WASHINGTON, Aug. 23, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, The Global Hyaluronic Acid Market is projected to reach a value of USD 14.84 Billion by 2030 and is expected to exhibit a CAGR of 7.10% from 2023 to 2030. The global Hyaluronic Acid Industry is valued at USD 8.57 Billion in 2022.
The Hyaluronic Acid market is experiencing robust expansion, primarily propelled by the surging interest in injectable Hyaluronic Acid and the escalating inclination toward cosmetic procedures that are minimally invasive or non-invasive. Within this landscape, the cosmetics sector stands as a prominent beneficiary, with Hyaluronic Acid finding versatile application in an array of skincare essentials, spanning serums, creams, and lotions.
This market's upward trajectory is distinctly propelled by two pivotal factors: the escalating aging demographic and the escalating traction toward cosmetic procedures that emphasize subtlety and minimally invasive approaches. Furthermore, the amplifying recognition of the manifold advantages bestowed by Hyaluronic Acid and the mounting adoption of products rooted in its potential further underpin the market's expansion. Nonetheless, it's imperative to acknowledge certain hindrances, such as the relatively elevated cost attached to Hyaluronic Acid-based offerings and the potential side effects that might accompany their usage. These factors, to some degree, temper the market's growth potential.
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Key Highlights:
- The largest segment of the hyaluronic acid market in 2022 was the dermal fillers segment, accounting for a revenue share of 52.2%.
- The second largest segment of the hyaluronic acid market in 2022 was the cosmetics segment, accounting for a revenue share of 25.4%.
- The market is being driven by the increasing demand for injectable hyaluronic acid for cosmetic purposes, such as wrinkle fillers and lip augmentation.
- The Asia Pacific region is expected to be the fastest-growing market for hyaluronic acid, due to the growing awareness about the benefits of the product and the increasing disposable income of people in the region.
Top Companies in Global Hyaluronic Acid Market
- Allergan (Ireland)
- Anika Therapeutics Inc. (U.S.)
- Bio Plus Co. Ltd. (South Korea)
- Candela Medical (U.S.)
- Galderma Laboratories L.P. (U.S.)
- Bioxis Pharmaceuticals (France)
- Bohus Biotech AB (Sweden)
- Genzyme Corp. (U.S.)
- Laboratoires Vivacy (France)
- NUVISAN GmbH (Germany)
- LG Chem (South Korea)
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Market Dynamics: Hyaluronic Acid Market
Amidst a society increasingly attuned to aesthetics and a demographic in the throes of aging, the landscape of beauty enhancements has witnessed a pronounced surge. Procedures like botox, dermal filling, and plastic surgery are scaling new heights, propelling an amplified demand for hyaluronic acid. This compound's prowess lies in its remarkable capacity to efficaciously enhance specific anatomical areas, rendering it indispensable for augmentative interventions. Furthermore, a strategic convergence emerges, wherein the amalgamation of surgical methods with hyaluronic acid fillers and facial enhancements amplifies the potency of holistic treatment strategies. This symbiotic interplay paints a vivid picture of surging demand, aptly positioned as the cornerstone of the hyaluronic acid market's growth trajectory through the forecasted period.
The prominence of hyaluronic acid-based dermal fillers stands resolute, etching an upward trajectory for non-invasive cosmetic procedures worldwide. These fillers have cast a widespread allure owing to their versatility, catering to facets like facial restoration, volumization, and aesthetic refinement. Their applications span the spectrum, from addressing fine lines and wrinkles to battling acne scars and blemishes, and even accentuating features like lips, cheeks, and chin. Notably, the burgeoning elderly populace has fanned the flames of demand for non-invasive interventions, circumventing the need for routine surgical routes. A pivotal strength is the cost-effectiveness of hyaluronic acid-based dermal fillers, which, in turn, stokes the fervor of market expansion.
Top Trends in Hyaluronic Acid Market
A dominant trend in the global hyaluronic acid market is the burgeoning prevalence of acquisitions and strategic partnerships. On both regional and global fronts, industry players are orchestrating collaborations and alliances that reverberate with transformative potential. Manufacturers are strategically broadening their product arrays through these alliances, aimed at catering to the escalating demand for hyaluronic acid across diverse pharmaceutical sectors, encompassing dermatology, orthopedics, and surgical adhesion prevention.
A compelling illustration of this trend materialized in March 2022, when AbbVie Inc. orchestrated the acquisition of Syndesi Therapeutics, a move calculated to amplify AbbVie's presence within the realm of neuroscience. This strategic maneuver granted AbbVie unfettered access to Syndesi's impressive portfolio, spotlighting innovative modulators of the synaptic vesicle protein 2A (SV2A), a flagship product named SDI-118 among them.
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Global Hyaluronic Acid Market Segmentation
By Grade
- Cosmetic Grade
- Pharmaceutical Grade
- Food Grade
By Application
- Aesthetics
- Osteoarthritis
- Active Pharmaceutical Ingredient
- Cosmetic
- Dietary Supplements
- Ophthalmology
By End Users
- Pharmaceutical Industry
- Dermatology Clinics
- Cosmetic Surgery Centers
- Food Industry
- Personal Care
Hyaluronic Acid Market Segment & Revenue Share (2022)
| Segment | Revenue Share |
| Dermal fillers | 52.2% |
| Cosmetics | 25.4% |
| Pharmaceutical | 12.4% |
Challenges:
The landscape of the hyaluronic acid market grapples with a twofold challenge, emanating from heightened competition and the ascending allure of alternative skincare constituents such as ceramides and vitamin C. These contenders have emerged as formidable competitors, drawing attention away from hyaluronic acid and prompting market participants to navigate a dynamic terrain of consumer preferences.
The ascent of the hyaluronic acid market faces a dual-edged impediment characterized by the compound's steep cost and the intricate nature of its manufacturing process. These factors converge to create a barrier that hinders both the amplification of production capacity among small-scale manufacturers and the entry of new contenders into the domain. Consequently, the industry's overall profitability feels the reverberations of this restrictive environment. Additionally, the landscape is shadowed by certain side effects—ranging from itching to discomfort during treatments—that somewhat dampen the formulation's usage, thereby placing a check on its unbridled adoption. These converging dynamics collectively cast a shadow over the anticipated trajectory of market expansion in the forthcoming years.
In the medical sphere, practitioners exercise discernment when confronted with the choice of products, with a notable reluctance to embrace cheaper, unregulated alternatives given the inherent risks involved. On the contrary, this segment's market is challenged by the proliferation of substandard, unauthorized products within the dermal filler realm. This influx intensifies price-based competition, notably within the hyaluronic acid sector. Leading industry players, characterized by higher unit pricing, maneuver by proposing diversified product bundles and expanding their product arrays to include a spectrum of categories.
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Recent Development
- June 2023: Galderma announced the launch of Restylane Refyne, a new hyaluronic acid filler for the treatment of moderate to severe facial wrinkles and folds.
- July 2023: Allergan received FDA approval for Juvéderm Voluma XC to be used with the TSK STERiGLIDE cannula for cheek augmentation.
- August 2023: Bloomage Biotechnology Corporation announced the launch of its first hyaluronic acid-based eye serum in China.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Hyaluronic Acid Market Forecast Report (2023-2030).
Key Questions Answered in Hyaluronic Acid Market Report
- What is the current size and projected growth of the Hyaluronic Acid market?
- What are the primary drivers of growth in the Hyaluronic Acid market?
- What are the challenges or restraints faced by the Hyaluronic Acid market?
- How does the manufacturing process and cost structure impact the market?
- What are the potential side effects and limitations associated with Hyaluronic Acid use?
- What are the market trends in terms of acquisitions, partnerships, and collaborations?
- How are manufacturers addressing pricing and competition within the market?
Regional Analysis
The North American market emerged as the frontrunner, boasting the lion's share of revenue in 2022. This ascent is propelled by a surge in consumer appetite for skincare, beauty, and cosmetic offerings. The allure of hyaluronic acid has been compellingly embraced by cosmetics manufacturers, buoyed by a wave of consumer consciousness favoring eco-friendly and naturally derived ingredients. Notably, esteemed skincare and personal care brands in North America are fervently channeling their energies into research and development endeavors, birthing novel product innovations that stand as the cornerstone of revenue expansion within the region. Bolstered by an upswing in household income among consumers—a pivotal factor mirrored in the U.S. Census Bureau's report of a median household income of USD 67,521 in 2020—this region experiences a transformative surge in consumer adoption of personal, skincare, and beauty products. Fueling this transformation is the burgeoning allure of eco-friendly, natural ingredient-based skincare solutions, underpinning the region's steadfast revenue growth.
Meanwhile, the European landscape paints a portrait of steady, yet resolute revenue growth in the year 2022. Notably, the pharmaceutical sector bears witness to the remarkable ascent of hyaluronic acid, charting a course of rapid expansion that significantly bolsters the region's revenue. Industry titans like BASF SE and Koninklijke DSM N.V. unfurl their wings, significantly propelling the market's growth trajectory by riding the global wave of hyaluronic acid adoption across beauty, skincare, and pharmaceutical domains. This progression is further accentuated by the march of technology in dermal fillers, a march that harmonizes with an increasing consumer embrace of hyaluronic acid.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 8.57 Billion |
| Revenue Forecast by 2030 | USD 14.84 Billion |
| CAGR | 7.10% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Allergan, Anika Therapeutics Inc., Bio Plus Co. Ltd., Bioxis Pharmaceuticals, Bohus Biotech AB, Candela Medical, Galderma Laboratories L.P., Genzyme Corp., NUVISAN GmbH |
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