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The global hyaluronic acid market is projected to showcase a strong growth during the forecast period 2021–2030, due to the increasing demand for hyaluronic acid from dermatological and cosmetic applications. In recent years, cosmetic surgeries have witnessed a rapid surge, with the rise in aged population in countries such as Japan, Italy, Germany, France, the U.S., and Canada; on account of which the demand for the compound is witnessing a rise.
The hyaluronic acid market is categorized into aesthetics, osteoarthritis, pharmaceutical ingredients, cosmetics, dietary supplements, ophthalmology, and others, on the basis of application. Among these, the cosmetics category is expected to account for a significant market share in coming years. Hyaluronic acid is widely used in cosmetic products, in order to provide hydration to the skin. Due to the natural ageing process and exposure to ultraviolet (UV) rays can reduce the amount of hyaluronan from the skin. However, the usage of cosmetic products can help in moisturizing skin and reducing wrinkles and dermatitis.
The hyaluronic acid market is categorized, on the basis of end-use industry, into pharmaceutical, dermatology & cosmetics, personal care, food, and others. Of these, the dermatology & cosmetics category is expected to account for a significant share in the market by 2030, owing to the advantageous properties of hyaluronic acid, making it suitable for dermatology and cosmetic applications. Dermatologists are required to inject hyaluronic acid-based fillers, in order to make the skin appears firm during derma filter and botox treatments. With the increasing prevalence of such treatments worldwide, the demand for the compound from the dermatology and cosmetics industry is projected to increase during the forecast period.
Geographically, North America is expected to lead the hyaluronic acid market throughout the forecast period. This can be ascribed to the increasing aged population in the U.S. and Canada, which is promoting the demand for minimally invasive cosmetic and beautification surgeries. Additionally, the presence of large-scale manufacturers of hyaluronic acid is expected to drive the growth of the market in the region during the forecast period.
Surge in consciousness for aesthetic appearance, along with the rise in aged population, has led to an increase in number of cosmetic procedures, such as botox, derma filling, and plastic surgeries. These procedures require hyaluronic acid in large quantities, owing to the ability of the compound to allow effective augmentation of selected anatomical regions. Additionally, concomitant administration of hyaluronic acid fillers along with surgical methods of facial rejuvenation can serve as a powerful tool in maximizing a comprehensive treatment plan. Therefore, owing to such factors, the demand for the compound is projected to increase, which, in turn, driving the hyaluronic acid market during the forecast period.
The high cost, along with complex manufacturing process, of the compound serves as a restraining factor for the growth of the hyaluronic acid market. This limits the production of the compound by small scale manufacturers, thereby restricting new players to enter the market. This, in turn, impacts the industry profitability to a great extent. Moreover, several side effects, such as itching and pain during the treatment, refrain the usage of the compound to a certain extent. Therefore, such factors are projected to hamper the market growth in coming years.
Some of the companies operating in the global hyaluronic acid market are Zimmer Biomet, Anika Therapeutics Inc., Seikagaku Corporation, Sanofi S.A., Smith & Nephew plc, and ALLERGAN.
The study provides the historical as well as the forecast size of the hyaluronic acid market.
The hyaluronic acid market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030
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