Hyaluronic acid is a naturally occurring polysaccharide found in the human body. Hyaluronic acid fillers and other hyaluronic acid products are widely used in cosmetic procedures to replenish lost volume and hydrate the skin. They help reduce wrinkles, lines and restore youthful contour.
Paragraph: The global Hyaluronic Acid Products Market is estimated to be valued at US$ 3,343.5 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the hyaluronic acid products market is the increasing demand for hyaluronic acid dermal fillers. Hyaluronic acid fillers are increasingly being used for facial contouring and rejuvenation procedures to enhance soft tissue volume and skin hydration. The demand is driven by the rising consumer awareness about minimally invasive aesthetic procedures and the growing social acceptance of cosmetic procedures. Another major trend is the increasing investment in R&D for developing advanced hyaluronic acid products. Companies are focusing on formulations that can last longer, thereby reducing the need for frequent treatments.
SWOT Analysis
Strength: Hyaluronic acid has natural anti-inflammatory and moisturizing properties that helps relieve joint pain and treat skin conditions. It can help repair damaged cartilage and lubricate joints for better movement.
Weakness: Hyaluronic acid products are generally more expensive compared to other traditional joint supplements and creams. Their effectiveness depends on the condition being treated and individual physiology.
Opportunity: Rising geriatric population suffering from osteoarthritis and other joint disorders is driving the demand. Increasing consumer awareness about benefits of natural ingredients is supporting the market growth.
Threats: Strict regulations pertaining to hyaluronic acid product approvals delay market entry of new players. Intense competition from other joint supplements and dermal fillers can affect market share of existing companies.
Key Takeaways
The global Hyaluronic Acid Products market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing geriatric population and prevalence of joint disorders.
Regional analysis: North America dominates the global market owing to rising healthcare spending and early adoption of advanced hyaluronic acid therapies. Asia Pacific is expected to grow at a fastest pace during the forecast period due to rising medical tourism, healthcare infrastructure expansion, and growing middle class population in countries like China and India.
Key players operating in the Hyaluronic Acid Products market are 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.
_________________________________________________________________________
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.