The global Sodium Hyaluronate-Based Products Market size is expected to reach USD 15.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The market growth is attributed to factors such as the increasing geriatric population, a high prevalence of osteoarthritis and cataracts, technological advancements, rising awareness, and a growing number of non-invasive aesthetic procedures globally.
The demand for antiaging cosmetics and aesthetic
treatments, which help people in reversing their aging signs, is increasing,
mainly due to a global increase in the aging population. Sodium hyaluronate
(NaHA) is more soluble than hyaluronic acid, along with having 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. Some of the FDA-approved sodium hyaluronate
dermal fillers available in the market are Restylane Defyne, Refyne, and
Restylane. Thus, it is anticipated that the need for such products will act as
a high-impact rendering driver for sodium hyaluronate-based products over the
forecast period.
The WHO predicts that by 2050, an estimated 15% of the
world’s population above the age of 60 years will suffer from symptomatic
osteoarthritis. Along with the aging population, an increase in other risk
factors such as obesity and a sedentary lifestyle is expected to further
exacerbate the problem. Due to the aforementioned factors and the effectiveness
of sodium hyaluronate products in treating these conditions, its market is
expected to grow significantly over the forecast period.
Although sodium hyaluronate-based products offer major
benefits, due to their expensive nature, they can be out of reach for certain
patient groups. For instance, the average price of NaHA injections in the U.S.
ranges from USD 350 to USD 800. Moreover, benefits derived from sodium
hyaluronate dermal fillers are temporary, lasting up to 18 months and requiring
further upkeep treatments to maintain the desired effect, leading to additional
expenses. Single-phase products and duplex products of hyaluronic acid are
premium-priced products, and thus, they are not accessible to all patients.
Their high price primarily reflects high manufacturing costs.
Moreover, the SARS-CoV-2 pandemic has substantially
impacted the sodium hyaluronate market. A decrease in the number of surgical
procedures worldwide and disruptions in the supply chain have reduced the
demand for sodium hyaluronate-based products worldwide.
Key players are leveraging multiple strategies such as
new product launches and strategic partnerships to expand their product
portfolio, and thereby, have a more competitive range of offerings. For
instance, in 2020, Seikagaku Corporation and Eisai Co., Ltd. formed a marketing
alliance for SI-613 (diclofenac-conjugated sodium hyaluronate) in South Korea.
Based on this agreement, Eisai Korea, Inc. will be the exclusive distributor of
SI-613 in South Korea.
Related Press Release@ Sodium Hyaluronate-based Products Market Report
Sodium Hyaluronate-based Products
Market Report Highlights
- The injectable type segment accounted for the largest share in 2020
owing to a wide range of applications, such as dermal fillers in cosmetic
procedures, pain relief in osteoarthritis, surgical aids in cataract
extractions, and anti-adhesives in gynecological operations
- The pharmaceuticals application segment dominated the market in
2020 owing to the high usage in a variety of pharmaceutical applications
- North America held the largest share of over 35.0% in 2020 due to
the higher healthcare expenditure and a greater number of cataract and
dermal filler procedures as compared to other regions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment