The global Hyaluronic Acid Market apprehended a market value of USD 7.94 billion in 2021 and is projected to reach USD 20.01 billion by the year 2030. The market is projected to list a CAGR of 11.53% during the forecast period. Moreover, the global hyaluronic acid market volume was 2,156.23 metric tons in 2021.

The hyaluronic acid business is likely to grow at a considerable rate owing to the increasing demand at the supply end for anti-aging products, as well as aesthetic therapies. Moreover, the rising preference rates and applications of hyaluronic acid products in dry eye and osteoarthritis management fuels the growth rate of the market significantly.

The growing strategic moves by the key players is boosting the market growth. For instance, in February 2017, Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal healthcare, received approval from the U.S. Food and Drug Administration (FDA) for an expanded 26-week efficacy claim for its single-injection viscosupplement Gel-One Cross-linked Hyaluronate for the treatment of knee pain associated with osteoarthritis.

On the other hand, the hyaluronic acid market is projected to get hampered by the high costs associated with the products. Moreover, the side effects and the gray market is estimated to create a level of uncertainty in the marketspace.

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Increasing Demand for Anti-aging Cosmetics and Aesthetic Treatment

The high usage of anti-aging cosmetic products is fueling the growth rate of the global hyaluronic acid market. for instance, according to the Aesthetic Plastic Surgery statistics published in 2020, there were 17.7 million cosmetic procedures done in 2018. Similarly, as per the International Society of Plastic Surgery (ISPAS) statistics in 2019, a total of 1.5 million individuals aged 51-64 years underwent botulinum toxin procedures worldwide in 2019. Such high statistics push towards the rise in market value of the hyaluronic acid market.

Increase in usage of Hyaluronic Acid in Osteoarthritis and Dry Eye

Hyaluronic acid has several applications, namely, osteoarthritis, dry eye, and dietary supplements and cosmetics. The rising applications of hyaluronic acid in these areas boosts the market value of the market drastically. For instance, according to a study published in Journal of Bone & Joint Surgery. the use of hyaluronic acid injections for knee osteoarthritis in Medicare beneficiaries increased substantially from 2012 to 2018. The increased use of hyaluronic acid products is boosting the growth rate of the market over the forecast period.

The global hyaluronic acid market is segmented into product, grade, formulation, application, distribution channel, and use.

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The injection segment is expected to be the highest revenue generation segment with USD 8.30 million by 2030. Based on the injection segment, the three cycle injection held the largest market share in 2022. The powder segment is projected to grow at the highest rate of 12.84% over the forecast period.

The medical grade segment held the largest market share in 2021 over 45%, whereas the cosmetic grade segment grew highest with a rate of 12.16% over the anticipated period.

The HA + Lidocaine is projected to hold an opportunity of USD 7.7 billion owing to the rising usage of HA+ lidocaine formulations in most of the hyaluronic acid products.

The osteoarthristis segment is anticipated to grow at the highest rate during the forecast period. The osteoarthritis segment is expected to hold a CAGR of 9.88% in terms of the market volume over the forecast period. The pharmaceutical API is estimated to cross a mark of USD one billion revenue by 2023. Moreover, the cosmetics segment is projected to hold the highest volume worth 1,473.10 metric tons by 2030.

On the basis of distribution channel, the hospitals segment held the largest market share of over 35% in 2022, whereas the online pharmacies segment grew at a highest growth rate of 12.81%.

The non-medical use segment is expected to grow at the highest CAGR of 11.79% owing to the rapid applications of hyaluronic acid in personal care aesthetics and food marketspace.

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By region, the global hyaluronic acid market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.

The North American hyaluronic acid market is expected to hold the largest market share of more than 35% owing to the mounting strategic advances by the companies functioning in the marketspace.

The Asia-Pacific market for hyaluronic acid is anticipated to grow at a highest rate of 12.64%. The Asia-Pacific region is estimated to be the fastest & largest growing region due to increasing research and development initiatives and investments, coupled with the rising cosmetic industry in the countries, such as Thailand, Japan, and China.

Moreover, the European and Middle Eastern regions are also expected to grow at a substantial rate owing to the rising adoption rates of hyaluronic acid products.

The prominent players operating in the global hyaluronic acid market include Allergan plc, Evonic Industries AG, Zimmer Biomet, Smith & Nephew Plc, Anika therapeutics, Sanofi, Ferring B.V, Life Core Biomedical LLC, Fidia Farmaceutici s.p.a, Galderma Genzyme Corp., and Bausch & Lomb Inc., among others.

The major ten players in the market hold approximately 45% to 60% of the market share. These market players are investing in product launches, joint ventures, mergers, acquisitions, expansions, and research initiatives, to create a competitive edge. For instance, in September 2021, Bausch + Lomb, announced significant topline data from the second Phase 3 of MOJAVE trial evaluating the investigational drug NOV03 (perfluorohexyloctane) as a first-in class eye drop with a novel mechanism of action to treat the signs and symptoms of dry eye disease (DED) associated with Meibomian gland dysfunction (MGD).

The global hyaluronic acid market report provides insights on the below pointers:

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