Market Definition
Hyaluronic acid helps address issues like joint pain, dry eyes, wrinkles, fine lines, etc., and is most popular among the aging population. This acid can be injected directly into the joints for pain relief to those suffering from osteoarthritis. ?Hyaluronic acid is naturally present in the fluids of the eyes & joints and acts as a lubricant.
Market Insights
The Global Hyaluronic Acid Market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2021-26. The market is driven by the swiftly rising aging population with issues like joint pain, dry eyes, etc., entwined with the growing demand for cosmetic products to treat wrinkles, fine lines, & retain moisture, and others. Additionally, with safer, advanced, & cost-efficient cosmetic procedures, the demand for medical aesthetics is also rising, which, in turn, is fuelling the demand for hyaluronic acid & driving the global market.
Besides, factors like increasing consumer awareness about these procedures, the enactment of minimally invasive procedures, increasing availability of medical professionals, and the extensive presence of cosmetic clinics providing aesthetic surgeries are also likely to soar the demand for hyaluronic acids & benefit the overall market growth in the coming years.
Moreover, the demand for hyaluronic acid is anticipated to rise also due to its increasing applications as dermal fillers due to the high moisture retention properties, ideal hydration, antioxidants, anti-wrinkles, wound healing, etc.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 8% |
| Regions Covered | North America: USA, Canada |
| Europe: Germany, The UK, Germany, France, Spain, Italy and Others | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, and Others | |
| Middle East & Africa: Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | Allergan Plc, Anika Therapeutics Inc, Sanofi, Fidia Farmaceutici, Seikagaku Corporation, Ferring Pharmaceuticals, Contipro Corporation, Kewpie Corporation, others |
| Unit Denominations | USD Million/Billion |
Impact of Covid-19 on the Global Hyaluronic Acid Market
The Covid-19 pandemic in 2020 had a decelerating effect on most industries where the Global Hyaluronic Acid Market was no exception. With the imposition of stringent movement restrictions & frequent lockdowns, the market witnessed several challenges like declining product demand & supply chain disruptions, etc., resulting in massive financial losses.
Besides, the cosmetics sector declined significantly, especially during the first two quarters. Yet, with the transformation toward online platforms, the sales for cosmetics rose substantially worldwide. Nonetheless, with swift improvements in the pandemic situation and the gradually reducing cases of the Covid-19, the governments of different countries worldwide uplifted movement restrictions and allowed the recommencement of business operations & transportation. Hence, with these aspects, medical aesthetic clinics are projected to generate remunerative growth opportunities for the leading players in the Global Hyaluronic Acid Market in the coming years.
