Increasing incidence rates of osteoarthritis, gingivitis, wounds, and ulcers and growing geriatric population base are two primary drivers of the hyaluronic acid market. According to the American College of Rheumatology, approximately 70% of the people above the age of 70 years exhibit X-ray evidence of osteoarthritis. Moreover, constantly improving patient awareness levels pertaining to anti aging procedures and increasing demand for MIS procedures are expected to drive market growth during the forecast period. Hyaluronic acid’s tissue friendliness and consistency acts as an exceptional moisturizer beneficial for skin care. Fighting against wrinkles requires aggressive activities such as applying ointments and potions on the target area. Recent market trends suggest that expenditure levels catering to anti-aging products are on a constant rise and this is expected to boost the demand for hyaluronic acid over the next six years. Hyaluronic acid has also been identified as one of the crucial building blocks for new biomaterials with applications in regenerative medicine and tissue engineering. Growing demand for biomaterials in these fields is consequently expected to serve the market with future growth opportunities. The global hyaluronic acid market is expected to grow at a CAGR of over 9.0% during the forecast period, to reach USD 10.80 billion in 2020.
Global hyaluronic acid market, by product, 2012 – 2020 (USD Million)
Product segments analyzed in the hyaluronic acid market include single injection, three injection and five injection cycles. Three-injection hyaluronic acid was the leading product segment of this market in 2013. The hyaluronic acid market is marked by growing demand for shorter regimens entailing low risks. Therefore, the single injection market is expected to gain patient compliance and is expected to grow at a lucrative rate of over 10.0% over the next six years. Moreover, the fact that long duration treatment entails more side effects is expected to boost the growth of the single injection hyaluronic acid market.
Osteoarthritis, ophthalmic, dermal fillers and vesicoureteral reflux are the key application segments of the hyaluronic acid market. Osteoarthritis was the leading application segment of the market owing to the presence of large unmet needs and the potential introduction of new products rendering increased patient comfort. Vesicoureteral reflux is expected to grow at the fastest rate during the forecast period. Presence of low treatment rates associated with these disorders and the introduction of novel hyaluronic acid based treatment options is expected to fuel future market growth
North America was the most revenue generating region of the market in 2013. Presence of higher treatment rates supported by the presence of sophisticated healthcare infrastructure in the region is expected to serve this market as a key driver. In addition, increasing patient awareness levels pertaining to aesthetic and anti aging procedures and growing prevalence of target diseases especially, osteoarthritis is expected to drive regional market growth during the forecast period. Asia Pacific on the other hand is expected to witness a rapid growth in demand for hyaluronic acid over the next six years. Presence of high unmet patient needs coupled with the introduction of favorable government initiatives in the emerging markets of India and China is expected to drive market growth. Growth in demand for cosmetic procedures owing to increasing patient awareness levels and the presence of a large geriatric population base in Japan is also expected to boost market growth.
Key players of the hyaluronic acid market include Allergan Inc, Anika Therapeutics, Inc., Sanofi (Genzyme), Salix Pharmaceuticals, Seikagaku Corporation, F. Hoffmann-La Roche Ltd., Galderma S.A, Zimmer Holdings Inc, Smith & Nephew Plc and Ferring Pharmaceuticals, Inc. The introduction of new products via rigorous R&D is a key sustainability strategy adopted by market participants. For instance, Mitek Sports Medicine launched Orthovisc and Monovisc which are multi-injection hyaluronan treatment options aimed at managing knee pain associated with osteoarthritis. Both Orthovisc and Monovisc are FDA approved treatments comprising ultra pure hyaluronan.
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