Hyaluronic Acid Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: MC250102 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of the hyaluronic acid market was valued at USD 1.4 billion in 2022, and a CAGR of 5.1% is expected during the forecast period. Increasing incidence of chronic diseases and increase in cost of healthcare services are two major factors behind the growth in the market significantly. Increasing consciousness about beauty and wellness is driving the market towards success. Growth in demand for cosmetic surgeries is driving the market significantly. Growing concerns toward beauty are the major driving factor.
Rising demand for skincare products and rising disposable income are driving growth in the market significantly. Increasing demand for tissue regeneration, and wound healing is increasing the growth in the market of Hyaluronic Acid significantly. Higher disposable income in emerging markets lead to increased spending on premium skincare, and wellness products significantly. Pharmaceutical industry is increasingly using hyaluronic acid in drug delivery systems. Favorable regulatory environment, and approvals for HA based medical and cosmetic products encourage market expansion.
Growth Drivers
Increasing demand for a versatile biomolecule that is used in cosmetic, medical, and pharmaceutical industries. An aging global population increases the demand for anti-aging and skincare products containing the acid to reduce wrinkles, improve skin hydration, and maintain elasticity. Increasing consumer awareness about skincare and the benefits of hyaluronic acid, such as hydration and anti-inflammatory properties, boosts its demand in cosmetics.
Growing acceptance of minimally invasive procedures, such as dermal fillers using hyaluronic acid, fuels market growth significantly. Acid is used in ophthalmology, in eye surgeries, and in cataract operations, driving demand in healthcare. Increased consumer preference for natural and biocompatible products has led to the integration of hyaluronic acid in dietary supplements and wellness products. Innovations in HA extraction, synthesis, and formulation have reduced costs and expanded its application.
Higher disposable income in
emerging markets and people being more health- and beauty-conscious are driving
growth in the market significantly. Innovations in HA extraction synthesis, and
formulation have reduced costs, and expanded its applications significantly.
Increased consumer preference for natural products are significantly driving
growth in the market. Growing acceptance of minimally invasive cosmetic
procedures are driving growth in the market.
Segmentation
By Application
·
Dermal Fillers
·
Osteoarthritis
·
Opthalmic
·
Vesicoureteral Reflux
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Middle East and Africa
·
Europe
Hyaluronic Acid Market by Application
Segmentation
On the basis of the application, the Hyaluronic Acid Market is segmented into Dermal Fillers, Osteoarthritis, Ophthalmic, and Vesicoureteral Reflux. Dermal Fillers are the leading segment in the market, and is expected to dominate the market during the forecast period due to high demand minimally invasive cosmetic procedures. Dermal fillers are helpful in reducing wrinkles from the face. Due to shorter recovery time, minimal risks, and natural looking results HA market is witnessing significant growth.
Global aging population is a key driver, with individuals seeking effective solutions for age related issues like volume loss, fine lines, and sagging skin. HA based Dermal Fillers are versatile and used for various facial areas, including lips, cheeks, and under-eye hollows. A robust pharmaceutical sector in the region is leveraging hyaluronic acids in applications in drug delivery, ophthalmology, and orthopedics.
The influence of social media celebrities, and beauty
influencers has significantly increased the visibility and acceptance of
aesthetic procedures like dermal fillers. Innovations in filler formulations,
such as those offering better elasticity, longevity and natural results, are
driving their adoption. Improved injection tools, and techniques have also
enhanced the patient satisfaction. HA fillers are dissolved with hyaluronidase
if the results are unsatisfactory, offering reassurance to patients and making
them a preferred choice.
Regional Outlook
On the basis of the regions, the hyaluronic acid market is segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The Asia Pacific region is the leading market segment and is expected to dominate the market during the forecast period due to increasing consumer awareness about skincare, anti-aging treatments, and personal care in countries like China, South Korea, and Japan. These countries are global hubs for cosmetic innovations. The region has a high adoption rate of minimally invasive aesthetic procedures, including dermal fillers containing hyaluronic acid.
South Korea, in particular, is a leading region in the market. A robust pharmaceutical sector in the region is leveraging hyaluronic acids in applications in drug delivery, ophthalmology, and orthopedics. Rising middle-class populations in the region are boosting the expenditure on skincare and wellness products. Strong cultural emphasis on beauty and wellness products in many Asia Pacific countries is leading to high demand for HA-based products. Due to high adoption of advanced healthcare technologies, the North American market is also witnessing growth in the region.
Higher disposable income in emerging markets leads to increased spending on premium skincare and wellness products significantly. The pharmaceutical industry is increasingly using hyaluronic acid in drug delivery systems. An aging population is demanding joint-health solutions. The strong presence of many key players in the region is significantly boosting market growth. The rising geriatric population in European countries like Germany, Italy, France, and the United Kingdom is the reason behind these countries witnessing significant growth during the forecast period. The presence of key players in Europe and rising disposable income are two of the significant factors behind the growth in the market.
Rising awareness about skincare and wellness is the
reason behind the significant growth in the market in the Middle East and
Africa and Latin America regions, especially in the countries like the United
Arab Emirates, Saudi Arabia, and Egypt. Brazil and Argentina are also
witnessing significant growth during the forecast period due to rising
healthcare expenditure. Increasing demand for tissue regeneration and wound healing
is increasing the growth in the market of hyaluronic acid significantly. Higher
disposable income in emerging markets leads to increased spending on premium
skincare and wellness products significantly.
Key Players
·
Allergan
·
Sanofi
·
F.Hoffman-La Roche Limited
·
Anika Therapeutics, Inc.
·
HTL Biotechnology
·
Lifecore Biomedical, LiC
·
LG Lifesciences Ltd
·
Zimmer Biomet
·
Salix Pharmaceuticals
·
Ferring B.V.
·
Seikagaku Corporation
·
Galderma Laboratories L.P.
·
Smith and Nephew Plc.
· Other Players