Hyaluronic Acid Market Size, Share & Trends Analysis Report By Application (Dermal Fillers, Osteoarthritis, Ophthalmic, Vesicoureteral Reflux), By Region (North America, APAC), And Segment Forecasts, 2021 - 2028

Report Overview

The global hyaluronic acid market size was valued at USD 8.5 billion in 2020 and is projected to witness a compound annual growth rate (CAGR) of 7.19% from 2021 to 2028. The market is anticipated to witness high growth due to the aging population and the introduction of technologically advanced products. The shift in preference to minimally invasive procedures and rapid results is expected to drive the market in the coming years. Increasing aesthetic consciousness, the introduction of cost-effective treatments and products, and technological advancements are also among the key factors driving the growth of the market. A rise in the number of plastic surgeons and cosmetic clinics is contributing to an increase in the number of aesthetic procedures being performed.

The growing adoption of nonsurgical cosmetic procedures including Botox and hyaluronic acid injectables is driving the market. New product developments and rising adoption of business strategies by the key market players including mergers and acquisitions are anticipated to propel market growth over the forecast period. Several health benefits of hyaluronic acid, such as moisture retention, faster wound healing, relief from joint pain, preventing dry eyes &discomfort, and preservation of bone strength, drive the market. The natural aging process, tobacco smoking, and pollution can reduce the amount of hyaluronic acid present in human skin.

COVID-19 Hyaluronic Acid Market Impact: 6.6 % decline from 2019 to 2020

Proper use of hyaluronic acid-based supplements and serums can prevent this and improve skin health. The industry is witnessing the introduction of newer technology and geographical expansion through new product approvals and mergers & acquisitions done by the industry players. In March 2018, Bioventus launched a new single-injection joint lubricant, Durolane in the U.S for the treatment of osteoarthritis pain in the knee. Bioventus offers one-injection (Durolane), three-injection (Gelsyn-3), and five-injection (Supartz FX) hyaluronic acid options for the treatment of knee osteoarthritis pain. 

Application Insights

On the basis of application, the market is segmented as dermal fillers, osteoarthritis, ophthalmic, and vesicoureteral reflux. Osteoarthritis (OA) dominated the overall market in 2020 with a revenue share of more than 41%. Almost 90% of prescriptions of viscosupplements are intended for the treatment of knee osteoarthritis. As per the Osteoarthritis Research Society International (OARSI), in the U.S., both corticosteroids and hyaluronic acid injections can be used for the treatment of osteoarthritis, but viscosupplementation is slightly more effective than corticosteroids.

Though the share of painkillers in pain management is high, viscosupplements are gaining popularity as a cure. The use of hyaluronan as a treatment for osteoarthritis has been approved by U.S. FDA in 1997 and has gained substantial market share. The osteoarthritis segment is further classified into five-injection, three-injection, and single injection. The single hyaluronic acid injection is well received by the market despite higher treatment costs compared to its counterparts. Single-injection offers higher convenience and reduces the number of hospital visits while reducing pain and adverse effects.

According to the American Society of Plastic Surgeons (ASAPS), dermal fillers are the most popular and nonsurgical injectable procedures, especially used for correcting soft tissue defects of the face. Hyaluronic acid-based dermal fillers are commonly used for aesthetic procedures, such as improving nasolabial folds, eye wrinkles, dark circles, scar remediation, and rejuvenation. Hyaluronic acid injections are easy to use, effective, and relatively less expensive, and these associated advantages are expected to drive the market during the forecast period.

Regional Insights

North America accounted for the largest revenue share of more than 43% in 2020 and will expand at a steady CAGR from 2021 to 2028 retaining the leading position. This is due to the presence of a sizeable pool of geriatric population, which is more susceptible to disorders, such as osteoarthritis, vesicoureteral reflux, and cataracts. Moreover, the growing demand for minimally invasive cosmetic surgeries is a significant factor contributing to the market growth in North America.

The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. Rising awareness about applications of minimally invasive techniques, increasing disposable income, and the presence of high unmet medical needs in emerging economies, such as South Korea and China, are the key growth-driving factors. Moreover, the growing geriatric population in China and Japan provides a large customer base for anti-aging products and services. Increasing awareness about the applications of hyaluronan and its efficacy also fuels the demand. In addition, the Asian population is influenced by western beauty standards and targets volumized appearance. This has resulted in the growth of the market in this region.

Key Companies & Market Share Insights

Market players are involved in R&D activities to introduce advanced and effective products. For instance, in June 2020, AbbVie announced the approval of a new hyaluronic acid product—Juvederm Voluma XC—indicated for improving chin profile in adults. In December 2019, Anika Therapeutics launched its first hyaluronic acid-based surgically delivered regenerative therapy, TACTOSET in the U.S., for the treatment of bone defects caused by trauma or degeneration. In September 2019, Allergan received FDA approval for JUVÉDERM VOLUMA XC to be used with TSK STERiGLIDE cannula for cheek augmentation. Some of the prominent players in the global hyaluronic acid market include:

• Allergan

• Sanofi

• Genzyme Corp.

• Anika Therapeutics, Inc.

• Salix Pharmaceuticals

• Seikagaku Corporation

• F. Hoffmann-La Roche Ag

• Galderma Laboratories L.P.

• Zimmer Biomet

• Smith & Nephew Plc

• Ferring B.V.

• Lifecore Biomedical, Llc

• HTL Biotechnology

• Shiseido Company, Ltd.

• Bloomage Biotechnology Corp. Ltd.

• LG Life Sciences Ltd. (LG Chem.)

• Maruha Nichiro, Inc.

Hyaluronic Acid Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global hyaluronic acid market report on the basis of application and region:

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Dermal fillers

  • Osteoarthritis

    • Single Injection

    • Three Injection

    • Five Injection

  • Ophthalmic

  • Vesicoureteral reflux

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)

    • South Africa