Market Highlights:
Global Hyaluronic Acid Market is expected to have a market value of USD 19,945.4 Million by 2027.
Hyaluronic acid is produced naturally by our body, and its function varies based on the area in which it is produced. However, its basic and ultimate function is to lubricate the connective tissue and the bones and make the body appear hydrated. Besides, it has special features, such as wound remedy and inflammatory aid, which has further enhanced its market value. It also hydrates the body and resists early skin aging.
Key Players:
MRFR recognizes the following companies as the Key Players in the Global Hyaluronic Acid Market— Allergan Plc, Contipro A.S, Symatese Group, Zhonglan Industry Co., Ltd, Altergon Italia Srl, Fidia Farmaceutici S.P.A., Bioiberica S.A.U, Kewpie Corporation, Seikagaku Corporation, and Anika Therapeutics.
Key Findings of the Study:
- Global Hyaluronic Acid Market is estimated to reach USD 19,945.4 Million by 2027 at a CAGR of 6.77% during the assessment period of 2020 to 2027.
- The Americas accounted for the largest share of the global hyaluronic acid market due to the presence of prominent players in the US and rapid development in therapies.
- Based on grade, the cosmetic grade segment accounted for the largest market share of 39.71% in 2019.
- On the basis of application, the osteoarthritis segment was the fastest-growing segment during the forecast period, with a CAGR of 7.12%
- Based on end-users, the dermatology segment dominated the market with a CAGR of 8.49%.
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Segment Analysis:
Global Hyaluronic Acid Market based on the grade has been segmented into Cosmetic Grade, Pharmaceutical Grade, and Food Grade. The global hyaluronic acid market, by application, has been segmented into aesthetics, osteoarthritis, pharmaceutical API, cosmetics, dietary supplements, ophthalmology, and others. The global market, by end-users, has been segmented into the pharmaceutical industry, dermatology clinics & cosmetics, food industry, personal care, and others.
Regional Analysis:
Global Hyaluronic Acid Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The presence of a large pharmaceutical base in the US is a key driver of the regional market growth. According to the European Federation of Pharmaceutical Industries & Association (EFPIA), North America accounted for 48.7% of world pharmaceutical sales in 2019. Moreover, the US invested nearly USD 55,755 million in pharmaceutical R&D expenditure, which exhibited an annual growth rate of 8.6%.
The European Hyaluronic Acid Market has been further segmented into Western Europe and Eastern Europe. The Western Europe Hyaluronic Acid Market has further been classified into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. According to the EFPIA, Europe accounted for 22.9% of the overall pharmaceutical sales in 2019. In 2017, Europe invested an estimated USD 41 807.1 million in R&D. According to the European Trade Association for the cosmetics and personal care industry, the European market grew by 1.3% in 2018 to reach USD 88.88 billion. More than USD 24.23 billion of cosmetic products were exported by European countries in 2017, compared to USD 19.18 billion in 2016. Total imports amounted to only USD 7,117.85 million, mainly from the US, China, and Japan.
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The Hyaluronic Acid Market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Asia-Pacific is expected to register the highest growth rate during the forecast period from 2020 to 2027. The growth of the pharmaceutical industry in the Asia-Pacific region is a prime factor driving the demand for Hyaluronic Acid. Countries such as China, India, and Japan are major contributors to the market growth. India emerged as the fastest-growing market at a CAGR of 10.05%. According to the Indian Brand Equity Foundation, the country’s pharmaceutical industry is expected to register a CAGR of 22.4% during 2015–2020 to reach USD 55 billion. Moreover, India’s pharmaceutical exports stood at USD 17.27 billion in 2017 and are likely to drive the market during the forecast period. In 2019, Japan invested USD 14 billion in its R&D for the development of new medicines and drugs.
In Latin America, Brazil is one of the leading markets owing to the increasing number of hyaluronic acid-based dermal filler procedures in the country. Also, the increase in the aging population is expected to drive the growth in orthopedic diseases, positively impacting the hyaluronic acid market. Chile, Peru, and Colombia have high healthcare expenses, at a CAGR of 3.4% per year. Brazil is the largest center for hospitals and surgeries, a recorded total of 7,878 centers. Mexico is witnessing a remarkable growth rate of 7.8% in the healthcare industry, owing to high government spending.
The Middle East & Africa Hyaluronic Acid Market is segmented into the Middle East and Africa. The high prevalence of non-communicable diseases (NCDs), the growing aging population, and the 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 amongst attracting medical tourists in GCC. The GCC Healthcare Industry Report claims that Dubai aims to attract around 500,000 medical tourists by 2020. Thus, high medical tourism and a rise in medical expenditure are estimated to drive regional growth during the assessment period.
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