020, the five-injection cycle segment led the overall products market. However, it has lost some share since the last few years. The demand for hyaluronic acid molecule as single-injection cycle treatment is higher than that for five-injection cycles. This can be attributed to rise in demand for convenience among patients and the pressing need to avoid adverse effects that may arise after being exposed to the treatment.
Shifting to a lower-duration treatment can help patients avoid symptoms such as itching, redness, and inflammation, which may be common after every dose. The segment is estimated to expand at a notable CAGR during the forecast period.
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Vesicoureteral Reflux Segment to Reign Supreme
In terms of application, the hyaluronic acid products market has been classified as dermal fillers, osteoarthritis, ophthalmic surgery, and vesicoureteral reflux (VUR). Of these, the dermal fillers segment held a dominant share of the market in 2020, closely followed by the osteoarthritis and vesicoureteral reflux (VUR) segments. Meanwhile, the vesicoureteral reflux segment is projected to expand considerably during the forecast period. The spectacular pace of the expansion witnessed by the segment is primarily due to rise in demand for minimally-invasive surgical procedures. Additionally, surge in aging population in several developed and developing nations who need eye and orthopedic surgeries is further fueling the demand for hyaluronic acid products.
Asia Pacific to Present Lucrative Growth Avenues
Based on region, the global market has been split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America held a leading share of the global market in 2020. North America is followed by Europe, in terms of share of the global hyaluronic acid products market. Asia Pacific is projected to offer significant opportunities for the market during the forecast period. The expansion of the market in the region has been due to vast improvements in the healthcare sector in the past few years. Furthermore, the growing popularity of minimally invasive surgeries is a key trend that is expected to boost the market in the region. Latin America is also anticipated to provide significant opportunities for market players over the next few years.
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Competition Landscape
The global hyaluronic acid products market is fragmented in terms of number of players. Key players in the global market include Alcon, Inc., Anika Therapeutics, Inc., Allergan, Inc., F. Hoffmann-La Roche Ltd., Fidia Farmaceutici SpA, Ferring Pharmaceuticals, Inc., GALDERMA S.A., LifeCore Biomedical LLC, Hyaltech Ltd., Meiji Seika Pharma Co., Ltd., Sanofi, Merz Aesthetics, Inc., Salix Pharmaceuticals, Inc., Shanghai Jingfeng Pharmaceutical Co., Ltd., Seikagaku Corp., Smith & Nephew plc., Zimmer Holdings, Inc., and TRB Chemedica Int. SA
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