"Increasing use in the treatments of dry eyes, mouth sores, and aging skin is expected to have a positive impact on the hyaluronic acid market growth over the forecast period"
The global hyaluronic acid (HA) market size was valued at USD 13.4 billion and is projected to grow at a CAGR of 6.1% over the forecast period. The high growth is anticipated on account of increasing number of people opting for aesthetic nonsurgical procedures, favorable reimbursement policies as well as growing geriatric population base.
Increasing awareness about health and changing beauty standards have led to increasing demand for cosmetics and aesthetics procedures. In 2015, the total spending of Americans on nonsurgical cosmetic procedures was more than USD 5 billion and injectables were the second most frequently performed procedure after Botox. In 2014, more than 1.8 million procedures were performed in the U.S., indicating the popularity of these techniques.
The rapid growth of aging population coupled with significant increase of the disease conditions such as ulcers, osteoarthritis, and dry eyes are the key factors boosting the demand. According to estimates published by the United Nations in 2012, global geriatric population was nearly 809.4 million and is expected to reach an estimated population of over 2.0 billion. In 2013, more than 27 million were suffering from osteoarthritis and a large population above 60 years of age is now susceptible to develop symptomatic knee osteoarthritis. Viscosupplements are small doses of hyaluronic acids injected in the joints to increase lubrication in order to facilitate movement.
Though the share of painkillers in pain management is high, viscosupplements are gaining popularity as a cure. Use of hyaluronan as a treatment for osteoarthritis has been approved by U.S. FDA in 1997 and has gained substantial market share.
The industry is witnessing introduction of newer technology and geographical expansion through approvals and mergers & acquisitions done by the industry titans. In February 2015, Anika Therapeutics, Inc. announced its regulatory submission for premarket approvals in the U.S. and Europe for marketing and distribution of Cignal, a viscosupplement.
Moreover, in 2015, Actavis acquired a major industry player Allergen, which is a manufacturer of hyaluronic acid-based ophthalmic, dermatologic, and aesthetic products. This deal was worth USD 66 billion and is expected to encourage other businesses to follow the same strategy for business growth.
"Three-injection cycle of hyaluronic acid had the largest market share in 2015"
The market is segmented on the basis of the following: five-injection, three-injection, and single-injection cycles. Three-injection cycle accounted for the largest market share in 2015 and is expected gain more popularity by 2024. The dose is injected into synovial fluid of knee and hip to facilitate movement and alleviate joint pain. These doses are taken in the span of 3 to 5 weeks depending on the condition and severity of the disease. The doses are spaced to allow patients to recover from the mild side effects, such as redness and swelling at the site of injection.
In March 2016, Anika Therapeutics, Inc. launched its newly approved viscosupplement, Cignal. This innovative product is a combination of viscosupplement and steroids, which help alleviate the knee pain.
Single injection cycle is anticipated to be the fastest growing segment with a CAGR of over 7%. This is attributed to the preference of patients to short duration of treatment and quick results. Industry players are also introducing newer technology and products to fulfill this demand. In 2016, Genzyme Corporation received the FDA approval for its single injection treatment regimen, Synvisc-One. The product contains high-molecular-weight polymers that act as a lubricant and reduce pain due to osteoarthritis.
"Dermal fillers, in terms of applications of hyaluronic acid were the largest revenue generators in 2015"
On the basis of applications, the market is segmented as dermal fillers, osteoarthritis, ophthalmic, and vesicoureteral reflux.
In 2014, dermal fillers were the most popular option for cosmetic treatment in terms of number of inquiries and witnessed a growth of 131% during the years 2013 to 2014. In 2014, more than 2.4 million dermal filler procedures were performed. The desire to look healthy and youthful is also encouraging men to opt for this treatment. This corresponds to the rising demand of fillers and is one of the key drivers of this segment.
Vesicoureteral reflux is expected to grow at the fastest CAGR over the forecast period. There is a steady rise in incidence rate of vesicoureteral reflux in past years due to the change in lifestyle, injuries, and increased rate of surgeries performed. Endoscopic treatment with HA injection is gaining popularity as a treatment option.
Ophthalmology market is another segment that is anticipated to witness increasing demand in the coming years. Key factors contributing to its growth include increasing incidence of diseases such as cataracts, glaucoma, age-related macular degeneration, and dry eyes. There are more than 0.2 million ophthalmologists globally. Moreover, cataract and lens procedures are one of the top outpatient surgical procedures in the U.S. In addition, the prevalence of dry eyes is very high in the U.S. with 40 million people suffering from it. This provides a huge opportunity for expansion of ophthalmology-related applications of HA products.
"Pharmaceutical-grade hyaluronic acid dominated the segment with cosmetic grade hyaluronan being the fastest growing"
HA modulates osmotic balance of the cells, thus favoring tissue regeneration. Thus, dressings, bandages, and ointments containing HA are a commonly used on wounds and ulcers. Growing incidence rate of ulcers and other periodontal disorders are contributing to rising demand of pharmaceutical-grade hyaluronan. It is available in a range of molecular weights depending on the application. Manufacturers produce HA customized to the requirement of a customer. The number of biomanufacturers entering this market is increasing. In 2012, Novozymes, a bioinnovation company, invested USD 51.6 million to set up a manufacturing unit in China to produce pharmaceutical-grade hyaluronic acid.
Hyaluronic acid, due to its strong water retention properties, has become an integral part of cosmetics and skin care products. Cosmetic-grade hyaluronan has a low molecular weight, which facilitates the deep penetration of the product in the epidermis. It is used in dermal fillers that are microinjected into epidermis, which then retains water in the cells and releases antioxidants, slowing the aging process.
"The non-animal based hyaluronic acid market was the largest in 2015"
Non-animal based raw material dominated the market in 2015. Conventionally, hyaluronan was extracted from rooster combs, but issues such as lack of standardization of the process and opposition from communities fighting for animal cruelty created a need to develop techniques to manufacture it artificially.
Advancements in biochemistry made it possible to extract hyaluronic acid using genetically modified bacterial fermentation. The purity of this product is higher than animal-based products. Non-animal-sourced hyaluronic acid is also marketed as vegan hyaluronic acid, which appeals to the vegan consumers as well as to health conscious people concerned about animal-transferred infections.
"North America is the largest regional hyaluronic acid market, owing to the large geriatric population base"
In 2015, North America accounted for the maximum revenue share of more than 40%. The U.S. is the most important market and accounts for majority share of the North America. The population in this region is more conscious about aging and is open to adopt new treatment methods. In 2015, the U.S. FDA approved Restylane Lyft, hyaluronic acid dermal filler, by Galderma Laboratories, L.P.
Asia Pacific is expected to emerge as the fastest growing region over the forecast period. In 2016, Shiseido Co., Ltd. in Japan has 55% of their revenue share from skin care and antiaging products. Japan is one of the highest contributors to the Asia Pacific revenue, owing to its large geriatric population and growing awareness amongst people about aesthetics.
"The hyaluronic acid market players are focused on business growth by acquisitions to expand product portfolio and geographical reach"
Some key contributors include Allergan, Inc.; Sanofi (Genzyme); Salix Pharmaceuticals; Seikagaku Corporation; Galderma S.A., Zimmer Holdings, Inc.; Smith & Nephew Plc; Ferring Pharmaceuticals, Inc.; Anika Therapeutics, Inc.; and F. Hoffmann-La Roche Ltd.
The dynamic acquisitions done by Valeant Pharmaceuticals in the past 2 years has skyrocketed the shares. In 2015, the company acquired Salix Pharmaceuticals Ltd. In 2013, they also acquired Bausch + Lomb Holdings Inc., an eye care products’ company.
Moreover, companies such as Galderma, Actavis, and Rayner Surgical Group Limited have acquired businesses to extend their product portfolio and tap in to the unmet needs of the consumers. Acquisitions are anticipated to intensify the market dynamics over the forecast period.
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