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 & Analysis: Global Hyaluronic Acid Market (2023-28)
The Global Hyaluronic Acid Market is anticipated to grow at a CAGR of around 8% during the forecast period, i.e., 2023-28. The growth of the market would be propelled mainly by the swiftly increasing 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, among others. Besides, with safer, advanced, & cost-efficient cosmetic procedures, the demand for medical aesthetics is also rising, which, in turn, is amplifying the demand for hyaluronic acid.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 8% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | Allergan Plc, Anika Therapeutics Inc, Sanofi, Fidia Farmaceutici, Seikagaku Corporation, Virchow Biotech, Contipro Corporation, Kewpie Corporation, Salix Pharmacueticals, Galderma Laboratories L.P., Zimmer Biomet, Smith & Nephew PLC, HTL Biotechnology, Bloomage Biotechnology Corporation Limited, Hoffmann La Roche Ltd., Others |
| Unit Denominations | USD Million/Billion |
In addition, the increasing consumer awareness of these procedures, the enactment of minimally invasive procedures, growing availability of medical professionals, and the extensive presence of cosmetic clinics providing aesthetic surgeries are also augmenting the demand for hyaluronic acids and benefiting the overall market growth. Moreover, its increasing application in dermal fillers due to its high moisture retention properties, ideal hydration, antioxidants, anti-wrinkles, wound healing, etc., is another prominent aspect projected to spur growth in the global hyaluronic acid market in the coming years.
Global Hyaluronic Acid Market Driver:
New Product Launches with Lower Risk of Allergies: With constant technological advancements in hyaluronic acid for better application across different verticals, the market is observing a significant expansion over the past few years. Its application in wrinkle correction, treatment of fine lines, and others have displayed lucrative growth opportunities for the leading players operating in the industry. Besides, several hyaluronic acid fillers are getting approvals from the FDA for wrinkle & fine line correction, i.e., another prominent aspect expected to drive the Global Hyaluronic Acid Market through 2028.
Global Hyaluronic Acid Market Growth Restraint:
The Extensive Availability of Alternative Treatment Options: Hyaluronic acid is commonly used in dermal fillers for aesthetic procedures to reduce the appearance of wrinkles & fine lines. However, several alternative dermal filler products are available in the market that utilize different substances like collagen or calcium hydroxyapatite and thus compete with hyaluronic acid-based fillers. Hence, the massive availability of multiple options for aesthetic procedures is creating competition within the global hyaluronic acid market and impacting its growth potential.
Global Hyaluronic Acid Market (2023-28): Segmentation Analysis
The Global Hyaluronic Acid Market study from MarkNtel Advisors analyzes the major trends in each sub-segment and includes predictions for the period 2023–28 at the global, regional, and national levels. The market has been segmented in our analysis based on grade & application.
Based on Grade:
Of these three, the cosmetic grade dominated the Global Hyaluronic Acid Market with the largest share in recent years and the same trend is likely during 2023-28. It owes principally to the properties of Hyaluronic Acid of retaining moisture, reducing fine lines, & enhancing skin quality by reducing flakiness & restoring suppleness, lowering redness & dermatitis, etc. Besides, with the mounting prevalence of skincare products, the demand for Hyaluronic supplements is gaining swift momentum for personal care & thickening the water portion of cosmetics.
On the other hand, pharmaceutical grade hyaluronic acid is also gaining notable traction worldwide. Its prominent include lubrication & moisturizing, enhancing drug efficiency, dressing wounds, tissue engineering, reducing photo-aging, and healing corneal & conjunctival injuries. Besides, these acids are also used as eye drops, eye lotions, & contactless solutions for repairing damaged membrane or cartilage and addressing joint pain & osteoarthritis.
Based on Application:
Here, Osteoarthritis dominated the market with the largest share during the forecast period. It owes to the rapidly increasing cases of Osteoarthritis, a type of degenerative joint disease caused by wear & tear on the joints over time and the most common form of arthritis in adults, soaring the demand for Viscosupplementation treatment where medical professionals inject hyaluronic acid into the joint to relieve pain. Hyaluronic Acid got approval from the US Food & Drug Association (FDA) for the treatment of Osteoarthritis back in 1997, and since it is the most convenient in single-dosage and reduces the number of hospital visits, pain, & adverse effects, it has been gaining significant momentum.
Hence, in view of the rising number of patients with osteoporosis & rheumatoid arthritis, manufacturers are actively working on creating hyaluronic acid-based supplements & injectables, thereby driving the market.
Global Hyaluronic Acid Market Regional Projection:
Of all regions globally, North America is projected to dominate the Hyaluronic Acid Market with the largest share during 2023-28. It owes to the region's rapidly increasing geriatric population with more susceptibility to disorders like osteoarthritis, vesicoureteral reflux, & cataracts. Besides, the mounting awareness & demand for minimally invasive cosmetic surgeries to reduce fine lines & wrinkles, retain moisture in the skin, and personal & skincare, among others, is also boosting the regional market.
Considering the cosmetic application of Hyaluronic acids, the US is amongst the most mature markets in the region, especially when it comes to innovations & product availability. It is anticipated to observe an increasing demand for hyaluronic acid in the coming years, mainly from the anti-aging sector. GenX consumers in the UAS are increasingly seeking ageless products as a reliable option for long-term use.
On the other hand, Asia-Pacific is likely to observe the fastest market growth during the forecast period. It owes to the massive consumer base for anti-aging products, especially in countries like China, South Korea, & Japan, coupled with the ever-increasing demand to meet medical needs and address issues like joint pain, dry eyes, etc. Moreover, with the increasing inclination toward Western beauty culture & volumized appearance, the leading players in Asia-Pacific are observing immense growth opportunities and, in turn, fueling the regional market growth.
Global Hyaluronic Acid Industry Recent Developments:
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Frequently Asked Questions
A. The Hyaluronic Acid Market is forecast to grow at a CAGR of around 5.3% during 2023-28
A. What is the most prominent growth driver for the Hyaluronic Acid Market through 2028?
A. Allergan Plc, Anika Therapeutics Inc, Sanofi, Fidia Farmaceutici, Seikagaku Corporation, Ferring Pharmaceuticals, Contipro Corporation, Hoffmann La Roche Ltd., Bloomage Biotechnology Corporation Limited, HTL Biotechnology, Smith & Nephew PLC, Zimmer Biomet, Galderma Laboratories, LP, Salix Pharmaceuticals, Virchow Biotech, and Kewpie Corporation are the key players operating in the Hyaluronic Acid Market.
A. The wide availability of alternate derma fillers is the major growth restraint for the Hyaluronic Acid Market.
A. Osteoarthritis would create lucrative prospects for the leading participants in the Hyaluronic Acid Market through 2028.
A. North America would continue providing profitable opportunities to the Hyaluronic Acid Market over the forecast years.
Global Hyaluronic Acid Market Research Report (2023-2028) - Table of Contents
