Market Trends of Hyaluronic Acid Raw Material Industry
This section covers the major market trends shaping the Hyaluronic Acid Raw Material Market according to our research experts:
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.
