With a significant role to play in cosmetic procedures, and osteoarthritis treatment, demand for hyaluronic acid seems to expect a bright outlook in future. Global hyaluronic acid market exceeded the billion-dollar revenue mark in 2020 and will exhibit strong growth, says research.
Increasing Consideration for Use in Osteoarthritis Treatment to Uplift Hyaluronic Acid Market Growth
With the approval from the US FDA, hyaluronic acid has been widely used in the treatment of osteoarthritis through an intra-articular injection with high molecular weight of hyaluronic acid that facilitates the improvement in functioning, and reduction in pain related to knee osteoarthritis. This has propelled its use in treating various types of arthritis. According to the Centres for Disease Control and Prevention (CDC), arthritis is a serious health burden and is increasing at a significant rate. While there are over 100 types of arthritis, osteoarthritis (OA) is highly common form impacting over 32 million individuals in the United States alone. Moreover, as per Global Burden of Disease, osteoarthritis has prevailed since past several years and is expected to further grow in the coming period owing to rising ageing population, and other associated problems such as obesity. This factor has been influential in fuelling demand for hyaluronic acid products in treating this disease, in turn complementing the growth of hyaluronic acid market.
In addition, growing use of hyaluronic acid in dermal fillers has embossed a positive influence on global hyaluronic acid market. On the back of growing popularity of non-invasive cosmetic surgery procedures, dermal fillers have been gaining high traction. As per American Society of Plastic Surgeons non-invasive treatments are gaining high popularity worldwide, particularly in the US, and Asia and hyaluronic acid is used in about 78% of those treatments. Use of hyaluronic acid in these procedures is expected to bode well for the growth of hyaluronic acid market in the forthcoming years.
Five Injection Cycle Products Contribute Significantly to Hyaluronic Acid Market Valuation
Demand for five injection cycle products is expected to significant traction in the coming years and are likely to account for a major revenue share in the hyaluronic acid market. This can be attributed towards their functional advantages in treating several chronic conditions of arthritis. Moreover, five injection cycle products are widely used in countries that provide monetary incentives to doctors for each appointment. This has increased the popularity of these products among doctors which is expected to contribute towards their sales.
Dominance of North America Intact in Hyaluronic Acid Market, Asia Pacific Presents an Opportunistic Revenue Pocket
Rising cases of orthopaedic ailments coupled with increasing geriatric population continues to influence the hyaluronic acid market across developed countries in North America. For instance, as per CDC (Centers for Disease Control and Prevention), approximately 24% of adult population, which corresponds to 58 million people in United States suffer from arthritis. This ailment is considered as the most critical cause of work disability in the country. In addition, according to 2020 report from National Public Health Agenda for Osteoarthritis, osteoarthritis is a common arthritis type and is a serious chronic condition that impacts one out of seven adults in the United States and the rate of this ailment is expected to further increase by 2050. Moreover, according to the Osteoarthritis Research Society International (OARSI), in the United States both corticosteroids and hyaluronic acid injections can be used for treating osteoarthritis. However, as compared to corticosteroids, viscosupplementation is more effective in treating the disease and is gaining significant traction as an impactful treatment option. Osteoarthritis is also associated with ageing and is highly common among aged people, which is further triggering use of hyaluronic acid treatment solutions, in turn pushing the performance of hyaluronic acid market.
On the other end of the spectrum, rampant growth with regards to adoption of hyaluronic acid products in Asia Pacific is in the offing. This is largely attributed towards growing cosmetic sector backed by increasing geriatric population in the region. For instance, according to United Nations report, around 33% or more than 400 million individuals in China are likely to be more than 60 years of age by end of 2050. The Department for Economic and Social Information of the UN also depicts that, cumulatively over 0.75 billion individuals in the age range of 60 years and above will live in China, and India in 2050. This statistic accounts for approximately 38% of the global aged population coming in this age range. This factor is expected to pave potential avenues of growth for the cosmetic sector, in turn influencing sales of cosmetic lotions, anti-ageing creams and other cosmetic products. In this backdrop, rising use of cosmetics continues to remain instrumental in driving the growth of the hyaluronic acid market in Asia Pacific in the coming years.
Hyaluronic Acid Market: Competitive Landscape
Key players in the hyaluronic acid market have been focusing on growth strategies such as new product launches, acquisitions, capacity expansions, collaborations, and partnerships in a bid to strengthen their position and gain competitive advantage. A few of the major players operating in the hyaluronic acid market include Anika Therapeutics Inc., Sanofi, Viatris Inc., Fidia Farmaceutici S.p.A., Ferring B.V., LG Chem, Allergan PLC, Galderma, Bioventus LLC, Zimmer Biomet, Croma Pharma, Hoffmann-La Roche Ltd., Alcon Inc., F. Merz Aesthetics Inc., Shanghai Jingfeng Pharmaceutical Co. Ltd., Lifecore Biomedical LLC, and Seikagaku Corporation.
Recent Notable Developments
The Global Hyaluronic Acid Market Is Segmented As Below:
By Product Type
By End Use Industry
By End User
Key Elements Included In The Study: Global Hyaluronic Acid Market
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