Hyaluronic acid products are widely used in various medical applications like dermal fillers, osteoarthritis treatment, ophthalmic surgeries, cosmetic surgeries and wound care. Hyaluronic acid based dermal fillers are most commonly used for facial rejuvenation procedures to reduce signs of aging like wrinkles, acne scars and for lip and cheek enhancement.
The 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 growth of the hyaluronic acid products market is mainly driven by increasing use of dermal fillers for aesthetic procedures. Dermal fillers represent the largest application segment for hyaluronic acid products. Rising number of non-surgical cosmetic procedures owing to increasing prevalence of skin aging due to pollution, sun damage and stress has encouraged the demand for dermal fillers. According to American Society of Plastic Surgeons (ASPS), around 2.6 million dermal filler procedures were performed in 2020 in the U.S. Thus, growing aesthetic industry and rising preference for minimally invasive procedures is expected to promote the demand for hyaluronic acid products over the forecast period.
Furthermore, expanding applications of hyaluronic acid like osteoarthritis treatment and ophthalmology also contribute to the market growth. Growing geriatric population which is more prone to osteoarthritis and eye disorders has increased the demand for hyaluronic acid based viscosupplements and ophthalmic viscoelastic devices.
SWOT Analysis:
Strengths:
Hyaluronic acid products have wide applications in medical aesthetics. They help reduce signs of aging and wrinkles effectively. These products are gaining popularity due to their natural composition and minimal side effects.
Weaknesses:
High cost of hyaluronic acid limits its adoption globally. Extraction of hyaluronic acid involves complex manufacturing processes which adds to the overall cost.
Opportunities:
Rise in medical tourism in developing nations offers lucrative growth prospects. Increasing consumer awareness about anti-aging solutions also provides new growth opportunities.
Threats:
Stringent regulations delay new product approvals. Threat from alternate injectable dermal fillers and anti-wrinkle treatments.
Key Takeaways:
The global hyaluronic acid products market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing consumer awareness about medical aesthetics procedures and natural anti-aging solutions. Rise in aesthetic consiciousness among the millennial population especially in developing economies is driving the market.
Regional analysis:
North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to early adoption of new technologies and procedures related to medical aesthetics in the region. Asia Pacific exhibits the fastest growth rate owing to growing medical tourism industry and rising disposable income in the region.
Key players:
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. The major players are focusing on new product launches and geographical expansion to strengthen their market presence.
