During the forecast period, the Global Hyaluronic Acid Market is expected to reach a revenue of USD 14.84 Billion, expanding from its 2022 valuation of USD 8.57 Billion at a CAGR (Compound Annual Growth Rate) of 7.10%.
The growth of the market is driven by the increasing demand for injectable Hyaluronic Acid and the growing preference for minimally invasive and non-invasive cosmetic procedures. The majority of the demand for Hyaluronic Acid comes from the cosmetics industry, where it is used in a variety of skincare products, including serums, creams, and lotions.
Hyaluronic Acid Market Size, 2022 To 2030 (USD Billion)
The increase in the aging population and the growing demand for minimally invasive and injectable cosmetic procedures are the key factors driving the growth of this market. In addition, the rising awareness about the benefits of Hyaluronic Acid and the increasing adoption of Hyaluronic Acid-based products are also fuelling the growth of this market. However, the high cost of Hyaluronic Acid-based products and the side effects associated with their use are restraining the growth of this market to a certain extent.
One of the major restraints for the Hyaluronic Acid Market is the high cost of raw materials. Moreover, the extraction process is also complex and requires sophisticated equipment, which adds to the cost. This high cost of raw materials is expected to restrain the growth of the market during the forecast period.
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Another restraint for the Hyaluronic Acid Market is stringent regulations regarding its approval and commercialization. In order to be commercially available, Hyaluronic Acid needs to go through a long and expensive approval process. This includes pre-clinical trials followed by clinical trials, which take several years to complete. Furthermore, once approved, it must then be manufactured in compliance with Good Manufacturing Practices (GMP), which adds to the costs. These stringent regulations are expected to hamper the growth of the Hyaluronic Acid Market over the forecast period.
Top Market Trends
● In 2021, Hyaluronic Acid’s application to Osteoarthritis generated more than 43.60 percent of the industry's total revenue worldwide.
● As a result of new product launches carried out by industry leaders, the sector is experiencing the introduction of cutting-edge technology and global expansion.
● In 2021, more than 43% of worldwide revenue came from North America, making the region the greatest leader in the business.
● Market growth for Hyaluronic Acid is expected to be boosted by a number of factors throughout the forecast period, including the prevalence of chronic diseases and the rising demand and prices of healthcare services.
● Market expansion is anticipated to be bolstered over the projected period by demographic shifts, such as an aging population and an increase in the prevalence of obesity.
The Hyaluronic Acid Market is segmented based on Grade, Application, End Users, and Region. On the basis of Grade, the market is further segmented into Cosmetic Grade, Pharmaceutical Grade, and Food Grade. Furthermore, on the basis of Application, the market is classified into Aesthetics, Osteoarthritis, Active Pharmaceutical Ingredients, Cosmetics, Dietary Supplements, and Ophthalmology. The market on the basis of End Users is categorized into Pharmaceutical Industry, Dermatology Clinics, Cosmetic Surgery Centres, Food Industry, and Personal Care. Moreover, based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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Based on Grade
Cosmetic grade Hyaluronic Acid is further sub-segmented into injectable fillers and topical fillers. Pharmaceuticals grade Hyaluronic Acid is further sub-segmented into injectable solutions, ophthalmic solutions, and others. Food grade Hyaluronic Acid is sub-segmented into functional foods and beverages, dietary supplements, and animal feed. The food grade is utilized as a dietary supplement, the cosmetic grade is used in anti-aging products, and the pharmaceutical grade is used in treatments for joint diseases and other medical conditions. During the period covered by this estimate, the market for Hyaluronic Acid of a cosmetic grade is anticipated to experience the highest CAGR (Compound Annual Growth Rate) growth rate. The expansion of this market is primarily driven by several factors, the most important of which are the rising demand for anti-aging products and the growing awareness of the advantages of Hyaluronic Acid. During the period covered by this projection, the market for pharmaceutical grade Hyaluronic Acid is anticipated to expand at a rate that is close to average. The primary element that is contributing to the expansion of this market is the increased need for medicines that may alleviate the symptoms of joint problems as well as other medical conditions. During the period covered by this estimate, the market for food-grade Hyaluronic Acid is anticipated to expand at a rate that is only slightly above average. The primary reason that is contributing to the expansion of this market is the increasing recognition of the advantages of using Hyaluronic Acid as a dietary supplement.
Based on Application
The Aesthetics application segment accounted for the largest share of the market in 2021. The large share of this segment can be attributed to the growing demand for minimally invasive and non-invasive cosmetic procedures, such as dermal fillers, among consumers. The osteoarthritis segment is expected to register the highest CAGR (Compound Annual Growth Rate) during the forecast period. The increasing incidence of osteoarthritis and the growing awareness about the therapeutic benefits of Hyaluronic Acid are the major factors driving the growth of this segment. The active pharmaceutical segment is expected to witness significant growth during the forecast period. This can be attributed to the growing use of Hyaluronic Acid-based drugs in the treatment of various diseases, such as rheumatoid arthritis and osteoarthritis. The cosmetics segment is expected to grow at a moderate rate during the forecast period. The growing demand for Hyaluronic Acid-based cosmetics, such as serums and creams, is driving the growth of this segment. The dietary supplements segment is expected to grow at a slow rate during the forecast period. The lack of awareness about the health benefits of Hyaluronic Acid among consumers is hindering the growth of this segment. The ophthalmology segment is expected to grow.
Based on End Users
Hyaluronic Acid is extensively used in the pharmaceutical industry for the manufacture of various drugs and medical devices. It is used as an active ingredient in various injectable drugs and ophthalmic solutions. It is also used as an excipient in tablet formulations and as a coating material for capsules. Dermatology clinics: Hyaluronic Acid is widely used in dermatology clinics for the treatment of various skin conditions such as wrinkles, fine lines, crow’s feet, and dry skin. It is also used for the treatment of joint disorders such as osteoarthritis. Cosmetic surgery centers: Hyaluronic Acid is extensively used in cosmetic surgery centers for various procedures such as facial injections, fillers, and lip enhancement. It is also used for breast augmentation and Buttock Lifts. Hyaluronic Acid is used in the food industry as a thickening agent, emulsifier, and stabilizer. It is also used as a humectant to keep food moist. Personal care: Hyaluronic Acid is widely used in personal care products such as facial creams, moisturizers, shampoos, conditioners, and body lotions. The rising demand from end-user industries including the cosmetics industry and the healthcare industry is the primary factor propelling growth in the Hyaluronic Acid Market. Since Hyaluronic Acid is included in a wide variety of skin care products, including moisturizers, anti-aging creams, and serums, the cosmetic sector is the primary user of this substance. Hyaluronic Acid is put to use in a wide variety of medical applications, including the lubricating of joints, the healing of wounds, and the regeneration of tissue. As a result, the pharmaceutical industry is another big user of Hyaluronic Acid.
Based on Region
North America was the dominant player in the market in 2021 because it accounted for the majority of sales made worldwide. This is because senior people have a significantly greater chance of developing illnesses such as osteoarthritis, vesicoureteral reflux, and cataracts. Because there is a sizable elderly population, this is the case. A further contributor to North America's disproportionately large market share is the rising popularity of cosmetic operations that do not involve the use of intrusive techniques. Europe is the second largest market for Hyaluronic Acid due to the growing demand from the pharmaceutical industry. The region is expected to grow at a moderate rate over the forecast period. Asia Pacific is expected to be the fastest growing region in the Global Hyaluronic Acid Market due to the increasing demand from the cosmetics and personal care industry in countries such as China and India. Latin America is expected to witness moderate growth over the forecast period due to the growing demand from the pharmaceutical industry. Middle East & Africa is expected to grow at a slow pace over the forecast period due to the low demand from the cosmetics and personal care industry.
The key players in the Global Hyaluronic Acid Market include- Allergan (Ireland), Anika Therapeutics Inc. (U.S.), Bio Plus Co. Ltd. (South Korea), Bioxis Pharmaceuticals (France), Bohus Biotech AB (Sweden), Candela Medical (U.S.), Galderma Laboratories L.P. (U.S.), Genzyme Corp. (U.S.), NUVISAN GmbH (Germany), Laboratoires Vivacy (France), LG Chem (South Korea), Medicis Aesthetics Holdings Inc. (U.S.), Merz Pharmaceuticals (Germany), Sculpt Luxury Dermal Fillers Ltd. (U.S.), Sinclair Pharma (U.S.) and others.
● The plum company entered the beauty industry in August 2021 with the introduction of a Hyaluronic Acid serum containing 2% of the ingredient to hydrate the skin. The company's goal in releasing this item is to increase its product offerings in the skincare market.
● Now that the cosmetics business is slowly getting back up and running, several doctors are reporting a surge in patients interested in cosmetic procedures. Additionally, since the pandemic hit the world, people have been forced to sit behind their screens leaving no time to focus on their appearance which has increased the usage of such procedures.
● In March of 2021, Royal DSM made the announcement that they would be releasing three distinct types of their HYA-ACT range of Hyaluronic Acid products onto the market. By adding these products, Royal DSM is better able to meet the increasing need for safe, non-invasive, and efficient cosmetics on the market.
● According to research featured in the Journal of Bone and Joint Surgery, since 2012, Medicare recipients with knee osteoarthritis have injected much more Hyaluronic Acid. Market expansion is being driven by rising demand for Hyaluronic Acid products.
● According to the statistics compiled by the International Society for Aesthetic Plastic Surgery (ISPAS), a total of 1.5 million people between the ages of 51 and 64 received botulinum toxin operations anywhere in the world in 2019. There is no doubt that these numbers will contribute to the Hyaluronic Acid industry's continued growth and expansion in terms of market value.
Segmentation of the Global Hyaluronic Acid Market:
- Grade (Cosmetic Grade, Pharmaceutical Grade, Food Grade)
- Application (Aesthetics, Osteoarthritis, Active Pharmaceutical Ingredient, Cosmetics, Dietary Supplements, Ophthalmology)
- End Users (Pharmaceutical Industry, Dermatology Clinics, Cosmetic Surgery Centers, Food Industry, Personal Care)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Allergan (Ireland)
- Anika Therapeutics Inc. (U.S.)
- Bio Plus Co. Ltd. (South Korea)
- Bioxis Pharmaceuticals (France)
- Bohus Biotech AB (Sweden)
- Candela Medical (U.S.)
- Galderma Laboratories L.P. (U.S.)
- Genzyme Corp. (U.S.)
- NUVISAN GmbH (Germany)
- Laboratoires Vivacy (France)
- LG Chem (South Korea)
- Medicis Aesthetics Holdings Inc. (U.S.)
- Merz Pharmaceuticals (Germany)
- Sculpt Luxury Dermal Fillers Ltd. (U.S.)
- Sinclair Pharma (U.S.)
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