Sodium Hyaluronate-based Products Market To Witness A Significant Growth Of USD 15.4 Billion By 2028

 San Francisco, 31 Jan 2022: The 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

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.

Access Research Report of Sodium Hyaluronate-based Products Market @ https://www.grandviewresearch.com/industry-analysis/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

List of Key Players of Sodium Hyaluronate-based Products Market

• Allergan, Inc. (a part of AbbVie, Inc.)
• Galderma S.A.
• Bohus BioTech AB
• LG Chem Ltd.
• Syner-Med (Pharmaceutical Products) Ltd.
• Anika Therpeutics Inc.
• Cadila Pharmaceuticals Ltd.
• Ferring Pharmaceuticals B.V.
• Fidia Farmaceutici S.p.A.

Access Press Release of Sodium Hyaluronate-based Products Market @ https://www.grandviewresearch.com/press-release/global-sodium-hyaluronate-based-products-market