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Hyaluronic Acid Raw Material Market - Growth, Trends, and Forecasts (2023-2028)

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    Report

  • 117 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5012592
UP TO OFF until Mar 31st 2024
The hyaluronic acid raw material market is expected to witness a CAGR of 6.5% during the forecast period.

The COVID-19 pandemic impacted the growth of the hyaluronic acid material market. Restrictions due to the pandemic halted the non-emergency procedures in hospitals, thus affecting the patient's life. According to a study published in the Clinical Pharmacology and Therapeutics Journal in May 2020, osteoarthritis-related concomitant disorders may initiate life-threatening risks for osteoarthritis patients in the event of SARS-CoV2 viral infection. This observation has prompted clinicians and orthopedists to check and evaluate osteoarthritis patients for symptom management and comorbidities that may arise because of disrupted osteoarthritis treatment during the COVID-19 pandemic. Thus, the COVID-19-related restrictions and disrupted treatment and services related to osteoarthritis have impacted the market's growth during the pandemic. However, the resumed services have increased the adoption of cosmetic minimally invasive procedures, such as hyaluronic acid dermal fillers, among the population. The sales of cosmetic products using hyaluronic acid, such as anti-aging creams and hyaluronic acid serum, increased. Thus, the studied market is expected to regain its full potential in the next 2-3 years.

Factors such as the growing demand for anti-aging solutions and minimally invasive aesthetic treatments, the demographic shifts in developed and developing countries, and the growing usage of hyaluronic acid in the cosmetic and medical fields are boosting the market's growth.

The rising adoption of hyaluronic acid-related products, such as anti-wrinkle creams and anti-aging solutions, and expanding cosmetic industry are driving the market. For instance, according to an article published by Dermatology and Therapy, in June 2021, an in-vivo clinical study was conducted on 40 individuals aged 38-60 years, with eight on hormonal contraception and 32 postmenopausal for evaluating different parameters. It has been observed that skin hydration (30%) and plumping (31%) significantly increased after the product application. As per the same source, in the second week, skin hydration and plumping increased to 35%, along with improvements in smoothness (29%), fine lines (9%), and wrinkles (14%). Thus, the advantages offered by hyaluronic acid in cosmetology are expected to increase the demand for hyaluronic acid serums and creams among the population, which is expected to increase the demand for raw materials for preparing hyaluronic acid.

The growing adoption of hyaluronic acid in the medical field, including regenerative medicines, is also contributing to the growth of the hyaluronic acid raw material market. For instance, according to an article published in the Molecules Journal, in May 2021, hyaluronic acid is used in artificial tears, eye drops, in situ hydrogels, modified nanoparticles, intravitreal injections, and tissue engineering as it moisturizes the eye, boosts biocompatibility, and extends drug residence time to improve drug delivery. In addition to increasing conjunctival goblet cells and stabilizing tear films, eye drops' high hyaluronic acid concentration also has anti-inflammatory properties. Thus, due to its exceptional hydrophilic, safety, compatibility, and particular viscoelasticity features, hyaluronic acid is widely used in ophthalmology to improve eye comfort and treat eye illnesses, which is projected to raise the demand for hyaluronic acid raw materials and drive market expansion.

The growing demand for hyaluronic acid in cosmetic products and rising product launches are also expected to fuel the demand for raw materials for developing products. For instance, in March 2022, NovaBay Pharmaceuticals launched Moisture Recovery HA Serum as the newest expansion to the Calm Cool + Corrected product line. The serum is an innovative formulation of hyaluronic acid, vitamin C, dragon fruit, and water-binding cactus botanicals to restore dehydrated skin and facilitate deeper penetration of other skincare-healing products. In May 2021, Ono Pharmaceutical Co. Ltd and Seikagaku Corporation launched JOYCLU 30mg intra-articular injection, a joint function improvement agent, for which Seikagaku received the manufacturing and marketing approval in Japan.

However, the high cost and side effects associated with the use of hyaluronic acid are likely to impede the growth of the hyaluronic acid raw material market over the forecast period.

Key Market Trends

Orthopedics Segment Expected to Witness Significant Growth in the Hyaluronic Acid Raw Material Market During the Forecast Period

The orthopedics segment is expected to witness significant growth in the hyaluronic acid raw material market over the forecast period due to the growing adoption of technologically advanced drugs and the wide use of hyaluronic acid (HA) in osteoarthritis treatment procedures.

In addition, the rising prevalence of arthritis and the surging aging population more prone to develop joint inflammation and osteoarthritis (OA) due to decreased bone density may boost the market. For instance, as per an article published in the National Institute of Health in April 2021, the prevalence of osteoarthritis was 16.4% in South Asia, 15.7% in East Asia, and 14.2% in Sub Sharan Africa in 2021. Thus, the growing prevalence of orthopedic diseases is expected to fuel the demand for hyaluronic acid injections that help in reducing inflammation and pain.

As per an article published in the Medicina journal in September 2021, a cross-sectional survey was conducted in Saudi Arabia and Jordan to evaluate HA products' efficacy and effectiveness in managing OA. It has been observed that in orthopedic practice, intra-articular HA injections are frequently used to treat knee OA. In addition, more than two-thirds of individuals reported having used HA on their knee OA patients, which helps reduce pain and enhance physical performance. Some of the most prescribed HA products are Hyalgan, Orthovisc, Hyalubrix, and Crespine Gel. Thus, such improvements in the OA condition are expected to increase the adoption of HA drugs and products among consumers, which may accelerate the production of HA products and fuel the demand for raw materials.

Many companies are focusing on developing single-injection products and offering treatments to patients with osteoarthritis, contributing to the market’s growth. For instance, in October 2021, Seikagaku Corporation launched HyLink, an intra-articular single injection with visco supplement for the treatment of knee osteoarthritis in Taiwan. In August 2021, Flexion Therapeutics Inc. announced the positive results from the randomized, open-label, Phase 2 pharmacokinetic (PK) trial of ZILRETTA (triamcinolone acetonide extended-release single injectable suspension) for the treatment of patients with shoulder osteoarthritis (OA) and adhesive capsulitis (AC).

Thus, the increasing burden of osteoarthritis among the population has increased the demand for hyaluronic acid-related procedures for treating such conditions, which may boost the studied market over the forecast period.



North America is Expected to Hold Significant Market Share During the Forecast Period

North America is expected to witness significant growth in the hyaluronic acid raw material market over the forecast period, owing to the rising adoption of anti-aging and other skin care products, increasing awareness about the availability of aesthetic and non-surgical procedures among the population, and well-developed healthcare infrastructure.

The surging aging population more prone to developing joint inflammation and osteoarthritis due to decreased bone density, the increasing patient awareness about the availability of aesthetic and anti-aging procedures, and the rising adoption of hyaluronic acid in cosmetic procedures are also expected to boost the market in the region over the forecast period.

The rising burden of orthopedic disorders such as arthritis, osteoarthritis, and knee pain is the key factor driving the demand for the region's hyaluronic acid raw material market. For instance, according to the AHR 2022 annual report, about 54.4 million people had arthritis in the United States in 2021, and this number is projected to increase to 78 million by 2040. The prevalence of arthritis increases with age and is higher among females. Thus, the demand for hyaluronic acid increases with the growing cases of arthritis and knee pain in patients, further increasing the demand for hyaluronic acid raw materials and boosting the market over the forecast period.

With the increasing geriatric population, there is a rise in the number of people suffering from various arthritis problems, which increases the demand for non-surgical procedures. For instance, according to the data published by America's Health Ranking in 2021 Senior Report, in the United States, more than 54 million adults aged 65 and older account for 16.5% of the total population, and the total number of adults aged 65 and older is projected to rise to an estimated 85.7 million, accounting for 20% of the total population by 2050.

The rising focus of companies on developing hyaluronic acid-related products is also contributing to the overall growth of the market in the region. For instance, in August 2022, Versed launched an anti-aging serum with hyaluronic acid, Versed Mositure Maker, which gives silky, soft, and bouncy skin. In January 2021, Nuvo Pharmaceuticals Inc. (d/b/a Miravo Healthcare) launched NeoVisc+ 2 mL and NeoVisc ONE 4 mL for the treatment of pain and improvement of joint functionality in patients affected by degenerative (age-related changes) or mechanical arthropathy (related to overuse) of the knee in Canada.

Thus, the rising burden of arthritis and related disorders, the growing geriatric population, and increasing product launches are expected to boost the market’s growth in the region over the forecast period.



Competitive Landscape

The hyaluronic acid raw material market is fragmented and competitive with the presence of several key players. In terms of market share, a few major players are currently dominating the market, including AbbVie Inc. (Allergan), Anika Therapeutics Inc., Zimmer Biomet, Sanofi, F. Hoffmann-La Roche Ltd, Bausch Health Companies Inc. (Salix Pharmaceuticals), Seikagaku Corporation, Smith & Nephew, and Galderma SA.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Demand for Anti-aging Solutions and Minimally Invasive Aesthetic Treatments
4.2.2 Demographic Shift in Developed and Developing Countries
4.2.3 Growing Usage of Hyaluronic Acid in Cosmetic and Medical Field
4.3 Market Restraints
4.3.1 High Costs and Side Effects Associated with the Use of Hyaluronic Acid
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value in USD million)
5.1 By Application
5.1.1 Orthopedics
5.1.2 Ophthalmology
5.1.3 Drug Delivery
5.1.4 Dermatology
5.1.5 Other Applications
5.2 By End User
5.2.1 Hospitals
5.2.2 Cosmetic Clinics
5.2.3 Other End Users
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AbbVie Inc. (Allergan PLC)
6.1.2 Anika Therapeutics Inc.
6.1.3 Sanofi (Genzyme Corporation)
6.1.4 F. Hoffmann-La Roche Ltd
6.1.5 Bausch Health Companies Inc. (Salix Pharmaceuticals)
6.1.6 Zimmer Biomet
6.1.7 Seikagaku Corporation
6.1.8 Smith & Nephew PLC
6.1.9 Galderma SA
6.1.10 Lifecore Biomedical LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AbbVie Inc. (Allergan PLC)
  • Anika Therapeutics Inc.
  • Sanofi (Genzyme Corporation)
  • F. Hoffmann-La Roche Ltd
  • Bausch Health Companies Inc. (Salix Pharmaceuticals)
  • Zimmer Biomet
  • Seikagaku Corporation
  • Smith & Nephew PLC
  • Galderma SA
  • Lifecore Biomedical LLC

Methodology

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