Market Trends of Global Sodium Hyaluronate-based Products Industry
This section covers the major market trends shaping the Sodium Hyaluronate-based Products Market according to our research experts:
Injectable Segment is Expected to Hold Significant Market Share in the Process Component Segment
During the forecast period, the injectable segment generated most of the revenue. Injectable types of popular products, including dermal fillers, arthritis visco-supplement injections, and ophthalmic visco-surgical devices, are available.
Injections based on sodium hyaluronate are widely used in treating knee pain caused by osteoarthritis and are frequently used when other medications for OA treatment have failed. However, the rising prevalence of osteoarthritis is expected to boost the segment growth over the forecast period. For instance, according to a special report titled, 'The Burden of Osteoarthritis in Canada (2021)' commissioned by the Arthritis Community Research and Evaluation Unit (ACREU), around15% of Canadians aged 20 years and above had osteoarthritis. The report further stated that more than 4 million Canadians, or about 1 in every seven adults, have osteoarthritis. The high burden of such disorders is expected to boost segment growth.
Key players are launching new products on the market to strengthen their product portfolios. For instance, in May 2021, Ono Pharmaceutical Co., Ltd. and Seikagaku Corporation launched JOYCLU 30mg Intra-articular Injection as a joint function improvement agent in Japan.
Key players are launching new products on the market to strengthen their product portfolios. For instance, in May 2021, Ono Pharmaceutical Co., Ltd. and Seikagaku Corporation launched JOYCLU 30mg Intra-articular Injection as a joint function improvement agent in Japan. Moreover, n April 2021, Alcon, the global leader in eye care dedicated to helping people see brilliantly, reported the United States launch of the newest addition to its innovative portfolio of dry eye products Systane Hydration Multi-Dose Preservative-Free (MDPF) Lubricant Eye Drops contain the sodium hyaluronate.
North America Dominates the Market and Expected to do Same in the Forecast Period.
The regional market is driven by high healthcare expenditure and a relatively high number of dermal filler procedures performed in the United States.
According to the PETERSON-KFF Health System Tracker data published in February 2022, the United States health care spending increased 9.7% to reach USD 4.1 trillion in 2020, a much faster rate than the 4.3% increase seen in 2019. The acceleration in 2020 was due to a 36.0% increase in federal expenditures for health care that occurred largely in response to the COVID-19 pandemic. The federal government sponsored the largest share of total health spending (36.3%) and the households (26.1%). The private business share of health spending accounted for 16.7% of total health care spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%.
However, the market is expected to be driven by an increase in the number of dermal filler procedures performed in the United States following FDA approval. Some of the FDA-approved sodium hyaluronate dermal fillers available in the market are Restylane Defyne, Refyne, and Restylane. Moreover, the rising geriatric population in the United States is expected to boost the market over the forecast period. According to the United States Census Bureau, in May 2021, in 2020, the population age 65 plus was 54.1 million, with 30 million women and 24.1 million men.
Multiple strategies, such as new product launches and strategic partnerships, are being used by key players to expand their product portfolio and thus have a more competitive range of offerings. For instance, in September 2020, Red Leaf Medical Inc. reported the Canadian launch of INSTYLAN, a new Hyaluronic Acid (HA) brand for bladder instillation. Moreover, in April 2021, Alcon, the global leader in eye care dedicated to helping people see brilliantly, reported the United States launch of the newest addition to its innovative portfolio of dry eye products Systane Hydration Multi-Dose Preservative-Free (MDPF) Lubricant Eye Drops contain the sodium hyaluronate.
Thus, all such factors are expected to boost the market growth in the region over the forecast period.
