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SAN FRANCISCO , Oct. 5, 2021 /PRNewswire/ -- 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.
Read 85 page market research report, "Sodium Hyaluronate-based Products Market Size, Share & Trends Analysis Report By Type (Injectable, Topical), By Application {Pharmaceuticals (Orthopedic, Ophthalmology, Urology), Cosmetics}, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
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 .
Grand View Research has segmented the global sodium hyaluronate based products market on the basis of type, application, and region:
List of Key Players of Sodium Hyaluronate-based Products Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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