The global hyaluronic acid market size is expected to reach USD 14.4 billion by 2028, expanding at a CAGR of 7.19%, according to a new report by Grand View Research, Inc. Factors, such as increasing concern of population regarding chemicals, desire to get quick and evident results, and shorter recovery time, are high impact rendering drivers for this market. The market is evolving rapidly due to the increasing adoption of aesthetic procedures in developed and developing regions. Increasing the use of hyaluronic acid surfaces in cardiovascular implants, such as stents and vascular grafts, for improving the compatibility coupled with growing awareness about anti-aging products is fueling the growth. The efficacy and evident results of hyaluronic acid-based dermal fillers are attracting consumers.
Furthermore, the COVID-19 pandemic has changed the dynamics of many industries, with movement restrictions, social distancing, and revised practices becoming the “new normal.” As the cosmetic industry is gradually resuming its operations, a number of doctors have reported a significant increase in the inquiries for aesthetic surgeries. Moreover, the lockdown has encouraged all professionals to use video-conferencing facilities, which has made people more conscious about their looks. In some cases, it has led people to opt for cosmetic treatments; this is termed as the “Zoom Boom” or the “Zoom effect.” Cosmetic surgeons across the world have witnessed a significant increase in the number of patients as a result of the pandemic, particularly in countries, such as the U.S., Australia, and Japan.
The market in Asia Pacific is anticipated to register the fastest CAGR during the forecast period due to the rising geriatric population in China and Japan, which drives demand for anti-aging products and services. Increasing awareness about the applications of hyaluronan and its efficacy also fuels the demand. In addition, stabilizing economies leave the middle-class population with surplus money to spend on these procedures. The European market for orthopedic biomaterials has undergone impressive changes over the last 2 years. The high demand is witnessing increasing price competition owing to new entrants. The WHO recently announced the obesity epidemic in the U.K. and Germany. The relationship between the increasing aging population and obesity is a potential driver for the market in Europe.
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The osteoarthritis segment held the largest share in 2020 due to increased cases of obesity resulting in osteoarthritis &joint pain, which have boosted the product demand as a treatment
Hyaluronic acid acts as a shock absorber or a cushion and lubricates the joints, thus helping in the proper functioning
There are a number of ophthalmic surgical products that use hyaluronan/hyaluronic acid as an active ingredient. These include Vitrax, Healon, Amivisc Plus, Amvisc, Hylan G-F20, and Opegan
The increasing prevalence of age-related eye diseases, dry eye syndrome, adult-vision impairments, and chronic diseases, such as diabetes, are major factors leading to market growth for the ophthalmic application segment
Growing preference for short-treatment regimens, even though high priced, and high prevalence of target diseases are the key factors driving the market in North America
Grand View Research has segmented the global hyaluronic acid market on the basis of application and region:
Hyaluronic Acid Application Outlook (Revenue, USD Million, 2016 - 2028)
Hyaluronic Acid Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa (MEA)
List of Key Players of Hyaluronic Acid Market
Anika Therapeutics, Inc.
F. Hoffmann-La Roche Ag
Galderma Laboratories L.P.
Smith & Nephew Plc
Lifecore Biomedical, Llc
Shiseido Company, Limited
Bloomage Biotechnology Corporation Limited
LG Life Sciences Ltd (LG Chem.)
Maruha Nichiro, Inc.
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