Hyaluronic Acid Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global Hyaluronic Acid Market is estimated to witness a rise in revenue from US$ 7.94 Bn in 2021 to US$ 20.01 Bn by 2030. The market is registering a CAGR of 11.53% during the forecast period 2022-2030. Moreover, in terms of volume, the global hyaluronic acid market is expected to project a CAGR of 8.53% during the forecast period 2022-2030.

Hyaluronic acid, also known as hyaluronan is a non-sulfated glycosaminoglycan. It is naturally produced in the human body and is circulated generally in epithelial, connective, and neural tissues. Its vital function is to balance the water content to keep your tissues moist and well-lubricated. It is commercially synthesized using specific enzymes known as hyaluronic synthases (HAS) in the lab. Moreover, the growing adoption of nonsurgical cosmetic procedures including botox and hyaluronic acid injectables is driving the market.

Market Dynamics

The major factor responsible for the growth of the global hyaluronic acid market includes the increasing demand for anti-aging cosmetics and aesthetic treatments. Due to the growing popularity of aesthetic operations and rising lifestyle standards among the global population in both developed and emerging countries, the hyaluronic acid market is evolving dramatically. Also, the technological developments and increased investment in R&D by leading players in order to create safe and effective skincare solutions are likely to boost the anti-aging cosmetics demand, which in turn fuels the hyaluronic acid market. Moreover, an increase in usage of hyaluronic acid in osteoarthritis and dry eye creates a lucrative growth trend for the hyaluronic acid market. The older population is particularly more vulnerable to bone injuries and fractures; hence the hyaluronic acid industry majorly caters to this particular segment. However, the high costs and side effects related to treatment or therapy such as redness and itching restrict the hyaluronic acid market growth. Side effects such as pain, redness, itching, swelling, and bruising may be experienced by people who receive hyaluronic acid injections. 

Report Summary

The study of the global hyaluronic acid market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the salmon industry for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the global hyaluronic acid market across 17 Chapters and 209 pages. The report includes data presentation across 77 tables and 77 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the bargaining power of buyers and competitive rivalry is high. 

The subsequent section provides details of the market analysis based on different segments such as product, grade, formulation, application, distribution channel, use, and region. The report includes a detailed study of the value chain of the industry. It includes raw material procurement, manufacturing, distributors, and end-users. The report also covers extensively the key competitors in the market for Global hyaluronic acid.

Impact of COVID-19 on Global Hyaluronic Acid Market 

COVID-19 had a severe impact on the hyaluronic acid market as their demand decreased during the pandemic as a result of the lockdown. Additionally, due to the increasing transportation charges and growing prices for raw steel and other raw materials, the prices of hyaluronic acid have increased.

Moreover, several manufacturing units and industries’ implementation have gone on hold as there was a shortage of raw materials. Moreover, since hyaluronic acid is mostly used in cosmetics and healthcare among others, the manufacturers suffered a heavy loss due to a decrease in cosmetics production globally.

Key Takeaways from the Global Hyaluronic Acid Market Report

• In terms of product, the injections segment held the largest share in the hyaluronic acid market in 2021 as they are effective, simple to use, and relatively inexpensive also. Moreover, the powder segment is anticipated to grow at the highest CAGR over the forecast period. It protects against free radical damage and lowers inflammation by acting as an antioxidant.
• On the basis of grade, the medical-grade segment is estimated to hold the largest market share in 2021 as they can be utilized as an API or excipient in ophthalmic preparations and in other pharmaceutical and medical device applications. Whereas the cosmetic grade is expected to project the highest CAGR over the forecast period owing to its unique viscoelastic and moisturizing qualities, as well as its low toxicity.
• By formulation, HA + Lidocaine segment dominated the hyaluronic acid market in 2021 and is also expected to project the highest CAGR over the forecast period. Hyaluronic acid (HA) gel is a popular dermal filler for restoring volume to the face and is also combined with lidocaine in order to minimize injection discomfort and pain.
• Based on application, the cosmetic segment dominated the hyaluronic acid market in 2021 owing to its high popularity for the creation of skin care products, lipsticks, and eye and facial makeup in cosmetics and personal care products. Moreover, the osteoarthritis segment is expected to grow at the highest CAGR during the forecast period as it is an effective treatment option for patients with osteoarthritis.
• In terms of distribution channels, the hospital segment holds the largest share in the hyaluronic acid market in 2021. Moreover, online pharmacies are anticipated to grow at the highest CAGR over the forecast period.
• By use segment, the non-medical segment dominated the hyaluronic acid market in 2021 and is also expected to project the highest CAGR over the forecast period.
• By region, North America accounted for the largest share in the hyaluronic acid market in 2021 owing to the strong healthcare industry due to increased alertness and awareness among individuals. Whereas, Asia Pacific is expected to project the highest CAGR over the forecast period due to the rise in the elderly population.

Competitive Landscape

The key players in the global hyaluronic acid market are Allergan plc, Zimmer bionet, Smith & Nephew Plc, Anika Therapeutics, Sanofi, Bausch & Lomb Inc, Evonic Industries AG F., Ferring B.V., Life Core Biomedical LLC, and Fidia Farmaceutici s.p.a among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

Global Hyaluronic Acid Market is segmented based on product, grade, formulation, application, distribution channel, use, and region. The industry trends in the global hyaluronic acid market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Hyaluronic Acid Market:

By Product segment of the Global Hyaluronic Acid Market is sub-segmented into:

• Pills 
• Liquid
• Injections
  • Single Cycle Injection
  • Three Cycle Injection
  • Five Cycle Injection
• Powder
• Others

By Grade segment of the Global Hyaluronic Acid Market is sub-segmented into:

• Medical Grade
• Food Grade
• Cosmetic Grade

By Formulation segment of the Global Hyaluronic Acid Market is sub-segmented into:

• HA + Lidocaine
• HA

By Application segment of the Global Hyaluronic Acid Market is sub-segmented into:

• Aesthetics
• Osteoarthritis
• Pharmaceutical API
• Cosmetics
• Dietary Supplement
• Ophthalmology
• Others

By Distribution Channel segment of the Global Hyaluronic Acid Market is sub-segmented into:

• Hospitals
• Specialty Clinics
• Retail Pharmacies
• Online Pharmacies

By Use segment of the Global Hyaluronic Acid Market is sub-segmented into:

• Medical Use
  • Dermatology Clinics
  • Cosmetic Surgery Centers
  • Pharmaceutical Industry
• Non-Medical Use
  • Food Industry
  • Personal Care

By Region segment of the Global Hyaluronic Acid Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• Latin America
  • Argentina
  • Brazil
  • Rest of Latin America