Hyaluronic Acid Industry Overview
The global hyaluronic acid market size was valued at USD 8.5 billion in 2020 and is projected to witness a compound annual growth rate (CAGR) of 7.19% from 2021 to 2028.
The market is anticipated to witness high growth due to the aging population and the introduction of technologically advanced products. The shift in preference to minimally invasive procedures and rapid results is expected to drive the market in the coming years. Increasing aesthetic consciousness, the introduction of cost-effective treatments and products, and technological advancements are also among the key factors driving the growth of the market. A rise in the number of plastic surgeons and cosmetic clinics is contributing to an increase in the number of aesthetic procedures being performed.
Gather more insights about the market drivers, restrains and growth of the Global Hyaluronic Acid Market
The growing adoption of nonsurgical cosmetic procedures including Botox and hyaluronic acid injectables is driving the market. New product developments and rising adoption of business strategies by the key market players including mergers and acquisitions are anticipated to propel market growth over the forecast period. Several health benefits of hyaluronic acid, such as moisture retention, faster wound healing, relief from joint pain, preventing dry eyes discomfort, and preservation of bone strength, drive the market. The natural aging process, tobacco smoking, and pollution can reduce the amount of hyaluronic acid present in human skin.
Proper use of hyaluronic acid-based supplements and serums can prevent this and improve skin health. The industry is witnessing the introduction of newer technology and geographical expansion through new product approvals and mergers acquisitions done by the industry players. In March 2018, Bioventus launched a new single-injection joint lubricant, Durolane in the U.S. for the treatment of osteoarthritis pain in the knee. Bioventus offers one-injection (Durolane), three-injection (Gelsyn-3), and five-injection (Supartz FX) hyaluronic acid options for the treatment of knee osteoarthritis pain.
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Hyaluronic Acid Market Segmentation
Grand View Research has segmented the global hyaluronic acid market on the basis of application and region:
Hyaluronic Acid Application Outlook (Revenue, USD Million, 2016 - 2028)
- Dermal Fillers
- Single Injection
- Three Injection
- Five Injection
- Vesicoureteral Reflux
Hyaluronic Acid Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Central South America
- Middle East and Africa (MEA)
Market Share Insights
- June 2020: AbbVie announced the approval of a new hyaluronic acid product—Juvederm Voluma XC—indicated for improving chin profile in adults.
- December 2019: Anika Therapeutics launched its first hyaluronic acid-based surgically delivered regenerative therapy, TACTOSET in the U.S., for the treatment of bone defects caused by trauma or degeneration.
Key Companies profiled:
Some of the prominent players in the global hyaluronic acid market include:
- Genzyme Corp.
- Anika Therapeutics, Inc.
- Salix Pharmaceuticals
- Seikagaku Corporation
- Hoffmann-La Roche Ag
- Galderma Laboratories L.P.
- Zimmer Biomet
- Smith Nephew Plc
- Ferring B.V.
- Lifecore Biomedical, Llc
- HTL Biotechnology
- Shiseido Company, Ltd.
- Bloomage Biotechnology Corp. Ltd.
- LG Life Sciences Ltd. (LG Chem.)
- Maruha Nichiro, Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.