The global hyaluronic acid market is poised for remarkable growth, according to recent research, with the industry surpassing the billion-dollar revenue milestone in 2020 and displaying strong growth potential for the future.
Osteoarthritis Treatment Drives Demand
Hyaluronic acid, approved by the US FDA for intra-articular injection with high molecular weight, has revolutionized the treatment of osteoarthritis, particularly knee osteoarthritis. This treatment offers improved functioning and reduced pain, making it an essential option in managing various forms of arthritis. The Centers for Disease Control and Prevention (CDC) reports that arthritis is a significant health concern, with osteoarthritis affecting over 32 million individuals in the United States alone. The global burden of osteoarthritis is expected to rise, driven by an aging population and associated factors such as obesity. This surge in osteoarthritis cases has propelled the demand for hyaluronic acid products, further strengthening the hyaluronic acid market.
Dermal Fillers Boost Market Growth
The growing popularity of non-invasive cosmetic surgery procedures has had a positive impact on the hyaluronic acid market. Dermal fillers have gained significant traction in this context, with approximately 78% of non-invasive treatments utilizing hyaluronic acid, as reported by the American Society of Plastic Surgeons. This trend is expected to contribute significantly to the growth of the hyaluronic acid market in the years ahead.
Five Injection Cycle Products Take Center Stage
The demand for five injection cycle products is on the rise, driven by their effectiveness in treating chronic arthritis conditions. Additionally, countries incentivizing doctors for each appointment have seen increased popularity of these products among healthcare professionals, further boosting their sales and market share.
North America Dominates, Asia Pacific Emerges
North America continues to dominate the hyaluronic acid market, with a high prevalence of orthopedic ailments and a growing geriatric population. In the United States, approximately 24% of adults, or 58 million people, suffer from arthritis, a leading cause of work disability. Osteoarthritis is expected to increase, and hyaluronic acid injections are gaining traction as an impactful treatment option, surpassing corticosteroids in effectiveness.
In contrast, Asia Pacific is emerging as a lucrative market for hyaluronic acid products. The regions growing cosmetic sector, coupled with an aging population, is driving demand. According to the United Nations, by 2050, more than 400 million individuals in China alone will be over 60 years old, representing a substantial portion of the global elderly population. This demographic shift is expected to create significant growth opportunities for the cosmetic sector, thereby influencing the sales of hyaluronic acid-based cosmetic products.
Competitive Landscape
Key players in the hyaluronic acid market are actively pursuing growth strategies, including new product launches, acquisitions, capacity expansions, collaborations, and partnerships. Prominent companies operating in the hyaluronic acid market include Anika Therapeutics Inc., Sanofi, Viatris Inc., Fidia Farmaceutici S.p.A., Ferring B.V., LG Chem, Allergan PLC, Galderma, Bioventus LLC, Zimmer Biomet, Croma Pharma, Hoffmann-La Roche Ltd., Alcon Inc., F. Merz Aesthetics Inc., Shanghai Jingfeng Pharmaceutical Co. Ltd., Lifecore Biomedical LLC, and Seikagaku Corporation.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hyaluronic-acid-market
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COMTEX_442320054/2840/2023-10-23T08:21:16