Hyaluronic Acid Market Growth & Trends
The global hyaluronic acid market size is expected to reach USD 16.8 billion by 2030, expanding at a CAGR of 7.45%, according to a new report by Grand View Research, Inc. Factors, such as increasing concern of population regarding chemicals, desire to get quick and evident results, and shorter recovery time are high impact rendering drivers. The industry is evolving rapidly due to the increasing adoption of aesthetic procedures in developed and developing regions. Increasing the use of hyaluronic acid surfaces in cardiovascular implants, such as stents and vascular grafts, for improving the compatibility coupled with the growing awareness about anti-aging products is fueling the growth.
The efficacy and evident results of hyaluronic acid-based dermal fillers are attracting this population base. Furthermore, the COVID-19 pandemic has changed the dynamics of many industries, with movement restrictions, social distancing, and revised practices becoming the “new normal.” As the cosmetic industry is gradually resuming its operations, a number of doctors have reported a significant increase in the inquiries for aesthetic surgeries. Moreover, the lockdown has encouraged all professionals to use video-conferencing facilities, which has made people more conscious of their looks. In some cases, it has led people to opt for cosmetic treatments; this is termed the “Zoom Boom” or the “Zoom effect.”
Cosmetic surgeons across the world have witnessed a significant increase in the number of patients as a result of the pandemic, particularly in countries, such as the U.S., Australia, and Japan. North America held the maximum revenue share in 2021. Preference for short-treatment regimens, even though high-priced, and the prevalence of target diseases, such as osteoarthritis, are the key factors attributed to the high share. In 2021, the most lucrative product applications in the North America region were in the form of dermal fillers and viscos supplements for the management of osteoarthritis. Asia Pacific is anticipated to register the fastest CAGR during the forecast period.
The growing geriatric population in China and Japan provide a large customer base for anti-aging products and services. Rising awareness about product applications and efficacy also fuels the demand. In addition, increasing disposable income levels are further supporting the region’s expansion. Europe has undergone impressive changes over the last 2 years. The growing demand is witnessing increasing price competition owing to new entrants. The WHO recently announced the obesity epidemic in the U.K. and Germany. The relationship between the increasing aging population and obesity is a potential driver for the Europe regional sector
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Hyaluronic Acid Market Report
Hyaluronic Acid Market Report Highlights
- The osteoarthritis segment dominated the global industry and accounted for the maximum share of the overall revenue in 2021
- The rising obesity resulting in osteoarthritis and joint pain has increased the demand for hyaluronic acid injections as a treatment
- Hyaluronic acid acts as a shock absorber or a cushion and lubricates the joints, thus helping in proper functioning
- There are a number of ophthalmic surgical products that use hyaluronan/hyaluronic acid as an active ingredient
- These include Vitrax, Healon, Amivisc Plus, Amvisc, Hylan G-F20, and Opegan
- The increasing prevalence of age-related eye diseases, dry eye syndrome, adult-vision impairments, and chronic diseases, such as diabetes, are major factors leading to segment growth
