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Hyaluronic Acid Market To Rise Up At Exponential Growth of $14.4 Billion By 2028, Owing To Increasing Adoption of Nonsurgical Cosmetic Procedures | Grand View Research, Inc.

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Hyaluronic Acid Market To Rise Up At Exponential Growth of $14.4 Billion By 2028, Owing To Increasing Adoption of Nonsurgical Cosmetic Procedures | Grand View Research, Inc.

June 03
06:16 2022
Hyaluronic Acid Market To Rise Up At Exponential Growth of $14.4 Billion By 2028, Owing To Increasing Adoption of Nonsurgical Cosmetic Procedures | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the hyaluronic acid industry is expected to witness enhanced demand due to the aging population and the introduction of technologically advanced products during the forecast period.

Hyaluronic Acid Industry Overview

The global hyaluronic acid market size was valued at USD 8.5 billion in 2020 and is expected to reach USD 14.4 billion by 2028, expanding at a CAGR of 7.19% over the forecast period.

The market is anticipated to witness high growth due to the aging population and the introduction of technologically advanced products. The shift in preference to minimally invasive procedures and rapid results is expected to drive the market in the coming years. Increasing aesthetic consciousness, the introduction of cost-effective treatments and products, and technological advancements are also among the key factors driving the growth of the market. A rise in the number of plastic surgeons and cosmetic clinics is contributing to an increase in the number of aesthetic procedures being performed.

Gather more insights about the market drivers, restrains and growth of the Global Hyaluronic Acid Market

The growing adoption of nonsurgical cosmetic procedures including Botox and hyaluronic acid injectables is driving the market. New product developments and rising adoption of business strategies by the key market players including mergers and acquisitions are anticipated to propel market growth over the forecast period. Several health benefits of hyaluronic acid, such as moisture retention, faster wound healing, relief from joint pain, preventing dry eyes &discomfort, and preservation of bone strength, drive the market. The natural aging process, tobacco smoking, and pollution can reduce the amount of hyaluronic acid present in human skin.

 

U.S. hyaluronic acid market size, by application, 2018 - 2028 (USD Billion)

 

Proper use of hyaluronic acid-based supplements and serums can prevent this and improve skin health. The industry is witnessing the introduction of newer technology and geographical expansion through new product approvals and mergers & acquisitions done by the industry players. In March 2018, Bioventus launched a new single-injection joint lubricant, Durolane in the U.S. for the treatment of osteoarthritis pain in the knee. Bioventus offers one-injection (Durolane), three-injection (Gelsyn-3), and five-injection (Supartz FX) hyaluronic acid options for the treatment of knee osteoarthritis pain.

 

Hyaluronic Acid Market Segmentation

Based on the Application Insights, the market is segmented into Dermal Fillers, Osteoarthritis, Ophthalmic, and Vesicoureteral Reflux.

  • Osteoarthritis (OA) dominated the overall market in 2020 with a revenue share of more than 41%. Almost 90% of prescriptions of viscosupplements are intended for the treatment of knee osteoarthritis. As per the Osteoarthritis Research Society International (OARSI), in the U.S., both corticosteroids and hyaluronic acid injections can be used for the treatment of osteoarthritis, but viscosupplementation is slightly more effective than corticosteroids.
  • According to the American Society of Plastic Surgeons (ASAPS), dermal fillers are the most popular and nonsurgical injectable procedures, especially used for correcting soft tissue defects of the face. Hyaluronic acid-based dermal fillers are commonly used for aesthetic procedures, such as improving nasolabial folds, eye wrinkles, dark circles, scar remediation, and rejuvenation.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America accounted for the largest revenue share of more than 43% in 2020 and will expand at a steady CAGR from 2021 to 2028 retaining the leading position.
  • The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. Rising awareness about applications of minimally invasive techniques, increasing disposable income, and the presence of high unmet medical needs in emerging economies, such as South Korea and China, are the key growth-driving factors.

 

Browse through Grand View Research’s Medical Devices Industry Research Reports.

  • Viscosupplementation MarketThe global viscosupplementation market size was valued at USD 3.76 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.37% from 2021 to 2028. The increasing demand for non-surgical treatments for osteoarthritis, the prevalence of lifestyle-induced disorders, and advancements in the development of hyaluronic acid-based therapies are some of the factors expected to drive the market.

 

  • Hyaluronic Acid-based Dermal Fillers MarketThe global hyaluronic acid-based dermal fillers market size was valued at USD 3.4 billion in 2018 and is projected to exhibit a CAGR of 7.4% over the forecast period. Increasing demand for youthful and flawless skin via noninvasive and outpatient aesthetic dermatology techniques is expected to drive the market. Furthermore, a rise in medical tourism for aesthetic procedures is anticipated to aid the market.

 

Market Share Insights

  • June 2020: AbbVie announced the approval of a new hyaluronic acid product—Juvederm Voluma XC—indicated for improving chin profile in adults.
  • December 2019: Anika Therapeutics launched its first hyaluronic acid-based surgically delivered regenerative therapy, TACTOSET in the U.S., for the treatment of bone defects caused by trauma or degeneration.
  • September 2019: Allergan received FDA approval for JUVÉDERM VOLUMA XC to be used with TSK STERiGLIDE cannula for cheek augmentation.

 

Key Companies Profile:

Market players are involved in R&D activities to introduce advanced and effective products. Some of the prominent players in the hyaluronic acid market include,

  • Allergan
  • Sanofi
  • Genzyme Corporation
  • Anika Therapeutics, Inc.
  • Salix Pharmaceuticals
  • Seikagaku Corporation
  • F. Hoffmann-La Roche Ag
  • Galderma Laboratories L.P.
  • Zimmer Biomet
  • Smith & Nephew Plc
  • Ferring B.V.
  • Lifecore Biomedical, Llc
  • HTL Biotechnology
  • Shiseido Company, Limited
  • Bloomage Biotechnology Corporation Limited
  • LG Life Sciences Ltd (LG Chem.)
  • Maruha Nichiro, Inc.

 

Order a free sample PDF of the Hyaluronic Acid Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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