Global Sodium Hyaluronate-based Products Market Size (2024 - 2029)

Sodium Hyaluronate-based Products Market Analysis

The Sodium Hyaluronate-based Products Market is expected to grow at the registered CAGR of 7.9% during the forecast period (2022-2027).

The immediate shutdown of activities to prevent the spread of the virus has resulted in a shortage of pharmaceuticals and medical supplies. As a result of respective governments' recommendations to postpone or cancel elective procedures, hospitals and surgery centers have reduced the number of surgical procedures performed. This trend has resulted in a decrease in cosmetic procedures, which has had a negative impact on the market's growth. Due to decreased surgical procedures and supply chain issues, global demand for sodium hyaluronate-based items has decreased. For instance, according to the study published in the British Journal of Surgery, in May 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide will be canceled or postponed 2020. In addition, rising cases of COVID-19 in the countries are expected to have a short-term impact on surgical rates of cosmetic procedures.

The increase in the geriatric population, a demographic prone to diseases like osteoarthritis and cataracts, is responsible for the market's growth. Growing consumer awareness and an increase in the number of dermal filler procedures are expected to propel the market forward.

Antiaging cosmetics and aesthetic treatments, which help people reverse their aging signs, are becoming more popular, owing to a global increase in the aging population. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The population is aging at a much faster rate than in the past. Every country faces significant challenges in ensuring that its health and social systems are prepared to take advantage of this demographic shift.

The growing demand for minimally invasive and non-invasive procedures and awareness of cosmetic surgery boost the demand for sodium hyaluronate-based products. According to the American Society of Plastic Surgeons, in 2020, 13,281,235 cosmetic minimally-invasive procedures were performed in the United States, out of which 4,401,536 were botulinum toxin procedures. It was the number one non-surgical procedure found in 2020. However, ASPS anticipates a decrease in the total number of cosmetic procedures in 2020 due to the COVID-19 pandemic.

Furthermore, According to the article published in the eClinical Medicine in December 2020, titled "Global, regional prevalence, incidence and risk factors of knee osteoarthritis in population-based studies," individuals aged 15 and older had a global incidence of 16.0%, while those aged 40 and above had a global prevalence of 22.9%. In 2020, roughly 654 million people (40 years and older) will have knee OA. Thus, the increased prevalence of osteoarthritis globally will boost the market over the forecast period.

In addition, product launches, regulatory approval, and merger and acquisition are expected to boost the market over the forecast period. For instance, in May 2020, Galderma received the United States Food and Drug Administration (FDA) approval for Restylane Kysse for lip augmentation and the correction of upper perioral rhytids (wrinkles around upper lips) in adults over the age of 21. Restylane Kysse is the first hyaluronic acid (HA) filler specifically indicated for the lips.

Thus, all factors mentioned above are expected to boost the market over the forecast period. However, the associated adverse effects of sodium hyaluronate-based products may restrain the market over the forecast period.

Sodium Hyaluronate-based Products Industry Segmentation

As per the report's scope, Sodium hyaluronate (NaHA) is more soluble than hyaluronic acid, with smaller molecules and greater skin penetration. It is increasingly being used in dermal fillers that are injected into areas of the skin to fill out wrinkles and help restore a more youthful appearance. The Sodium Hyaluronate-based Products Market is Segmented by Type (Topical, Injectable, Others), Application (Pharmaceuticals, Cosmetics), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.