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Hyaluronic acid products are hydrophilic polymers that attract water molecules to hydrate and lubricate tissues. They are commonly used as dermal fillers and in medical devices to replenish lost moisture and smooth skin texture. Hyaluronic acid dermal fillers are injected into facial contours such as smile lines, nasolabial folds, lips and under eyes to add volume and lift tissues. They are also used to improve the appearance of skin and soft tissues for cosmetic dermatological procedures.
The global 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 expanding hyaluronic acid products market is expected to be flourished by rising adoption in cosmetic procedures. Firstly, the number of cosmetic surgeries and minimally invasive procedures has increased significantly over the years which is driving the demand for dermal fillers. According to the American Society of Plastic Surgeons, Americans spent over $16.7 billion on cosmetic procedures in 2020 alone. Growing social acceptance and emphasis on appearance is encouraging individuals to opt for aesthetic treatments. Secondly, hyaluronic acid dermal fillers are temporary and less risky than surgical alternatives which is boosting their preference over invasive procedures. They have fewer side effects and allow natural facial expressions. Thus, the combination of growing cosmetic industry and advantages of hyaluronic acid products over surgical treatments are propelling the market growth.
Segment Analysis
The hyaluronic acid products market can be segmented into product type, application, and end user. Based on product type, the market is segmented into single injection, three injection, and five injection. The three injection segment dominates the market since they have long duration of effect upto 6 months and require less frequent administrations. Based on application, the market is segmented into osteoarthritis, ophthalmic, dermal fillers, and vesicoureteral reflux. The osteoarthritis segment dominates as hyaluronic acid injections are widely used to lubricate joints and treat osteoarthritis related pain. Based on end user, the market is segmented into hospitals, ambulatory surgical centers, dermatology clinics, and ophthalmic clinics. Hospitals dominate as they have dedicated departments for joint injections and skin treatments.
PEST Analysis
Political: The growth of the market is supported by regulations and acts favoring usage of hyaluronic acid in medicine. Standardization of rules regarding usage, production, and marketing of hyaluronic acid supplements growth.
Economic: Rising geriatric population suffering from arthritis and increasing healthcare spending on aesthetic procedures drives the market. However, pricing pressures and regional economic slowdowns pose challenges.
Social: Growing social acceptance of medical aesthetics and rising health consciousness favor usage of hyaluronic acid injections for joint pain relief and skin rejuvenation. Aging population and emphasis on active lifestyles increases demand.
Technological: Advancements in production technologies help lower costs and drive newer product development. Focus on long-acting formulations and combination therapies with growth factors boosts the market. However, high R&D costs and stringent regulations affects smaller players.
Key Takeaways
The global hyaluronic acid products market is expected to witness high growth owing to rising geriatric population, growing acceptance of medical aesthetics, and new product launches. The global 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.
Regionally, North America dominates currently due to early adoption of advanced therapies and treatments. However, Asia Pacific is expected to witness fastest growth owing to improving access to healthcare and increasing medical tourism in the region.
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. Major players are focusing on expanding into new regions through partnerships and acquisitions. They are also investing in R&D to develop advanced hyaluronic acid formulations for wide range of applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.