Chicago, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Hyaluronic Acid Market size is projected to reach USD 2.0 billion by 2027, at a CAGR of 7.9% from USD 1.4 billion in 2022, according to a new report by MarketsandMarkets™. The demand for hyaluronic-based products including moisturizer, dermal fillers, shampoo, and others has increased, which is a driving force behind the hyaluronic acid market. In addition, the prevalence of senior individuals has exacerbated the joint pain issue, particularly in China and Japan. Since hyaluronic acid is used to treat joints, this has boosted the demand for it.
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- Driver: Growing awareness towards beauty and health
Hyaluronic acid is now widely used to prevent natural aging process, pollution damages and helps in improving the skin. Both in developed and developing countries, consumers are now more concerned towards healthy skin. Consumers are actively looking for solutions to deal with skin and aging problems. All these factors are contributing to popular use of hyaluronic acid.
- Restraints: High cost for hyaluronic acid
One of the major restraints for hyaluronic acid is its high cost. Due to its high price, the hyaluronic acid products within cosmetics industry are finding it difficult to penetrate the middle-class segment of population. Specifically, the price sensitive population in Asia-Pacific region.
- Opportunities: Rising chronic diseases
The issue of joint discomfort has become more prevalent due to the ageing population, particularly in Japan and China. Since hyaluronic acid is used to treat joints, this has boosted the demand for it. Additionally, the market for hyaluronic acid is widely established, particularly in Asia-Pacific. Furthermore, upsurge in the expense of healthcare amenities can offer lucrative opportunities for hyaluronic acid market.
- Challenges: Availability of alternatives
The presence of alternatives limits the hyaluronic acid market growth. The market's expansion for hyaluronic acid is being constrained by the popularity of skin care chemicals including ceramides, sqaulene, vitamin C, and others. It is also more efficient to use an emollient, or skin softener, such as a moisturiser supplemented with squalene and ceramides.
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"Based on application, cosmetics is projected to grow at highest CAGR during the forecast period"
Growing urbanization, increasing number of working women, changing lifestyles, and increasing awareness regarding hygiene and skin care are some of the key drivers of the hyaluronic acid market. The awareness of hygiene and personal health has propelled the need for skin care products. This change has led to increased manufacturing of skin care and hair care products, thus driving the demand for hyaluronic acid market
"Personal care industry is projected to be the fastest growing application in hyaluronic acid market, 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.
"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.
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"Asia Pacific is projected to be the fastest growing market for hyaluronic acid during the forecast period, in terms of value and volume."
During the forecast period, Asia Pacific is projected to grow at highest CAGR, in terms of value. During the forecast period, China and India are anticipated to be the leading investment destinations in the market. This is due to the presence of a growing customer base in sectors including the pharmaceutical, nutraceutical, and cosmetic industries. Major industrial players are also present in the region, particularly in China.
New product launches and expansions are the major growth strategies adopted by the key players in the market.
Key Players in Hyaluronic Acid Market:
- Allergen (US),
- Sanofi-Aventis (France),
- Anika Therapeutics Inc. (US),
- Seikagaku Corporation (Japan),
- Ferring BV (Switzerland), and
- Hoffmann-La Roche AG (Switzerland).
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