KEY GROWTH INFLUENCERS - HYALURONIC ACID PRODUCTS MARKET
Hyaluronic Acid Products Easing Osteoarthritis Patients
There has been a rise in the number of osteoarthritis patients seeking alternate options for knee replacement in view of avoiding side effects associated with NSAID and corticosteroid injections. In the market, this factor has changed the overall scenario in the pharmaceuticals industry, propelling the inclination of players in the market towards hyaluronic acid products.
Most of the hyaluronic acid products available in the market are prescribed for hip joints along with knee, for example, Synvisc is approved for its application in knee as well as hip joints. Also, ‘orthovisc-mini’ of Anika is approved for all joints in Europe, contributing a fair share in hyaluronic acid products market.
Physicians across the world are still skeptical about prescribing this product for other joints apart from knee, due to less available data on the clinical safety and efficacy of these hyaluronic acid products for other joints. This factor is propelling manufacturers to increase research and development of these products for use in other joints as well.
Introduction of Next-Generation Products
IAHA (intra-articular hyaluronic acid) injection manufacturers are constantly improving their research and development in pursuit of enhancing their well-established presence in the IAHA injection market with new combination of hyaluronic acid products. Such competitive atmosphere is expected to benefit the growth of the hyaluronic acid products market.
Due to excellent physiochemical properties of hyaluronic acid products, these can be easily combined with other pharmaceuticals such as corticosteroids. This factor is expected to boost the growth of the hyaluronic acid products market.
For instance, Anika’s product - Cingal, which is indicated as a viscoelastic supplement or a substitute for synovial fluid in human joints as well as a viscosupplementation product of third generation. Thus, the growth of the hyaluronic acid products market, during the forecast period, is expected to be driven by increasing R&D investments to find new avenues to combine hyaluronic acid products with other drugs.
HYALURONIC ACID PRODUCTS MARKET STRUCTURE ANALYSIS
- The worldwide hyaluronic acid products market is a fairly competitive market. Allergan plc, Anika Therapeutics Inc., Sanofi, Smith & Nephew and Zimmer Biomet are the major key players contributing to the maximum market share in terms of revenue.
- Business expansion through acquisitions, mergers, partnerships and collaborations are policies pursued by major participants in the hyaluronic acid products market.
- Notable R&D investments and growing demand for clinical and aesthetic use of hyaluronic acid products are expected to elevate the growth opportunities for the hyaluronic acid products market.
- Leading companies participating in the hyaluronic acid products market are Allergan plc, Anika Therapeutics Inc., Sanofi, Zimmer Biomet and Smith & Nephew.
- The local and global business participants are benefiting from a significant marketing network of distributors in regional and foreign lands.
Three Cycle Injection Products Remain Highly Preferred
Owing to high convenience attributes, usage of three cycle injection products in addressing knee osteoarthritis (OA) remains prominent, especially in the developed regional markets. Manufacturers of three cycle injection products will reap profits worth of over US$2 Bn by 2029 end. Single cycle injection products also account for a significant market share and their application in non-invasive treatments will increase at a promising rate in the following years.
US Market to Hit US$ 1 Bn Mark by 2025
North America remains leading market for hyaluronic acid product sales, with more than a third of market revenues. Worthwhile growth opportunities existing in the U.S. market would push the growth country’s hyaluronic acid products market growth will surpass the US$ 1 Bn mark by 2025. Favorable reimbursement policies and regulatory approvals for intra-articular hyaluronic acid (IAHA) injections are responsible for the market growth in the region.
Increasing adoption of dermal fillers such as Macrolane and Puragen for cosmetic applications is boosting the hyaluronic acid products market in Western Europe. The U.K. and Germany, collectively accounting for about 40% share, drive the regional market. The market in Asia Pacific excluding Japan (APEJ) also reflects lucrative growth potential primarily attributing to the flourishing medical tourism in countries – Thailand, Singapore, Malaysia, and India.
Stakeholders Tapping White Spaces in Dermatology
Hyaluronic acid is finding significant application as a hydrating agent in various skincare formulations. Manufacturers of hyaluronic acid products must be proactive in responding to the ever-growing demand for clean, green, and vegan cosmetic products. Development of products such as dermal fillers for their dermatological application continues to trend in global market.
For an instance, Puragen is a non-animal based hyaluronic acid gel marketed for its role in smoothening lines, banishing wrinkles, plumping lips, and filling depressions and scars. Furthermore, Macrolane is a semi-permanent dermal filler available for non-surgical breast enlargement.
How Growth will Unfold
Hospital pharmacies are the current the key revenue generators for hyaluronic acid product developers. However, there are strong indications of market players shifting towards specialty clinics for product distribution towards the end of the forecast period. Revenue generation of hyaluronic acid products market through both the sales channels will cross US$ 1.5 Bn over the next decade. Furthermore, sales of hyaluronic acid products via retail pharmacies and drug stores collectively account for over 40% of the total market share.
FREQUENTLY ASKED QUESTIONS ABOUT HYALURONIC ACID PRODUCTS MARKET
What are the factors contributing to growth of the hyaluronic acid products market?
Growing focus on alternative therapies and options, focusing on osteoarthritis patients seeking alternate options for knee replacement in view of avoiding side effects associated with NSAID and corticosteroid injections, is increasing the need for hyaluronic acid products drugs. Adoption of hyaluronic acid products in orthopedic services is anticipated to gain significant traction.
What are the challenges faced by market players in hyaluronic acid products market?
Physicians across the world are a bit skeptical of prescribing this product for other joints apart from knee, due to less available data on the clinical safety and efficacy of these hyaluronic acid products for other joints. This factor is also anticipated to direct manufacturers to increase research and development of these products for use in other joints as well.
What are the major application of the hyaluronic acid products available in the market?
Most of the hyaluronic acid products available in the market are prescribed for hip joints along with knee, for example, Synvisc is approved for its application in knee as well as hip joints. Also, ‘orthovisc-mini’ of Anika is approved for all joints in Europe, contributing a fair share in hyaluronic acid products market.
What are the technological factors that are fueling the hyaluronic acid products market growth?
The technological growth of the hyaluronic acid products market, during the forecast period, is expected to be driven by increasing R&D investments to find new avenues to combine hyaluronic acid products with other drugs.
Which region is expected to offer lucrative growth opportunities for the hyaluronic acid products market?
North America market is expected to gain popularity over the forecast period and is anticipated to dominate the hyaluronic acid products market due to rise in favorable reimbursement policies and increasing geriatric population in this region.
How is the competition scenario in the hyaluronic acid products market?
Key manufacturers in the hyaluronic acid products market such as Sanofi, Zimmer Biomet and Smith & Nephew. Are working through strategies such as Business expansion through acquisitions, mergers, partnerships and collaborations. Notable R&D investments and growing demand for clinical and aesthetic use of hyaluronic acid products are expected to elevate the growth opportunities for the hyaluronic acid products market players.
HYALURONIC ACID PRODUCTS MARKET TAXONOMY
The global hyaluronic acid products market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Product
- Single Cycle Injection
- Three Cycle Injection
- Five Cycle Injection
Application
- Osteoarthritis
- Ophthalmic
- Dermal Fillers
- Vesicoureteral Reflux
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Specialty Clinics
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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