According to Centres for Disease Control and Prevention (CDC), arthritis is a serious health burden growing at a steady pace. Evidently, there are over 100 types of arthritis, however, osteoarthritis has significantly marked its presence influencing over 32 million individuals in the United States alone. Global Burden of Disease reports its prevalence in the past several years and anticipates its consistent rise in the upcoming years. Underpinning this incessant rise is the growing geriatric population and health-related issues including obesity. Noticeably, US FDA approval has propelled the use of hyaluronic acid to treat osteoarthritis. Intra-articular injection with high molecules of hyaluronic acid promotes better functioning and minimizes the pain associated with knee osteoarthritis. The utilisation of hyaluronic acid-based products in the treatment of osteoarthritis is building momentum for the robust growth of the hyaluronic acid market.
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Non-invasive Cosmetic Procedures to Enhance Growth Prospect of Hyaluronic Acid Market
The growing prominence of non-invasive cosmetic surgery procedures has magnified the worldwide demand for dermal fillers. Hyaluronic acid is one of the most common compounds used in dermal fillers. Moreover, hyaluronic acid is naturally found in the skin and essentially enhances skin hydration and volumization. The comprehensive use of hyaluronic acid in dermal fillers is complementing the growth of the hyaluronic acid market. American Society of Plastic Surgeons reported a significant hike in non-invasive treatments across the globe, more specifically in the US and Asia. almost 78% of these treatments are utilising hyaluronic acid for efficient functioning and pain reduction. During the forecast period, the growing demand for non-invasive cosmetic surgery procedures is assuring influential growth across the global hyaluronic acid market.
Five Injection Cycle Products to Aid Hyaluronic Acid Market Expansion
Over the projection timeframe, the demand for five injection cycle products is projected to grow at breakneck speed. Functional advantages of hyaluronic acid is amplifying its application in treatment of diverse chronic condition of arthritis. Various countries are financially incentivizing doctors on every appointment. This, in turn, is fuelling the adoption of five injection cycle products and concurrently ameliorating the sales of these products. Such trends are encouraging major players in the hyaluronic acid market to device new growth agendas to keep abreast of market competition. Going forward, capacity expansion, new product rollouts, programmatic collaborations, partnerships, and acquisition are poised to be key agendas for attaining holistic growth.
North America to Take Lead in Hyaluronic Acid Market amid Soaring Incidence of Orthopaedic Ailments
North America is poised to hold a dominant share in the global hyaluronic acid market at the behest of soaring cases of orthopaedic ailments and growing ageing populace. Demand for effective treatment has further bolstered regional market growth diversified treatment options including corticosteroids and visco-supplementation. Growing prevalence of osteoarthritis among aged people is also contributing to the accelerated demand for hyaluronic acid treatment solutions. On the flipside, Asia Pacific is showcasing significant growth due to paced adoption of hyaluronic acid products, growing cosmetic industry, and geriatric population.
Major Market Players
Some of the most competitive players dominating the global hyaluronic acid market include Croma Pharma, Sanofi, Viatris Inc., Bioventus LLC, Fidia Farmaceutici S.p.A., Ferring B.V., LG Chem, Lifecore Biomedical LLC, Allergan PLC, Galderma, Anika Therapeutics Inc., Shanghai Jingfeng Pharmaceutical Co. Ltd., Hoffmann-La Roche Ltd., Alcon Inc., F. Merz Aesthetics Inc., Zimmer Biomet, and Seikagaku Corporation.
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