The global hyaluronic acid products market is expected to attain a valuation of USD 3,343.5 million in 2023 and is projected to reach USD 6,838.2 million by 2033, rising at a CAGR of 7.4% during the forecast period.
The hyaluronic acid products market is expected to experience growth in the coming years, primarily due to the aging population and the introduction of advanced technologies. Factors such as a rising preference for minimally invasive procedures and the need for faster results are also expected to contribute to industry growth.
The market growth is being driven by various factors, including rising aesthetic awareness, an aging population, the introduction of affordable treatments and products, and ongoing technological advancements. The growing prevalence of lifestyle-related diseases and rising demand for healthier lifestyles have led consumers to adopt the philosophy of "prevention is better than cure." This shift in consumer behavior is shaping the demand outlook in the market.
The increasing number of patients with osteoporosis and rheumatoid arthritis is encouraging manufacturers to produce hyaluronic acid-based supplements and injectables. This is expected to have a positive influence on the market growth.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 3,343.5 million |
| Anticipated Forecast Value (2033) | USD 6,838.2 million |
| Projected Growth Rate (2023 to 2033) | CAGR 7.4% |
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The hyaluronic acid products market was worth USD 2,382.7 million in 2017. It accumulated a market value of USD 3,142.8 million in 2022 while growing at a CAGR of 5.7% from 2023 to 2033. The aesthetic treatment of skin and other body parts has significantly improved due to advanced innovative technologies, making the skincare industry one of the rapidly evolving markets.
Homegrown brands that specialize in ingredient-based skincare are experiencing a surge in investment, and consumers are showing a keen interest. The development of hyaluronic acid-based products using advanced technology has further increased the demand for hyaluronic acid in the market.
The development of hyaluronic acid-based products and dermal filler procedures is attracting customers to the cosmetic industry. This indicates that advancements in hyaluronic dermal products are expected to create numerous opportunities for business development in the coming years.
Industry players are introducing new technologies and expanding their geographical reach through mergers and acquisitions and the approval of new products. This is expected to create favorable prospects for industry expansion. As consumers become more conscious of their skin concerns such as acne and wrinkles, they are more likely to choose the appropriate treatment and product, such as Botox injections or dermal fillers, based on the underlying cause.
This is likely to drive product sales, expand product portfolios, and propel market growth. The market is projected to be worth USD 6,838.2 million by the end of the forecast period, exhibiting a CAGR of 7.4%.
Rising Geriatric Population to Propel Demand for Hyaluronic Acid Products
The increasing number of plastic surgeons and cosmetic clinics is driving the demand for aesthetic procedures, particularly nonsurgical options such as Botox and hyaluronic acid injectables. This is anticipated to propel the demand for hyaluronic acid products during the forecast period.
Hyaluronic acid's numerous health benefits, including moisture retention, faster wound healing, joint pain relief, prevention of dry eyes and discomfort, and preservation of bone strength, are anticipated to fuel demand for hyaluronic acid products in the coming years.
Hyaluronic acid supplements and injections provide relief to those with orthopedic disorders, including osteoarthritis resulting from joint wear and tear. The geriatric population is a significant target segment for hyaluronic acid-based products globally, as they are more susceptible to bone and joint-related issues such as osteoporosis and rheumatoid arthritis.
Manufacturers are producing hyaluronic acid-based supplements and injectables to cater to this increasing demand. Consequently, the hyaluronic acid market is expected to experience substantial growth during the forecast period due to the rising cases of bone and joint-related problems.
Product Recalls to Restrain Market Expansion
Recalls of hyaluronic acid-based products due to safety concerns are expected to negatively affect market growth. Companies and regulatory authorities recalling products for issues such as inaccurate content or ingredient errors pose a challenge to market growth as patient safety is crucial when introducing products to the market.
North America Driving Growth with Significant CAGR
The North American hyaluronic acid products market accounted for a revenue share of 34.5% in 2022. The United States alone accounted for a revenue share of 25.3% in the same year. The demand outlook for hyaluronic acid products in the region is expected to grow with a CAGR of 7.1% during the forecast period.
North America's robust healthcare industry and increased awareness are helping to dominate the hyaluronic acid market. The region's swift adoption of new skincare treatments and technologies is further anticipated to boost market growth during the forecast period.
A sizable geriatric population in North America, which is more susceptible to osteoarthritis, vesicoureteral reflux, and cataracts, is a contributing factor to the market development. Burgeoning demand for minimally invasive cosmetic surgeries is a key factor that is expected to induce growth in the regional market.
The United States cosmetic industry is a mature and thriving market with abundant product innovations. The demand from younger generations, who prefer locally sourced, organic, and sustainable cosmetic solutions, is expected to drive the growth of hyaluronic acid products market by integrating it into skin-related products.
The demand outlook in this region is expected to be propelled by the "anti-aging" category, as Gen X consumers with substantial purchasing power seek trustworthy long-term solutions for achieving an "ageless" appearance.
Europe Driving Growth with a Significant CAGR
Europe accounted for a revenue share of 27.1% in the hyaluronic acid products market. The regional market is expected to reflect a CAGR of 5.4% throughout the forecast period. The European market for hyaluronic acid products is expected to grow due to the growing use of hyaluronic acid in cosmetic and personal care products. Also, increasing customer interest in physical appearance, particularly for anti-aging products is further estimated to shape the demand outlook in the region.
Western Europe is emerging as a significant market for hyaluronic acid, with Germany and the United Kingdom expected to account for over 40% of the market share in the region by end of the forecast period, following closely behind the North American market. The market of Germany and the United Kingdom are expected to grow with a CAGR of 5.3% and 5.9% during the forecast period.
Increasing incidence of skin conditions such as acne, pimples, open pores, and blackheads is further estimated to drive demand for hyaluronic acid serums during the forecast period. Also, a rising trend towards natural and organic skincare products is further expected to fuel demand for hyaluronic acid-based products in this region.
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Three Cycle Injection Product Driving Growth with a Sizeable Market Share
The three-cycle injection product segment accounted for 38.9% of revenue share in 2022. It is estimated to retain its dominant position during the forecast period.
The segment's growth is driven by factors such as the increasing incidence of osteoarthritis, rising usage of dermal fillers, and a growing number of three-cycle injection products in the market. Consequently, the three-cycle injection products segment is projected to grow at a CAGR of 7.01% during the forecast period.
Three cycle injection products can provide a more sustained and long-lasting effect compared to single injection products, making them an attractive option for patients seeking a longer-lasting result.
Hospital Pharmacies to Drive Growth with a Sizable Market Share
Hospital pharmacies accounted for a revenue share of 31.35% in 2022, in hyaluronic acid products market. This segment is expected to sustain its dominance by growing at a CAGR of 6.8% during the forecast period.
Hospitals are anticipated to dominate the market during the forecast period due to their higher patient footfall and advanced infrastructure. Additionally, hospitals provide an ideal setting for conducting various procedures, including minimally invasive or non-invasive treatments under expert supervision.
Hospital pharmacies have established distribution channels to ensure that their products are delivered quickly and efficiently to their customers. This can be particularly important for hyaluronic acid products, which may need to be stored and transported under specific conditions to maintain their efficacy.
Hyaluronic acid products used in medical settings are subject to regulatory requirements and must be approved by regulatory agencies such as the Food and Drug Administration (FDA). Hospital pharmacies are well-equipped to manage these requirements and ensure that their products comply with all relevant regulations.
Start-ups have a significant role in recognizing potential growth prospects in any market. They are capable of generating high returns, which benefits the industry's expansion. Start-ups are generally more effective in converting inputs into outputs and are more flexible and adaptable to unstable market conditions. Below are some of the start-ups that are anticipated to drive growth in the hyaluronic acid products market:
The hyaluronic acid products market is extremely competitive and consists of various key industry players. These players are heavily investing in manufacturing hyaluronic acid products.
The key industry players are Anika Therapeutics, Inc., Fidia Farmaceutici S.p.A., Sanofi, Ferring B.V., Viatris Inc., Croma-Pharma, Seikagaku Corporation, Zimmer Biomet, Lifecore Biomedical, LLC, LG Chem, Bioventus LLC, Smith & Nephew plc, Shanghai Jingfeng Pharmaceutical Co., Ltd., Nestle (Galderma), Bausch Health Companies Inc. (Salix Pharmaceuticals, Inc.), Allergan Plc.
Some recent developments in the market are:
Key industry players leverage organic growth strategies like acquisition, mergers, partnerships, and collaboration to enhance their product portfolio. This is expected to fuel the global hyaluronic acid products market.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 3,343.5 million |
| Market Value in 2033 | USD 6,838.2 million |
| Growth Rate | CAGR of 7.4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Product, Application, Distribution Channel, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled |
United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel, GCC Countries |
| Key Companies Profiled |
Anika Therapeutics; Inc.; Fidia Farmaceutici S.p.A.; Sanofi S.A; Ferring B.V.; Viatris Inc.; Croma-Pharma; Seikagaku Corporation; Zimmer Biomet Holdingd; Lifecore Biomedical LLC; LG Chem; Bioventus LLC; Smith & Nephew plc; Shanghai Jingfeng Pharmaceutical Co., Ltd.; Nestle (Galderma); Bausch Health Companies Inc. Companies Inc. (Salix Pharmaceuticals, Inc.); Allergan Plc. |
| Customization & Pricing | Available Upon Request |
Three-cycle injection product segment is expected to dominate the market by product type.
The market registered a CAGR of 5.7% from 2017 to 2022.
The market is projected to register a 7.4% CAGR until 2033.
The industry is estimated to reach US$ 6,838.2 million in 2033.
North America’s market accounted for a revenue share of 34.5% in 2022.
| Estimated Market Size (2024E) | USD 9,694.6 million |
|---|---|
| Projected Market Value (2034F) | USD 17,927 million |
| Value-based CAGR (2024 to 2034) | 6.3% |
| Market Valuation (2023) | USD 2.09 billion |
|---|---|
| Market Valuation (2033) | USD 3.40 billion |
| Market CAGR (2023 to 2033) | 5% |
| Market Value (2023) | USD 3.26 billion |
|---|---|
| Market Expected Value (2033) | USD 7.36 billion |
| Market Projected CAGR (2023 to 2033) | 8.5% |
| Expected Market Value (2022) | USD 392.7 Million |
|---|---|
| Market Anticipated Value (2032) | USD 520.4 Million |
| Projected Growth Rate (2022 to 2032) | 2.6% CAGR |
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Hyaluronic Acid Products Market
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