The global hyaluronic acid raw material market size is expected to reach a value of USD 7.25 billion by 2024, according to a new report by Grand View Research, Inc. The increasing use of hyaluronic acid in various medical applications, such as osteoarthritis, wound healing, postoperative adhesion, tympanic membrane repair, tumor diagnosis, fracture healing, and soft tissue repair is expected to fuel the market growth over the forecast period.
The orthopedics segment dominated the overall market in 2015 with the highest revenue generation. The increasing geriatric population base, rising incidence of osteoarthritis, and growing adoption of viscosupplements in the treatments contribute to the large market share of this segment. Furthermore, the drug delivery segment is projected to be the fastest growing over the forecast period with a significantly higher CAGR. The increasing R&D activities focusing on targeted drug delivery systems and growing usage of hyaluronic acid in anti-cancer drug delivery is expected to contribute to the market growth.
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The increasing women population of age 35 to 65 years across the globe engenders a greater demand for anti-aging cosmetic and aesthetic treatments. Owing to the distinctive viscoelastic and moisturizing properties coupled with lower toxicity levels offered by hyaluronic acid-based products, the demand for this polymer in dermal fillers as well as in the treatment of vesicoureteral reflux is expected to experience growth. Thus, it is anticipated that the need for such products will serve as a high impact driver for the hyaluronic acid products over the forecast period. Based on the statistics of the International Society of Aesthetic Plastic Surgery in 2014, there were approximately 20 million cosmetic procedures performed globally, of which nearly 13.5% of the procedures were HA-based non-surgical procedures.
Some of the top countries recording a majority of the aesthetic treatments in 2014 were the U.S., Brazil, Japan, South Korea, Mexico, Germany, France, and Colombia. Medical tourism for cosmetic surgery in the U.S. plays a very important role in aiding the uptake of HA-based products and procedures, which is expected to drive the market in the coming few years.
Further Key Findings From the Study Suggest:
• In 2015, orthopedics was the largest application segment, owing to rising prevalence and incidence of osteoarthritis
• The introduction of FDA-approved hyaluronic acid-based viscosupplements such as ORTHOVISC and MONOVISC is expected to boost usage over the next 8 years
• Some of the key market players are Salix Pharmaceuticals; ALLERGAN; Lifecore Biomedical, LLC; Shiseido Co., Ltd.; Anika Therapeutics, Inc.; Smith & Nephew; Maruha Nichiro Corporation; Ferring B.V.; SEIKAGAKU CORPORATION; Genzyme Corporation; F. Hoffmann-La Roche Ltd., Contipro a.s.; Zimmer Biomet; and others
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Grand View Research has segmented the global hyaluronic acid raw material market is segmented based on its applications and region:
Hyaluronic Acid (HA) Raw Material Market: Application Outlook (Market Revenue in USD Million, Volume in Thousand Kgs, 2013 - 2024)
• Ophthalmology
o Cataract surgery
o Aqueous eye drops
o Contact lens
• Orthopedics
o Viscosupplements
o Bone regeneration
• Dermatology
o Intradermal
o Dermal filler
o Wound healing
• Drug Delivery
• Medical Device Coating
• Surgical Adhesion Prevention
• Biomaterials and Implants
• Cell and Tissue Preservation
Hyaluronic Acid (HA) Raw Material Market: Regional Outlook (Market Revenue in USD Million, Volume in Thousand Kgs, 2013 - 2024)
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
• Asia Pacific
o China
o Japan
• Latin America
o Brazil
o Mexico
• MEA
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.