Hyaluronic Acid Material Market Share, Growth Prospects and Key Opportunities by 2030
The global Hyaluronic Acid Market is projected to reach USD 2.6 billion by 2030, at a CAGR of 7.9% from USD 1.4 billion in 2022. The rise in chronic illnesses and the increase in the cost of healthcare services are two important factors that are anticipated to boost the hyaluronic acid market during the projected period. Additionally, the market for hyaluronic acid is expanding as a result of minimum surgical treatments and an increase in awareness of beauty and health.
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“Osteoarthritis (OA) was the largest application for hyaluronic acid market in 2021, in terms of value”
In 2021, the OA dominated the global hyaluronic acid market, in terms of value. Due to a growth in the number of elderly people and a growing desire for minimally invasive procedures, the market is predicted to expand. Nearly 90% of viscosupplement prescriptions are meant to treat osteoarthritis of the knee. Both corticosteroids and hyaluronic acid injections can be used to treat osteoarthritis, according to the Osteoarthritis Research Society International (OARSI), the U.S., however viscosupplementation is marginally more successful than corticosteroids.
“Personal Care was the largest end-use industry for hyaluronic acid market in 2021, in terms of value”
Growing skin care product sales were a result of the expanding fashion sector, which in turn increased demand for hyaluronic acid, which will be the main driver of the market throughout the projection period. Additionally, since cities expanded quickly, there were more salons, which raised the demand for goods made with hyaluronic acid.
“North America was the largest market for hyaluronic acid in 2021, in terms of value.”
In 2021, North America led the global hyaluronic acid market, in terms of value. This is because a sizable portion of the population is elderly, who are more prone to diseases including osteoarthritis, vesicoureteral reflux, and cataracts. Furthermore, a key component in the big proportion of North America is the rising desire for minimally invasive aesthetic procedures.
Key Market Players
The key players in this market Allergen (US), Sanofi-Aventis (France), Anika Therapeutics Inc. (US), Seikagaku Corporation (Japan), Ferring BV (Switzerland), and Hoffmann-La Roche AG (Switzerland). Continuous developments in the market including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of hyaluronic acid market have opted for new product launches to sustain their market position.
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