Number of pages: 100 | Report Format: PDF | Published date: March 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 9.8 billion |
Revenue Forecast in 2031 |
US$ 18.32 billion |
CAGR |
7.2% |
Base Year for Estimation |
2022 |
Forecast Period |
2023-2031 |
Historical Year |
2021 |
Segments Covered |
Application, End-user, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global hyaluronic acid products market was valued at US$ 9.8 billion in 2022 and is expected to register a revenue CAGR of 7.2% to reach US$ 18.32 billion by 2031.
Hyaluronic Acid Products Market Fundamentals
Hyaluronic acid products are skincare or cosmetic products that contain hyaluronic acid as an active ingredient. Hyaluronic acid is a natural substance found in the body that helps to hydrate and plump the skin. When used in skincare products, it can help to improve skin hydration and texture, reduce the appearance of fine lines and wrinkles, and promote a more youthful, radiant complexion. Hyaluronic acid products can take many forms, including moisturizers, serums, masks, eye creams, and even makeup products. Some hyaluronic acid products also contain other beneficial ingredients, such as antioxidants or peptides, to provide additional skincare benefits.
The market is expected to continue to grow due to the increasing demand for skincare and beauty products that contain hyaluronic acid and the rising prevalence of joint disorders such as osteoarthritis. The rising geriatric population globally is also driving the revenue growth of the hyaluronic acid products market. However, the market is also likely to compete with other ingredients and treatments that offer similar benefits.
Geographically, the market for hyaluronic acid products is dominated by North America and Europe, due to high consumer awareness and the presence of leading companies in the region. The Asia Pacific region is also a significant market for hyaluronic acid products, driven by increasing consumer spending on skincare products and the growing popularity of anti-aging products.
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Hyaluronic Acid Products Market Dynamics
The increasing global geriatric population has fueled the demand for anti-aging products. Hyaluronic acid products have become popular due to their efficacy in diminishing the appearance of fine lines and wrinkles, thereby driving a substantial rise in demand for hyaluronic acid products. Consumers are becoming more conscious of their skincare product ingredients and seeking natural and organic alternatives. As a result, there has been a rise in demand for hyaluronic acid products free from synthetic fragrances, parabens, and other harmful chemicals, boosting the revenue growth of the hyaluronic acid products market. The emergence of social media and beauty influencers has created greater consumer awareness regarding the significance of skincare. Hyaluronic acid, a fundamental component in numerous skincare formulations, has experienced a corresponding surge in demand due to heightened consumer interest.
Technological advancements have led to the development of new and innovative hyaluronic acid products, such as topical creams and injectable fillers. These products are becoming more effective and easier to use, propelling the revenue growth of the hyaluronic acid products market. The ongoing improvement of the global economy has resulted in consumers having higher expendable income to allocate towards luxury goods, such as premium skincare products. This has instigated a rise in demand for high-end hyaluronic acid products. It is also used in hair, makeup, and other personal care products. This has increased the availability and variety of hyaluronic acid products on the market.
However, the high cost linked to hyaluronic acid products is restricting the revenue growth of the hyaluronic acid products market. The Regulatory issues related to the development and distribution of hyaluronic acid products are also hindering the revenue growth of the market.
Hyaluronic Acid Products Market Ecosystem
The global hyaluronic acid products market is analyzed from four perspectives: application, end-user, and region.
Hyaluronic Acid Products Market by Application
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Based on the application, the global hyaluronic acid products market is segmented into dermal fillers, osteoarthritis, ophthalmic, and vesicoureteral reflux.
The osteoarthritis segment dominated the hyaluronic acid products market with the largest revenue share. The rising prevalence of osteoarthritis increases the demand for effective treatment, boosting segment revenue growth. According to the Global Burden of Disease Study 2019, more than 500 million people are affected by osteoarthritis worldwide, accumulating around 7% of the world’s population. Hyaluronic acid injections effectively reduce pain and improve joint function in individuals with osteoarthritis. This has led to the widespread adoption of hyaluronic acid injections as a treatment option for osteoarthritis, further contributing to the dominance of this segment. Hyaluronic acid injections effectively reduce pain and improve joint function in individuals with osteoarthritis. This has led to the widespread adoption of hyaluronic acid injections as a treatment option for osteoarthritis, further contributing to the dominance of this segment. Many insurance plans and government programs globally cover hyaluronic acid injections for osteoarthritis patients, making them more accessible and affordable for those who need them. Although nonsteroidal anti-inflammatory drugs and corticosteroid injections are alternative treatment options for osteoarthritis, they may not be appropriate for all patients or produce undesirable side effects. On the other hand, hyaluronic acid injections provide a non-invasive, long-lasting treatment option for many patients.
The dermal fillers segment is expected to experience a lucrative revenue growth rate during the forecast period because it is increasingly becoming popular among people who want to enhance their facial features or reduce signs of aging. According to the Aesthetic Society, in the U.S., around 1,857,339 dermal fillers were performed in 2021. Dermal fillers made from hyaluronic acid are preferred over other fillers because they are biocompatible, meaning they are easily accepted by the body and have a low risk of adverse reactions. Dermal fillers have become more widespread in recent years due to technological advancements and increased consumer awareness. Additionally, the growing trend of minimally invasive cosmetic procedures has also contributed to the popularity of dermal fillers, a non-surgical way to achieve a more youthful appearance. Furthermore, the increasing demand for anti-aging treatments and the rise in disposable income in many countries has also driven the revenue growth of the dermal fillers segment in the hyaluronic acid products market. As a result, companies are investing more in research and development to create innovative dermal fillers that provide longer-lasting results and have fewer side effects, further fueling the segment’s revenue growth.
Hyaluronic Acid Products Market by End-user
Based on end-user, the global hyaluronic acid products market is segmented into the personal care industry, pharmaceutical industry, and others.
The personal care industry segment accounted for the prominent revenue share of the hyaluronic acid products market. The personal care industry includes a wide range of products, such as moisturizers, serums, masks, and anti-aging creams that contain hyaluronic acid. These products are popular among consumers looking for effective and safe solutions to improve the health and appearance of their skin. Additionally, the personal care industry is constantly evolving, with companies investing in research and development to create new and innovative products that incorporate hyaluronic acid. As a result, many different types of hyaluronic acid products are available, each with unique benefits and features. The increasing awareness among consumers about the importance of self-care and the growing demand for natural and organic products has further fueled the revenue growth of the personal care segment in the hyaluronic acid products market.
The pharmaceutical industry segment is also expected to account for a significant revenue share of the hyaluronic acid products market owing to its use in a variety of medical and therapeutic applications. Hyaluronic acid has many unique properties that make it useful in the pharmaceutical industry, such as its ability to bind to cells and tissues and its biocompatibility, which makes it safe to use in the human body. Hyaluronic acid injections are used to reduce pain and inflammation in the joints. They are effective in improving joint function and mobility. Hyaluronic acid is used in the development of drug delivery systems. It can be used to encapsulate drugs and target them to specific cells or tissues in the body, which can improve the effectiveness and reduce the side effects of the drugs, boosting segment revenue growth.
Hyaluronic Acid Products Market by Region
Geographically, the global hyaluronic acid products market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region is expected to account for the largest hyaluronic acid products market revenue share. There is a strong demand for hyaluronic acid products in North America, as consumers are increasingly interested in natural and organic skincare products. Additionally, the aging population is looking for ways to reduce the signs of aging, which has created a large market for anti-aging products. North America has easy access to the raw materials required to produce hyaluronic acid products. North American companies have invested heavily in research and development, resulting in technological advancements that have made the production of hyaluronic acid products more efficient and cost-effective. North America has a regulatory environment that supports the use of hyaluronic acid products in the skincare industry, which has helped promote revenue growth and consumer adoption. Additionally, the region has the presence of top market players, with companies having strong distribution networks that allow them to reach a wider audience and promote their products effectively.
Hyaluronic Acid Products Market Competitive Landscape
The prominent players operating in the global hyaluronic acid products market are:
Hyaluronic Acid Products Market Strategic Developments
The increasing demand for skincare and beauty products that contain hyaluronic acid and the rising prevalence of joint disorders, such as osteoarthritis, are some of the factors driving the global market.
The global hyaluronic acid products market was valued at US$ 9.7 billion in 2021.
Hyaluronic acid products are skincare or pharmaceutical products that contain hyaluronic acid as an active ingredient. Hyaluronic acid is a natural substance found in the body that helps to hydrate and plump the skin.
The prominent players operating in the global hyaluronic acid products market are Allergan plc (AbbVie), Sanofi S.A., Anika Therapeutics, Inc., Contipro AS, and Lifecore Biomedical.
The osteoarthritis segment dominates the global hyaluronic acid products market.
*Insights on financial performance are subject to the availability of information in the public domain