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The hyaluronic acid market size is estimated to grow at a CAGR of 7.3% between 2022 and 2027. The hyaluronic acid market size is forecast to increase by USD 3,719.76 million. The market's growth depends on several factors, such as the need for safe and stable drugs that require minimal monitoring, growing investments in expanding production facilities and increasing health consciousness among people.
This hyaluronic acid market report extensively covers market segmentation by application (dermal fillers, osteoarthritis, ophthalmic, and vesicoureteral reflux), end-user (pharmaceutical industry and cosmetic industry), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The need for safe and stable drugs that require minimal monitoring is notably driving the market growth, although factors such as fluctuating raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The huge requirement for safe and stable drugs that require minimal monitoring is the key factor driving the growth of the global hyaluronic acid market. Most drugs used to treat dermatologic conditions are associated with neuropsychiatric side effects. Because they are dose and duration-dependent and hence require systematic monitoring to identify adverse effects. Rational drug use is conventionally defined as the use of appropriate, effective, safe, and cost-effective treatments in recommended dosages and formulations for appropriate indications and for the required duration. Rational prescription by the dermatologist involves defining the illness, specifying therapy objectives, using personalized treatment, initiating treatment, providing information to patients, and monitoring the patient.
Since most available dermatological drugs require repeated and long-term use, the term rational prescription may not be valid. The stability of most dermatological drugs also varies depending on the climate. For instance, extreme climatic conditions can reduce the potency of drugs, with some drugs degrading faster than others. Hence, there is a need for drugs that show sufficient chemical, physical, and microbial stability in varied climatic conditions. Such an increase in demand for HA-based dermatological drugs, in turn, is expected to drive the growth of the global HA market.
Increasing acquisitions and joint ventures is the primary trend in the global hyaluronic acid market. Regional and global players are operating in the global HA market by forming strategic alliances and partnerships. The manufacturer has expanded its product portfolio through strategic alliances to meet the growing demand for HA from pharmaceutical industries such as dermatology, orthopedics, and surgical adhesion prevention. For instance, in March 2022, AbbVie Inc. acquired Syndesi Therapeutics to expand AbbVie's neuroscience portfolio. AbbVie now has access to Syndesi's portfolio of new modulators of the synaptic vesicle protein 2A (SV2A), including its flagship product SDI-118.
The mechanism is now being studied for its possible application in the treatment of cognitive impairment and other symptoms associated with a variety of neuropsychiatric and neurodegenerative illnesses, including Alzheimer's disease and major depressive disorder. Such M&A activities help vendors to expand their product portfolios and geographical presence and enhance product development, which will boost the growth of the global HA market during the forecast period.
Rising raw material prices are a major challenge to the growth of the global hyaluronic acid market. Producing HA requires raw materials such as essential oils, plant extracts, chemicals, syrups, and vitamins. HA comes from natural plant-based sources such as soybeans and wheat, and it also comes from animal sources such as rooster combs. In addition, raw materials such as essential oils and plant extracts are being used more and more in various products such as pharmaceuticals and cosmetics, resulting in rising prices in Europe and the United States.
Thus, the cost of production incurred by HA manufacturers is increasing because manufacturers from other industries are also procuring the raw materials. This will negatively impact the profit margins of the vendors, and as a result, vendors are increasing the prices of their offerings. Such factors are expected to negatively impact the growth of the global HA market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hyaluronic Acid Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AbbVie Inc.: The company offers hyaluronic acids such as JUVEDERM VOLUX XC. Also, the company conducts research and development, manufacturing, commercialization, and sale of innovative medicines and therapies to allocate resources and assess business performance on a global basis in order to achieve established long-term strategic goals.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the dermal fillers segment will be significant during the forecast period. The use of HA dermal fillers is to restore the lost tissue volume, giving sagging skin an elastic aspect and a fuller appearance. Moreover, the cross-linked HA particles used in fillers provide a concentrated material that is resistant to many types of physical and chemical disintegration. Such factors will increase segment growth during the forecast period.
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The dermal fillers segment was valued at USD 3,416.24 million in 2017 and continued to grow until 2021. In recent years, the pool of patients adversely affected by dermatologic conditions has greatly expanded due to major factors such as poor nutrition, stress, environmental pollution, unhealthy eating habits, and weakened immunity. This has increased the demand for effective treatments and medicines for dermatological diseases. HA preparations come in oral, topically applied, and injectable forms and have received Food and Drug Administration (FDA) approval for several of them. HA has become widely used in cosmetic injections in recent years due to its capacity to reduce the visibility of wrinkles and other aging-related skin defects. Therefore, the growth of the dermal filler segment is expected to contribute to the growth of the global HA market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American HA market is experiencing significant growth, primarily due to an aging population and high prevalence of chronic and infectious skin diseases. This has increased the demand for dermatology medicines and services in the region, increasing the demand for HA acids. Especially in the US, the growing awareness about diagnostic dermatology tests among the geriatric population has increased the sales of dermatological drugs in the country.
The COVID-19 pandemic negatively impacted the HA market in the region during 2020-2021. However, the initiation of large-scale COVID-19 vaccination drives in 2021 and the subsequent lifting of lockdown restrictions led to the gradual resumption of operations at manufacturing and logistics units for HA, which eased research and development (R&D) related constraints. With the gradual decline in the number of COVID-19 cases, the situation has returned to normalcy, and hence, pragmatic action is required to deal with the challenges faced by dermatologic and orthopedic patients with respect to the continuous availability of dermatological drugs at hospitals or clinics in 2022. Thus, the gradually improving economic situation in North America is expected to increase the demand for HA, which, in turn, is expected to fuel the regional HA market during the forecast period.
The hyaluronic acid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global hyaluronic acid (HA) market as a part of the global specialty chemicals market within the global chemicals market. The parent global chemicals market covers companies engaged in the manufacturing of various types of products under organic and inorganic chemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Hyaluronic Acid Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.3% |
Market growth 2023-2027 |
USD 3,719.76 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.6 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., ABDI Ibrahim ILAC Sanayi Ve Ticaret Anonim Sirke, Anika Therapeutics Inc., Bausch Health Co. Inc., Bioplus Co. Ltd., BioScience GmbH Cosmetics Trading LLC, Bioxis Pharmaceutical, Bloomage Biotechnology Corp Ltd., Ferring BV, Fidia Farmaceutici Spa, Galderma SA, Huadong Medicine Co. Ltd., Laboratoires VIVACY SAS, LG Chem Ltd., Merz Pharma GmbH and Co KGaA, Sanofi SA, Seikagaku Corp., Smith and Nephew plc, SyrHA Trading SA, Teva Pharmaceutical Industries Ltd., and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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