The Global "Hyaluronic Acid Market" is estimated to reach at a high CAGR of 8% during the forecast period (2022-2029).
Hyaluronic acid, also known as hyaluronan (HA) is an organic compound that belongs to the branch of carbohydrates and polysaccharides. Hyaluronic acid products find wide application in anti-ageing processes along with minimally invasive surgery (MIS) procedures. Hyaluronic acid is prepared in laboratories by various in-vitro processes such as extraction from rooster combs and bacterial production.
The global hyaluronic acid market growth is driven by the increase in awareness about health and beauty standards lead to the demand for cosmetics and aesthetic procedures. Increasing aesthetic consciousness, the ageing population, the introduction of cost-effective treatments and products, and technological advancements are some of the factors driving the growth of the market for the hyaluronic acid market.
The rise in the medical application of hyaluronic acid is expected to drive the growth in the forecast period
Hyaluronic acid is present in the human body but it is also supplemented via oral, intramuscular and intradermal routes. Due to its hydrophobic nature hyaluronic acid is used for the treatment of osteoarthritis. Whereas hyaluronic acid is also used to replace body fluid during surgeries of retina, cornea and cataract. An increase in the number of plastic surgeries also favours the growth of the hyaluronic acid market.
Furthermore, hyaluronic acid is also used as a dermal filler in cosmetic surgery. Many hyaluronic acid products market mainly consists of beauty products that provide essential moisture to maintain skin’s elasticity and smoothness such as hyaluronic moisturizers, shampoos, creams, conditioners and bath oils are also available in the market. Recently approved hyaluronic acid skin filler by FDA binds to water when injected into the skin which provides volume to easily fill in the larger folds of the skin around the cheeks and mouth.
Hyaluronic Acid products easing osteoarthritis patients are projected to drive the market growth
There has been a rise in the number of osteoarthritis patients seeking alternate options for knee replacement because of avoiding side effects associated with NSAID and corticosteroid injections, this factor has changed the overall scenario in the pharmaceuticals industry, propelling the inclination of players in the market towards hyaluronic acid products.
Most of the hyaluronic acid products available in the market are prescribed for hip joints along with the knee, for instance, Synvisc is approved for its application in the knee as well as hip joints. Also, ‘orthovisc-mini’ of Anika is approved for all joints in Europe, contributing a fair share in the hyaluronic acid products market.
Physicians across the world are still sceptical about prescribing this product for other joints apart from the knee, due to less available data on the clinical safety and efficacy of these hyaluronic acid products. This factor is propelling manufacturers to increase research and development of these products for use in other joints as well. The ageing or geriatric population is one of the largest target segments for hyaluronic acid-based products, worldwide. The increasing number of patients for osteoporosis and rheumatoid arthritis is leading manufactures to produce hyaluronic acid-based supplements and injectables. Thus, with the increasing cases of bone and joint-related issues, the market for hyaluronic acid is projected to witness significant growth during the forecast period.
Shortage in supply of drugs due to a wide demand-supply gap is likely to hinder the market growth
However, various complications and risks associated with hyaluronic acid treatment have been affecting the growth of the hyaluronic acid market. Serval complications such as acne-like skin eruptions, infections, itching, scarring, bleeding, bruising and swelling among others are known to cause the serious adverse effect of hyaluronic acid treatment. Thereby, restraining the growth of the market in the forecast period.
Scientists have made significant progress over the past few decades in understanding the role of hyaluronic acid in pulmonary health and disease and now some suspect it could explain why some COVID-19 sufferers struggle with breathing. Past studies have shown a correlation between high levels of hyaluronic acid and spots throughout the lungs in X-ray images, an observation that has also been made in seriously ill COVID-19 patients. There may be a fair amount of damage going on that they're completely unaware of. But they can go from asymptomatic to a 'long haulier' with long-term outcomes. These factors will hamper the market growth during the forecast period.
Dermal fillers, the segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Dermal fillers are minimally invasive procedures used as anti-ageing solutions to reduce facial lines and restore firmness. These are soft tissue fillers injected into the skin to resolve skin-related problems such as scars, wrinkles, and smoothen the skin using various dermal fillers such as hyaluronic acid, polymers and particles, and collagen.
Dermal filler treatments are among the hottest trends in the field of cosmetic rejuvenation and plastic surgery. These products have now become easily accessible and the fact that they require just a quick, minimally invasive procedure makes them a very attractive option among a vast range of patients. Most of the brands that offer this type of product promise instant removal of wrinkles and folds and a balanced facial augmentation.
Globally, the demand for facial aesthetic treatments, products, and services is growing at a rapid pace. The growing number of medical aesthetic facilities providing aesthetic services is driving the growth of the market. Such facilities have made these procedures more accessible and have helped in the rise of the popularity of these practices.
According to the International Society of Aesthetic Plastic Surgery (ISAPS), in 2018, the number of non-surgical cosmetic procedures involving hyaluronic acid was 3,729,833 globally. The cost-effective dermal filler therapy provided by some countries such as China and India are driving the dermal fillers market growth in the region. Consequently, the demand for the ever-expanding range of dermal fillers and the number of operations performed has driven the growth of the market.
North America region holds the largest market share global hyaluronic acid market
North America region is dominating the global hyaluronic acid market accounted for the largest market share in 2020. The cosmetic industry in the United States is one of the most flourished and mature markets, in terms of innovations and product availability. Furthermore, the demand from the altering demographics of the country (where younger generations are rejecting the idea of brand follow-up but are preferring locally sourced, organic and sustainable cosmetic solutions) is expected to drive the growth of the hyaluronic acid products market, by streamlining its presence across skin related products. The United States market for hyaluronic acid is likely to be driven by the “anti-ageing” section. The consumers in the Gen X segment seek to approach “ageless” products, citing the ample spending power to embrace a reliable option. These factors are driving the market growth in the region.
The hyaluronic acid market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Zimmer Holdings, Inc., Hoffmann-La Roche Ltd., Ferring Pharmaceuticals, Inc., F. Merz Aesthetics, Inc., Seikagaku Corporation, Allergan Inc., and Smith & Nephew plc. And Alcon, Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the hyaluronic acid market globally.
Hyaluronic Acid Market Key Companies to Watch
Overview: Allergan PLC manufactures speciality pharmaceuticals. The Company develops, manufactures, and distributes generic, brand, and over-the-counter products. Allergan offers its pharmaceutical drugs around the world. The Company operates through three segments: US Specialized Therapeutics, US General Medicine and International. The US Specialized Therapeutics segment includes sales relating to branded products within the United States, including Medical Aesthetics, Medical Dermatology, Eye Care, Neurosciences and Urology therapeutic products. The US General Medicine segment includes sales relating to branded products within the United States that do not fall into the US Specialized Therapeutics business units, including Central Nervous System, Gastrointestinal, Women's Health, Anti-Infectives and Diversified Brands. The International segment includes sales relating to products sold outside the United States. Within its US Specialized Therapeutics, US General Medicine and International operations, the Company sells its brand and aesthetic pharmaceutical products primarily to drug wholesalers, retailers and distributors, including national retail drug and food store chains, hospitals, clinics, mail-order retailers, government agencies and managed healthcare providers, such as health maintenance organizations and other institutions.
Product Portfolio: The Company’s portfolio is comprised of medical aesthetics, eye care, central nervous system and gastroenterology, the company also manufactures and commercializes branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Key Development: In March 2019, Allergan acquired Envy Medical Inc. This deal will help Allergan reinforce their goal of providing customers with enhanced skincare solutions. Envy medicals’ technology used in skin resurfacing procedures like Dermalinfusion, which is a non-surgical, non-invasive skin resurfacing system will immensely help Allergan gain a strong presence in the acne market.
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