Market Highlights
The global hyaluronic acid market is expected to reach a market value of up to USD 20,144.59million by 2027.
Hyaluronic acid, also called hyaluronan, is an anionic, nonsulfated glycosaminogly can distributed widely throughout connective, epithelial, and neural tissues. The growth of the global hyaluronic acid is driven by the increasing application of hyaluronic acid in cosmetic and personal care, the increasing number of cosmetic surgeries, extensive use of hyaluronic acid in the treatment of osteoarthritis and dry eye. However, the availability of substitutes is likely to restrain the market growth.
Segment Analysis
The global hyaluronic acid market is segmented into grade, application, content, and region. On the basis of grade segment, the market is segmented into cosmetics grade, pharmaceutical grade, and food grade. The application segment is sub-segmented into aesthetics, osteoarthritis, cosmetics, ophthalmology, pharmaceutical API, dietary supplements, and others. By end user, the market is categorized into dermatology clinics & cosmetic surgery centers, personal care, pharmaceutical industry, food industry, and others.
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Regional Analysis
The global hyaluronic acid market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Middle East & Africa.
The market in North America is expected to witness significant growth on account of the high demand for the product in the pharmaceutical industry. The presence of a large pharmaceutical base in the US is a key driver for the growth of the regional market. According to the European Federation of Pharmaceutical Industries & Association (EFPIA), North America accounted for 48.7% of the world's pharmaceutical sales in 2019. The US also invested nearly USD 55,755 million in pharmaceutical R&D expenditure, which exhibited an annual growth rate of 8.6%.
Europe accounts for the second-largest market. Major driving factors for the market growth are the increasing prevalence of eye inflammations such as madaros is and blepharit is, the growing cosmetic industry, and well-developed technology. Additionally, the increasing demand for cosmetic products such as hyaluronic acid and the rising adoption of new & unique fashion trends has provided fuel for the growth of the hyaluronic acid market
The growth of the pharmaceutical industry in the Asia-Pacific region is a prime factor driving the demand for the hyaluronic acid market. Countries such as China, India, and Japan are major contributors to the market growth. India is known to have one of the fastest-growing pharmaceutical industry. According to the Indian Brand Equity Foundation, the Indian pharmaceutical industry is expected to register a CAGR of 22.4% and reached USD 55 billion in 2020. In addition, generic drugs hold the largest market share in the Indian pharmaceutical industry, which is followed by counter medicines and patented drugs. The government authorities planned to invest USD 1.3 billion in the pharmaceutical industry to produce pharmaceutical ingredients domestically. India exported pharmaceuticals worth USD 20.70 during the tenure of 2019-20. Japan invested USD 14 billion in R&D in 2019 for the development of new medicines and drugs.
The growing aging population in Latin American countries is one of the key factors contributing to market growth. For instance, in 2018, the senior citizen population increased to 71 million in this region, which is estimated to double by 2035. An increase in the aging population is expected to surge the number of chronic diseases, positively impacting the hyaluronic acid market. The countries such as Chile, Peru, and Colombia are witnessing the highest healthcare expenses, registering a CAGR of 3.4% per year. Brazil is the largest hub for hospitals and surgeries and recorded a total of 7,878 centers. Mexico is witnessing a remarkable CAGR of 7.8% in the healthcare industry owing to large government spending.
The Middle East & Africa is expected to register a CAGR of 4.67% during 2021–2027. The segment accounted for USD 800.75 million in 2020 and is expected to reach USD 1,104.82 million by 2027. The high prevalence of Non-communicable Diseases (NCDs), growing aging population, and increasing penetration of health insurance are some of the primary factors boosting the growth of the healthcare market in the Middle East & Africa. In addition, Abu Dhabi and Dubai are attracting medical tourists. Thus, rising medical tourism and medical expenditure are estimated to drive regional growth during the assessment period.
Key Findings of the Study
- The global hyaluronic acid market is estimated to reach USD 20,144.59 million by 2027 at a CAGR of 7.06% during the assessment period.
- North America accounted for the largest share of the global hyaluronic acid market and is expected to witness significant growth on account of the high demand for the product in the pharmaceutical industry. The presence of a large pharmaceutical base in the US is a key driver for the growth of the regional market.
- Based on grade, the cosmetics grade segment accounted for the largest market share of 39.9% in 2020.
- On the basis of application, the osteoarthritis segment is projected to exhibit the largest market share of 20.21% in 2020.
- By end user, the pharmaceutical industry held the largest market share of 35.60% in 2020.
- Some of the key players operating in the hyaluronic acid market are Allergan plc (Ireland), Contipro a.s. (Czechia), Symatese (France), Zhonglan Industry Co., Ltd (China), Altergon Italia Srl (Italy), Fidia Farmaceutici s.p.a. (Italy), Bioiberica S.A.U. (Barcelona), Kewpie Corporation (Japan), Seikagaku Corporation (Japan), and Anika Therapeutics, Inc. (US).
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