Hyaluronic Acid Market Overview
The hyaluronic acid market is expected to cross USD 20.14 billion by 2027 at a CAGR of 6.77%. The global hyaluronic acid market is growing as a result of factors such as the growing use of hyaluronic acid in cosmetic and personal care products. Furthermore, the considerable research and development linked with hyaluronic acid create a potential market opportunity. The industry is being driven by the rising popularity of noninvasive cosmetic procedures such as Botox and hyaluronic acid injectables.
Due to the ageing population and the development of technologically sophisticated products, the market is expected to experience rapid expansion. In the coming years, the market is projected to be driven by a shift toward minimally invasive procedures and speedy outcomes. Additionally, growing aesthetic consciousness, the launch of cost-effective treatments and products, and technical advancements all contribute to the market’s growth. Increased access to plastic surgeons and cosmetic clinics contributes to an increase in the number of aesthetic treatments performed.
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The availability of substitutes, on the other hand, is likely to limit market growth. Due to the COVID-19 restrictions, particularly in the early phases of the pandemic, demand for hyaluronic acid decreased. Additionally, patients opted out of or postponed surgeries during the pandemic to avoid infection, significantly impacting the market and resulting in a reduction in income.
Hyaluronic Acid Market Segmental Analysis
Hyaluronic acid market is divided on the basis of grade, application, content, and geography.
The cosmetics grade, pharmaceutical grade, and food grade segments of the market are classified.
The application segment is further subdivided into aesthetics, osteoarthritis, cosmetics, ophthalmology, pharmaceutical active pharmaceutical ingredients, and dietary supplements, among others.
The market is segmented by end user, including dermatological clinics and cosmetic surgery centers, personal care, the pharmaceutical sector, and the food industry.
Hyaluronic Acid Market Regional Overview
According to region, the worldwide hyaluronic acid market is segmented into North America, Europe, Asia-Pacific, and the Middle East and Africa.
North America’s market is predicted to expand at a rapid pace due to the product’s high demand in the pharmaceutical industry. The US has a sizable pharmaceutical industry, which contributes significantly to the regional market’s growth.
Europe is the market’s runner-up. The rising prevalence of ocular inflammations such as madarosis and blepharitis, the burgeoning beauty sector, and well-developed technology are all major drivers driving the market’s growth. Additionally, the rising demand for cosmetic items such as hyaluronic acid and the increasing acceptance of novel and unusual fashion trends have fueled the hyaluronic acid market’s expansion.
The Asia-Pacific region’s growing pharmaceutical industry is a major element driving the hyaluronic acid market. China, India, and Japan all contribute significantly to the market’s expansion. India was the fastest growing country throughout the projection period, expanding at a 9.86 percent compound annual growth rate.
Between 2021 and 2027, the Middle East and Africa hyaluronic acid market is predicted to grow at a 4.67 percent CAGR. The high prevalence of non-communicable diseases (NCDs), the growing ageing population, and the increasing penetration of health insurance are all contributing to the Middle East and Africa’s healthcare market growth. Additionally, Abu Dhabi and Dubai are gaining popularity as destinations for medical tourism. Thus, regional growth is expected to be fueled by growing medical tourism and medical expenditure during the assessment period.
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Hyaluronic Acid Market Competitive Dynamics
The players should expand their distribution network to meet the demand and enhance their services. Allergan (Ireland), Contiproa.s. (Germany), Symatese Group (France), Zhonglan Industry Co., Ltd (China), Altergon Italia SRL (Italy), Fidia FarmaceuticiS.p.a (Italy), BioibericaS.A.U. (Spain), Kewpie Corporation (Japan), Seikagaku Corporation (Japan), and Anika Therapeutics Inc. (US) are the major companies in the global market
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