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Hyaluronic acid is a glycosaminoglycan that is widely present in the extracellular matrix of humans and animals. It has unique viscoelastic properties and plays an important role in tissue hydration and lubrication. Hyaluronic acid products find various applications in ophthalmic surgeries, orthopedic surgeries, drug delivery, dermal fillers, and wound care management. Hyaluronic acid gel formulations are used as dermal fillers for facial wrinkles and skin rejuvenation. It is also used in ophthalmic surgeries for managing ocular diseases such as dry eyes and cataracts.
The Hyaluronic Acid Products Market is estimated to be valued at US$ 3,343.5 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The hyaluronic acid products market is primarily driven by the rising geriatric population and increasing demand for anti-aging products. As per the World Health Organization (WHO), the global geriatric population, aged 65 years and above, is expected to reach 1.5 billion by 2050 from 703 million in 2019. Aged skin has decreased levels of hyaluronic acid that contributes to wrinkles and loss of elasticity. This is increasing the demand for anti-aging skin care products containing hyaluronic acid. Increasing prevalence of osteoarthritis is another factor fueling market growth. As per the Centers for Disease Control and Prevention, around 30 million Americans suffer from osteoarthritis. Hyaluronic acid injections are extensively used for intra-articular knee injections to manage the symptoms of osteoarthritis. Furthermore, growing awareness about the benefits of minimally invasive procedures and rising aesthetic consciousness among consumers are also propelling the demand for hyaluronic acid dermal filler procedures for facial rejuvenation.
Segment Analysis
The global hyaluronic acid products market can be segmented into dermal fillers, visco supplementation products, and orthopedic supplements. The dermal fillers segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. Dermal fillers help reduce wrinkles, lifts sagging skin, and add volume to lips and cheeks, making them highly popular among consumers looking for natural skin rejuvenation.
PEST Analysis
Political: The market is positively influenced by supportive regulations and reimbursement policies related to aesthetic procedures across various countries.
Economic: High disposable income levels and increased healthcare spending are driving the market growth.
Social: Changing lifestyles, growing beauty consciousness, and acceptance of aesthetic treatments are fueling the demand for hyaluronic acid products.
Technological: Product innovations leading to the development of advanced dermal fillers and supplements with better safety profiles are boosting the market.
Key Takeaways
The global hyaluronic acid products market size was valued at US$ 3,343.5 Mn in 2023 and is expected to reach US$ 5,789.2 Mn by 2030, expanding at a CAGR of 7.4% during the forecast period. The growing awareness about facial aesthetic procedures and non-invasive treatments is supporting the market growth.
North America dominated the global market in 2023 and is anticipated to maintain its leading position throughout the forecast period. Favorable reimbursement scenarios and new product approvals in the US and Canada are positively impacting the regional market.
Key players operating in the hyaluronic acid products market are Anika Therapeutics, Inc.,Fidia Farmaceutici S.p.A.,Sanofi S.A,Ferring B.V.,Viatris Inc.,Croma-Pharma,Seikagaku Corporation,Zimmer Biomet Holdingd,Lifecore Biomedical LLC,LG Chem,Bioventus LLC,Smith & Nephew plc,Shanghai Jingfeng Pharmaceutical Co., Ltd.,Nestle (Galderma),Bausch Health Companies Inc. Companies Inc. (Salix Pharmaceuticals, Inc.),Allergan Plc. These players are focusing on new product launches and acquisitions to strengthen their global presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
