Hyaluronic Acid Market Overview
Owing to the vast unmet medical requirements across emerging nations like South Korea and China, Asia Pacific is projected to offer lucrative opportunities to global companies. Burgeoning geriatric consumer base in China and Japan has benefitted the anti-aging product sector to a large extent. In addition, the strong influence of the western beauty and grooming standards over the population in APAC could also elevate the market position.
Market Research Future/MRFR expects the hyaluronic acid market to capture a CAGR of 6.77% from 2022 to 2030
The hyaluronic acid industry is constantly evolving, considering the rising uptake of aesthetic procedures across developed as well as developing countries. Hyaluronic acid’s escalating use in cardiovascular implants, like vascular grafts and stents for enhancing the compatibility as well as the mounting knowledge level about anti-aging items should further fuel the market expansion rate. The efficacy of hyaluronic acid-based products is working in its favor and is leading to its robust demand in the global Hyaluronic Acid Market.
The exploding worldwide population with surging preference for aesthetic treatments and antiaging cosmetics has been quite favorable. Thanks to its unique viscoelastic as well as moisturizing characteristics along with low toxicity levels, hyaluronic acid is a common ingredient in various products. Emerging demand for minimally invasive solutions due to lower side effects, reduced pain, lesser postsurgical complications, and shorter recovery time also raise the demand for hyaluronic acid.
Hyaluronic Acid Market Regional Analysis
Because of the increasing demand for the product in the pharmaceutical business, the market in North America is likely to increase significantly. The presence of a big pharmaceutical base in the United States is a major driver of regional market expansion.
In 2019, Europe spent USD 45,786 million on pharmaceutical research and development. In 2019, the region produced USD 335,769 in pharmaceutical products and exported USD 579,965 in pharmaceutical products. Furthermore, Cosmetics Europe (a European trade organisation) claims that Europe is the world's largest market for cosmetics and personal care goods. Germany, France, the United Kingdom, Poland, and the United Kingdom account for the majority of the region's market share.
The pharmaceutical industry's expansion in the Asia-Pacific region is a major driver driving the hyaluronic acid market. China, India, and Japan are all key contributors to the market's expansion. With a CAGR of 9.86 percent throughout the predicted period, India emerged as the fastest rising country. Furthermore, in the Indian pharmaceutical business, generic drugs have the biggest market share, followed by over-the-counter medicines and proprietary drugs.
Latin America's population is aging at an alarming rate. Chronic diseases are predicted to rise as the population ages, which will benefit the hyaluronic acid industry. During the period 2021–2027, the Middle East and Africa is predicted to grow at a CAGR of 4.67 percent. The high prevalence of Noncommunicable Diseases (NCDs), the aging population, and the increasing penetration of health insurance are some of the key drivers driving the Middle East and Africa's healthcare industry growth.
Competitive Dynamics
Hyaluronic Acid Market Players. Allergan (Ireland), Contiproa.s. (Germany), Symatese Group (France), Zhonglan Industry Co., Ltd (China), Altergon Italia SRL (Italy), Fidia FarmaceuticiS.p.a (Italy), BioibericaS.A.U. (Spain), Kewpie Corporation (Japan), Seikagaku Corporation (Japan), and Anika Therapeutics Inc. (US) are the major companies in the global market at present, which are competing in terms of quality, price, and availability.
Hyaluronic Acid Market Segmentation
The market for hyaluronic acid is divided into four categories: grade, application, content, and area.
The market is divided into three grade segments: cosmetics grade, pharmaceutical grade, and food grade.
Aesthetics, osteoarthritis, cosmetics, ophthalmology, pharmaceutical API, dietary supplements, and others are sub-segments within the application segment.
Dermatology clinics and cosmetic surgery centers, personal care, pharmaceutical sector, food industry, and others are the end user segments of the market.
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