Global Hyaluronic Acid Products Market: Overview
Hyaluronic acid, one of the key components of the extracellular matrix (ECM), is a unique non-sulfated glycosaminoglycan that is well distributed across different types of tissues such as connective tissues, epithelial, and neural tissues. The molecule performs a variety of physiological functions and has wide applications in areas of drug delivery, skin healing, and wound repair, particularly fetal wound healing. It is also shown to have moderate the inflammation necessary for stabilizing the granulation tissue, thereby promoting healing.
In recent years, the molecule have been used as a biomarker for various cancer types, especially that of prostate and breast. In addition, they can help in monitoring the disease progression. Since the molecule promotes normal cushioning of tissues and lubricates the joints, it has wide applications in orthopedic surgery. It also finds use in various eye surgeries, such as cataract removal and corneal transplantation.
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With the rising prevalence of osteoarthritis, new uses of the molecule is being researched. Hyaluronic acid products are finding promising applications for reversing skin aging by modulating skin moisture. The rising demand for cosmetic treatment for aging skin is a key factors opening up exciting venues for the hyaluronic acid products market.
The global market for hyaluronic acid products is projected to rise at a CAGR of 9.2% between 2013 and 2019. The market is estimated to reach a valuation of US$9.85 bn by the end of the forecast period.
Single-Injection Cycle Treatment Gaining Preference
Based on the product, the hyaluronic acid products market is segmented into single-injection, three-injection, and five-injection cycle. In 2012, the five-injection cycle segment lead the overall products market. However, over the years it has lost some share. The demand for hyaluronic acid molecule as single-injection cycle treatment is preferred over five-injection cycles.
This is attributed to the growing demand for convenience among patients and the pressing need to avoid adverse effects that may arise after being exposed to the treatment. Shifting to a lower-duration treatment can help patients avoid symptoms such as itching, redness, and inflammation, which may be common after every dose. In the coming years, the segment will rise at the major CAGR over the forecast period.
Vesicoureteral Reflux Segment to Reign Supreme
The major application segments of hyaluronic acid products market are dermal fillers, osteoarthritis, ophthalmic surgery, and vesicoureteral reflux (VUR). Of these, the dermal fillers application segment held the dominant share in 2012 closely followed by the osteoarthritis and vesicoureteral reflux (VUR) segments.
Meanwhile, the vesicoureteral reflux segment is projected to rise at the major CAGR over the forecast period. The spectacular pace of the growth of the segment is primarily driven by the rising demand for minimally-invasive surgical procedures. In addition, burgeoning aging population in several developed and developing nations who need eye and orthopedic surgeries is further fueling the demand for hyaluronic acid products.
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Asia Pacific to Present Exciting Growth Avenues
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). Of these, North America is the leading market holding the major regional share in 2012. The North America market is followed by that of Europe.
Meanwhile, Asia Pacific is projected to provide lucrative avenues for the growth of the market during the forecast period. The growth is propelled by vast improvements in the healthcare sector in recent years. In addition, the growing popularity of minimally invasive surgeries is a key trend expected to accentuate the regional market. The RoW is also predicted to provide significant opportunities for market players to capitalize on in the coming years.