Market Scenario
The global hyaluronic acid market is experiencing significant growth, with an estimated rise in revenue from US$ 8.4 Bn in 2022 to US$ 21.1 Bn by 2031. This represents a substantial CAGR of 11.53% during the forecast period of 2023-2031. Additionally, in terms of volume, the market is expected to project a CAGR of 8.53% during the same period.
Hyaluronic acid, also known as hyaluronan, is a non-sulfated glycosaminoglycan that is naturally produced in the human body. It is present in various tissues, including epithelial, connective, and neural tissues, where it helps to regulate the water content to keep the tissues moist and lubricated. Commercially, hyaluronic acid is synthesized using specific enzymes known as hyaluronic synthases (HAS) in the lab.
The growing adoption of nonsurgical cosmetic procedures, including botox and hyaluronic acid injectables, is driving the market. These procedures are increasingly popular due to their minimal invasiveness, lower costs, and reduced recovery time compared to surgical procedures. Additionally, the increasing demand for anti-aging and skin rejuvenation products is also fueling the growth of the hyaluronic acid market.
Furthermore, the rise in the geriatric population worldwide is expected to drive the demand for hyaluronic acid-based products. The elderly are more prone to skin aging and joint-related issues, and hyaluronic acid has shown to be effective in treating these conditions. Additionally, the increasing awareness of the benefits of hyaluronic acid in wound healing, ophthalmic surgeries, and drug delivery systems is expected to further boost market growth.
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Market Dynamics
Drivers
Increasing Demand for Anti-Aging and Skin Rejuvenation Products
One of the primary drivers of the hyaluronic acid market is the increasing demand for anti-aging and skin rejuvenation products. The growing focus on maintaining youthful skin and reducing the appearance of wrinkles has led to a surge in demand for cosmetic procedures, such as injectable fillers, that use hyaluronic acid.
Hyaluronic acid is a key ingredient in many anti-aging and skin rejuvenation products due to its ability to retain moisture and improve skin elasticity. It is used in a range of cosmetic procedures, including facial fillers, lip fillers, and under-eye fillers. The popularity of these procedures has been on the rise in recent years, with a growing number of people opting for non-invasive cosmetic procedures that provide natural-looking results.
Rising Adoption of Non-Surgical Cosmetic Procedures
Increasing adoption of non-surgical cosmetic procedures is one of the key drivers of the global hyaluronic acid market. These procedures, which include injectable fillers and botox, have become increasingly popular due to their minimal invasiveness, lower cost, and reduced recovery time compared to surgical procedures. Hyaluronic acid is a key ingredient in injectable fillers, and the increasing popularity of these procedures has driven the demand for hyaluronic acid-based products. The report attributes the growth of this market to factors such as the increasing demand for minimally invasive procedures and the rising awareness of the benefits of cosmetic treatments.
Moreover, the increasing availability of non-surgical cosmetic procedures in emerging economies such as India, China, and Brazil is expected to drive market growth. These countries have a large population of young people who are increasingly interested in maintaining their appearance and are willing to invest in cosmetic procedures.
Restraint
High Cost of Hyaluronic Acid-based Products
Despite the growing demand for hyaluronic acid-based products, the high cost of these products can act as a restraint on market growth. Hyaluronic acid is a premium ingredient, and its production involves specialized equipment and expertise, which contributes to the high cost of the final product. This high cost can make it challenging for some consumers to afford these products, limiting the market's growth potential.
Moreover, as a significant part of the hyaluronic acid market is concentrated in the cosmetic industry, the products' prices are also dependent on the consumer's willingness to pay a premium for cosmetic purposes.
Segmental Analysis of Global Hyaluronic Acid Market Report
By Product
The hyaluronic acid market is segmented based on product, with injections and powder being the major segments. Injections held the largest share in the market in 2022 due to their effectiveness, ease of use, and relative affordability. On the other hand, the powder segment is anticipated to grow at the highest CAGR over the forecast period, primarily due to its antioxidant properties that protect against free radical damage and lower inflammation.
By Grade Segmentation
The hyaluronic acid market is segmented based on grade, with medical-grade and cosmetic-grade being the major segments. The medical-grade segment is estimated to hold the largest market share in 2022 due to its utilization as an active pharmaceutical ingredient (API) or excipient in ophthalmic preparations and in other pharmaceutical and medical device applications. The cosmetic-grade segment, on the other hand, is expected to project the highest CAGR over the forecast period due to its unique viscoelastic and moisturizing qualities, as well as its low toxicity.
By Formulation
The hyaluronic acid market is segmented based on formulation, with the HA + Lidocaine segment dominated the market in 2022 and is expected to grow at the highest CAGR over the forecast period. Hyaluronic acid (HA) gel is a popular dermal filler for restoring volume to the face, and it is commonly combined with lidocaine to minimize injection discomfort and pain.
By Application
The hyaluronic acid market is segmented based on application, with the cosmetic and osteoarthritis segments being the major segments. The cosmetic segment dominated the hyaluronic acid market in 2022 owing to its popularity for the creation of skin care products, lipsticks, and eye and facial makeup in cosmetics and personal care products. The osteoarthritis segment is expected to grow at the highest CAGR during the forecast period due to the increasing prevalence of osteoarthritis and the growing demand for effective treatment options for this condition.
By Distribution Channel
The hyaluronic acid market is segmented based on distribution channel, with the hospital and online pharmacies being the major segments. In terms of distribution channels, the hospital segment holds the largest share due to the high demand for hyaluronic acid-based products in hospitals for the treatment of various medical conditions. However, online pharmacies are anticipated to grow at the highest CAGR over the forecast period due to the increasing popularity of e-commerce and the convenience of online shopping.
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Regional Analysis
North America dominated the hyaluronic acid market in 2022, accounting for the largest share. The strong healthcare industry in this region is a significant factor contributing to the market's growth, owing to the increased awareness and alertness among individuals regarding their health and wellbeing. Additionally, the high disposable income and advanced medical infrastructure in North America have led to an increased demand for hyaluronic acid-based products.
The Asia Pacific region is expected to project the highest CAGR over the forecast period. The rise in the elderly population in the Asia Pacific region is a significant driver of the hyaluronic acid market. As people age, the natural production of hyaluronic acid in the body decreases, leading to skin aging, joint-related issues, and other health problems. Hyaluronic acid-based products have been shown to be effective in treating these conditions, making them increasingly popular among the elderly population.
Moreover, the increasing adoption of non-surgical cosmetic procedures and the growing demand for anti-aging and skin rejuvenation products in countries such as China, Japan, and India are expected to further drive the hyaluronic acid market's growth in the Asia Pacific region. The increasing disposable income and changing lifestyle patterns of the middle-class population in these countries have also led to a growing demand for cosmetic procedures and hyaluronic acid-based products.
Furthermore, the Asia Pacific region has seen significant growth in the pharmaceutical and medical device industries in recent years. The growing demand for hyaluronic acid-based products in these industries, primarily for wound healing and drug delivery systems, is expected to drive market growth in the region.
List of Key Companies Profiled:
Segmentation Overview
Global hyaluronic acid market is segmented based on product, grade, formulation, application, distribution channel, use, and region.
By Product:
By Grade:
By Formulation:
By Application:
By Distribution Channel:
By Use:
By Region:
| Report Attribute | Details |
|---|---|
| Market Size Value in 2022 | US$ 8.4 Billion |
| Expected Revenue in 2031 | US$ 21.1 Billion |
| Historic Data | 2018-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Unit | Value (USD Bn) |
| CAGR | 11.53% |
| Segments covered | By Product, By Grade, By Formulation, By Application, By Distribution Channel, By Use, By Region |
| Key Companies | Allergan plc, Zimmer bionet, Smith & Nephew Plc, Anika therapeutics, Sanofi, Bausch & Lomb Inc, Evonic Industries AG F., Ferring B,V, Life Core Biomedical LLC., Fidia Farmaceutici s.p.a, Galderma Genzyme Corp., Other Prominent Players |
| Customization Scope | Get your customized report as per your preference. Ask for customization |
Faster recovery times, lower discomfort, fewer side effects, and less post-surgical complications, minimally invasive antiaging therapies had a significant impact on the growth of hyaluronic acid products.
The viscoelasticity, moisture retention capacity, biocompatibility and hygroscopic are the characteristics of hyaluronic acid.
Injectable hyaluronic acid is used to diminish the appearance of fine lines and wrinkles, as well as facial creases, and to provide the face and lips structure, framework, and volume.
Natural aging process, tobacco, smoking and pollution can reduce the amount of hyaluronic acid present in human skin.
The Global Hyaluronic Acid market is projected to grow at a CAGR of 11.53% during the forecast period 2023-203` and is expected to reach US$ 21.1 Billion by 2031.
Factor such as increasing demand for anti-aging cosmetics and aesthetic treatments drive the growth in the global hyaluronic acid market over the forecast period.
The online pharmacies segment holds the largest CAGR in the global hyaluronic acid market during the forecast period.
Asia-Pacific region is growing with the fastest CAGR during the forecast period.
High costs and side effects connected with treatment or therapy such as redness and itching restrict the hyaluronic acid market growth during the forecast period.
The US holds the major share in terms of revenue in the North America hyaluronic acid market.
Increase in usage of hyaluronic acid in osteoarthritis and dry eye creates a lucrative growth trend for the hyaluronic acid market.
Product, grade, formulation, application, distribution channel, use, and region are the different segments in the global hyaluronic acid market.
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.
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