The global Hyaluronic Acid Market size is expected to reach USD 15.25 billion by 2026 registering a CAGR of 7.8%, according to a new report by Grand View Research, Inc. Factors, such as increasing concern about toxic chemicals, need for quick and evident results, and shorter recovery time are high impact rendering drivers of this market. The market is witnessing rapid growth due to increasing adoption of aesthetic procedures across the globe.
Wide usage of hyaluronic acid surfaces in cardiovascular implants, such as stents and vascular grafts, for improving the compatibility coupled with growing awareness about anti-aging products is driving the market. In addition, increasing cases of obesity indicate a rising number of people suffering from orthopedic disorders, which do not have any permanent cure and the treatments include pain-killers. However, hyaluronic acid-based viscosupplements are expected to be a possible cure for joint pain. Orthovisc, approved in 2013, and Monovisc, approved in 2016, by Anika Therapeutics, Inc. are among the popular viscosupplements.
Increasing popularity of cosmetic surgeries across the globe is also expected to boost the market growth. In 2013, hyaluronan-based facial fillers received FDA approval, which is used in corrective measures, anti-aging procedure, and filling fine lines. North America led the market in 2018. Presence of key companies, such as Genzyme Corporation and Anika Therapeutics, in this region contributes to market growth. Increasing number of anti-aging procedures performed and resultant demand for dermal fillers are expected to drive the regional market further.
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Further key findings from the study suggest:
- Rising cases of obesity resulting in increased number of cases of osteoarthritis and joint pain has boosted the demand for hyaluronic acid injections as treatment
- According to the studies, the number of people suffering from osteoarthritis is expected to grow from 53 million in 2012 to 78 million by 2040
- Asia Pacific is anticipated to emerge as the fastest-growing regional market during the forecast period due to growing geriatric population in China and Japan, which provides a large customer base for anti-aging products and services
- Some of the key companies in the global hyaluronic acid market are F. Hoffmann-La Roche Ltd.; Seikagaku Corp.; Galderma S.A.; Sanofi (Genzyme); Anika Therapeutics, Inc.; Salix Pharmaceuticals; Zimmer Holdings, Inc.; Allergan, Inc.; Ferring Pharmaceuticals, Inc.; and Smith & Nephew Plc
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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