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Hyaluronic acid products are used in different applications such as osteoarthritis, ophthalmic, dermal fillers, and vesicoureteral reflux. Hyaluronic acid is a glycosaminoglycan polysaccharide that is normally present in the extracellular matrix of connective, epithelial, and neural tissues. It is an anabolic component of synovial fluid, articular cartilage, skin, and umbilical cord. Products such as dermal fillers, scaffolds, visco-supplement are in demand in the aesthetics and orthopedic market due to high biocompatibility and lubricating properties of hyaluronic acid.
The global Hyaluronic Acid Products Market is estimated to be valued at US$ 3,343.5 Mn 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 major trends in the hyaluronic acid products market is the growing adoption of non-invasive aesthetic procedures. Non-invasive aesthetic procedures are gaining prominence over surgical procedures due to benefits such as less discomfort, lower risk of complications, and shorter recovery time. Hyaluronic acid-based dermal fillers are widely used in non-invasive procedures for lifting, contouring, and plumping of facial wrinkles and folds. Other key trends include the development of bioengineered hyaluronic acid products and increasing spending on hyaluronic acid injections in emerging economies. The growing demand for natural products and personalized therapy is also expected to drive innovation and new product development in the market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements for R&D, manufacturing plants and distribution channels. Strict regulations from FDA also poses entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established brands. However, the use of HA fillers is growing which increases buyer options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials needed for HA production. However, suppliers may control prices due to patented manufacturing processes.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives available for the anti-aging effects provided by HA. However, new innovations may pose a threat.
Competitive rivalry: Competition is high among major players due to their large product portfolios and geographical presence.
Key Takeaways
The global Hyaluronic Acid Products Market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing demand for anti-aging products and growing awareness about dermal fillers.
The North America region accounts for the largest share in the global market owing to developed healthcare infrastructure and increased medical aesthetics procedures. Asia Pacific is expected to witness the fastest growth during the forecast period, with major opportunities in China, Japan and India due to growing middle class, increasing beauty consciousness and rising medical tourism.
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, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
