Hyaluronic acid was discovered in the 1930s, after which it remained classified as a ubiquitous substance produced in our bodies for a long time. Biological fields evolved and slowly started finding out the purposes that hyaluronic acid can fulfil. Currently it finds use in a large number of fields, ranging from being used in cancer tumor markers to skin healing.
The primary driver attributed to the high CAGR of the global hyaluronic acid products market is the high demand for anti-ageing beauty products. Other factors that are boosting this market’s growth rate are the increasing percentage of the geriatric demographic, the rapidly climbing demand for surgical procedures that are minimally invasive, and a steadily growing awareness among consumers of the negative qualities of other chemicals and their side-effects. The report divides the global hyaluronic acid products market on the basis of products, applications, and geography.
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Based on the type of application, HA injectables are segmented into ophthalmic surgery, osteoarthritis, vesicoureteral reflux (VUR), and dermal fillers. The dermal fillers market constitutes the largest segment in the hyaluronic acid products market by application, with osteoarthritis and vesicoureteral reflux (VUR) trailing. The vesicoureteral reflux (VUR) application segment is forecast to report the highest rate of growth through the report’s forecast period. The expansion of this segment can be credited to factors such as a high demand for minimally-invasive and non-invasive surgical procedures and a high aging population.
Furthermore, the global HA products market is also studied on the basis of geography, with the key regional markets being: North America, Asia Pacific, Europe, and Rest of the World (RoW). North America led the global hyaluronic acid products market globally in 2012 whereas Europe was seen to be the second-largest market worldwide in the same year. The recent economic downturn in Europe caused much disruption in the global hyaluronic acid products market when the unfavorable reimbursement scenario stood in the way of the higher adoption of hyaluronic acid products. The future of the hyaluronic acid products market lies in Asia Pacific and Rest of the World owing to an enhancement in the healthcare facilities here and a surging demand for minimally invasive surgeries.
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Regionally, the report speaks of the four major regions of North America, Europe, Asia Pacific, and the Rest of the World. North America led this market in 2012, owing to a higher rate of awareness and a greater access and ability to opt for premium hyaluronic acid products. Europe was the second-largest region at the time. Rapid economic development and a higher market penetration of beauty products are expected to increase the growth rate of the global hyaluronic acid products market in Asia Pacific and the Rest of the World.
The key players in the global hyaluronic acid products market are Ferring Pharmaceuticals, Inc., Merz Aesthetics, Inc., F. Hoffmann-La Roche Ltd., Smith & Nephew plc., Seikagaku Corporation, Allegran Inc., Zimmer Holdings, Inc., and Alcon, Inc.