Hyaluronic Acid Raw Material Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hyaluronic Acid Raw Material Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Hyaluronic Acid Raw Material Market is expected to witness a CAGR of 6.5% during the forecast period (2022 - 2027).

The emergence of the COVID-19 pandemic had an impact on the hyaluronic acid market due to the decline in visits to hospitals and ambulatory surgical centers because of lockdown restrictions imposed by various governments globally. Due to these restrictions, non-emergency procedures were halted in the hospitals, which have impacted the patient's life. For instance, according to a study published in the Clinical Pharmacology and Therapeutics Journal in May 2020 by Enrico Ragni et al., the presence of osteoarthritis-related concomitant disorders is expected to initiate life-threatening risks for osteoarthritis patients in the event of SARS-CoV2 viral infection. This has prompted clinicians and orthopedists to carefully check and evaluate osteoarthritis patients, not just for symptom management but also for comorbidities that may arise because of disrupted osteoarthritis treatment during the COVID-19 pandemic. Thus, the covid-related restrictions and disrupted treatment and services related to osteoarthritis have impacted the market 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 as well as the sale of cosmetic products made up of hyaluronic acids such as anti-aging creams and hyaluronic acid serum has increased, which is likely to increase the market growth during the forecast period.

Certain factors that are propelling the market growth are 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.

The rising adoption of hyaluronic acid and the surging demand for anti-wrinkle creams, and anti-aging solutions as well as expanding cosmetic industry and growing demand for minimally invasive aesthetic treatments are contributing to the growth of the studied market. For instance, according to an article published by Dermatology and Therapy, in June 2021, titled ‘Efficacy Evaluation of a Topical Hyaluronic Acid Serum in Facial Photoaging’, an in-vivo clinical study was conducted on 40 individuals aged 38–60 years with 8 on hormonal contraception and 32 postmenopausal for evaluating different parameters. It has been observed that skin hydration (30%) and plumping (31%) significantly increase after the product application. In addition, in the second week, the skin hydration and plumping increased to 35% along with the 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 which in turn is expected to increase the demand for raw materials for preparing hyaluronic acid, thereby fueling the market growth. Additionally, according to the Plastic Surgery Statistics 2020 report published by the American Society of Plastic Surgeons, 2,619,650 hyaluronic acids (Juvederm Ultra, Juvederm Ultra Plus, Perlane, Restylane, Belotero) procedures were performed in 2020. In addition, as per the same source, 1,309,693 hyaluronic acid procedures were performed on people aged 40-54 years, in 2020. Thus, the increasing adoption of cosmetic minimally invasive procedures using hyaluronic acid among the population is expected to boost market growth over the forecast period.

Additionally, 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 by the Multidisciplinary Digital Publishing Institute, in May 2021, titled Applications of Hyaluronic Acid in Ophthalmology and Contact Lenses’, it has been observed that hyaluronic acid moisturizes the eye, increases biocompatibility, and prolongs drug residence time to enhance drug delivery which allows its use in artificial tears, eye drops, in situ forming hydrogels, modified nanoparticles, intravitreal injections, and tissue engineering. In addition, as per the same source, the high content of hyaluronic acid in eye drops stabilizes tear films and increases conjunctival goblet cells, and exerts anti-inflammatory effects. Thus, the high use of hyaluronic acid in ophthalmology due to its outstanding properties of hydrophilic, safety, compatibility, and special viscoelasticity, enhance eye comfortable and cure eye diseases, which is expected to increase the demand for hyaluronic acid raw materials, thereby propelling the market growth.

Furthermore, according to an article published by the Centers for Disease Control and Prevention in April 2020, titled "Osteoarthritis", about 32.5 million people in the United States are suffering from osteoarthritis in 2020. Additionally, according to an article published by the Journal of Family Medicine and Primary Care, in January 2021, titled "Prevalence of knee osteoarthritis, its determinants, and impact on the quality of life in elderly persons in rural Ballabgarh, Haryana", it has been observed that 64.3% of the elder population is suffering from knee osteoarthritis and the elderly patients with knee osteoarthritis have considerably poorer quality-of-life. This is expected to increase the demand for effective treatment procedures which in turn is anticipated to increase the demand for hyaluronic acid, thereby propelling the market growth.

Moreover, the growing demand for hyaluronic acid in cosmetic products and rising product launches are also expected to contribute to the growth of the market over the forecast period. For instance, 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, in March 2021. Also, in June 2020, Kiehl’s launched Vital Skin-Strengthening Hyaluronic Acid Super Serum to strengthen skin resilience, suppleness, and plumpness. The serum helps to tackle the signs of aging and is claimed to make the skin look healthy, and youthful after just four weeks.

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

Key Market TrendsOrthopedics Segment Expects to Register a High CAGR in the Hyaluronic Acid Raw Material Market Over the Forecast Period

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

In addition, the rising prevalence of arthritis and the surging aging population who are more prone to developing joint inflammation and osteoarthritis due to decreased bone density is also expected to increase the market growth. For instance, according to an article published by the Centers for Disease Control and Prevention in April 2020, titled "Osteoarthritis", about 32.5 million people in the United States are suffering from osteoarthritis.

Furthermore, obesity is another risk factor contributing to orthopedic conditions. For instance, according to an article published by the Annals of Neurosciences, in May 2021, titled Prevalence of Obesity in India and its Neurological Implications: A Multifactor Analysis of a Nationwide Cross-Sectional Study’, the prevalence rate of obesity in India is found to be 40.3%. In addition to this, it has been that the highest rate of prevalence is found in South India with 46.51%, and the lowest in East India with 32.96%. Thus, the increasing burden of osteoarthritis in patients is likely to increase the demand for effective treatment procedures which increases the demand for hyaluronic acid injections, which reduces the pain in joints by increasing the lubrication between them, thereby increasing the market growth over the forecast period.

Moreover, the increasing company focuses on developing single injection products and offering treatment to patients with osteoarthritis. For instance, in October 2021, Seikagaku Corporation launched HyLink, an intra-articular single injection viscosupplement for the treatment of knee osteoarthritis in Taiwan. In addition, 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 treatments of patients with shoulder osteoarthritis (OA) and adhesive capsulitis (AC) trial. Similarly, in September 2020, Bioventus reached milestones with 2 million treatments worldwide with DUROLANE, its single-injection, hyaluronic acid (HA) product used in the treatment of pain associated with osteoarthritis (OA).

Thus, the increasing burden of osteoarthritis among the population has increased the demand for hyaluronic acid related procedures for treating such conditions which is expected to propel the market growth over the forecast period.

North America Dominates the Market and Expects to do Same Over the Forecast Period

North America is expected to dominate the global hyaluronic acid raw material market over the forecast period, owing to factors such as 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.

In addition, the surging aging population who are more prone to developing joint inflammation and osteoarthritis due to decreased bone density, increasing patient awareness about the availability of aesthetic and anti-aging procedures, and rising adoption of hyaluronic acid in cosmetic proceduresis also expected to increase the market growth.

The rising burden of arthritis, osteoarthritis and knee pain is the key factor driving the demand for the hyaluronic acid raw material market in the region. For instance, according to Statistics Canada 2021, approximately 5.9 million adult Canadians had arthritis in 2020. The prevalence of arthritis increases with age and is higher among females. In addition, according to the Centers for Disease Control and Prevention (CDC) updated in October 2021, about 1 in 4 United States adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis. Similarly, according to the Government of Canada in September 2020, approximately 374,000 (1.2%) Canadians aged 16 years and older live with diagnosed rheumatoid arthritis. Thus, the demand for hyaluronic acid increases with the growing cases of arthritis and knee pain in patients, which further increases the demand for hyaluronic acid raw material, thus expected to fuel the market growth over the forecast period.

Additionally, according to the Plastic Surgery Statistics 2020 report published by the American Society of Plastic Surgeons, 936,137 hyaluronic acid cosmetic minimally-invasive procedures were performed on patients aged 55-69 years, in 2020. In addition, as per the same source, 2,619,650 hyaluronic acid procedures were performed in females in 2020, as compared to 2,547,248 procedures in 2019. Thus, the rising adoption of hyaluronic acid in cosmetic minimally invasive procedures is expected to increase the market growth over the forecast period.

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

Moreover, the rising company's focus on developing hyaluronic acid products for treating osteoarthritis and joint pain in patients is also contributing to the overall growth of the market in the region. For instance, 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 increase the market growth in this region over the forecast period.

Competitive Landscape

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

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