Hyaluronic acid products are extensively used in various medical therapies and cosmetic procedures due to their biocompatible and moisturizing properties. Hyaluronic acid helps reduce pain and promotes faster healing of joints affected by arthritis. Demand for hyaluronic acid injections and gel formulations is growing owing to the rising prevalence of osteoarthritis and joint disorders among the geriatric population.
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: Increased joint pain treatment needs owing to the rising geriatric population base prone to osteoarthritis and other joint disorders has been a key driver augmenting demand for hyaluronic acid products. As per estimates, over 10% of the global population aged over 60 suffers from some form of arthritis disorder. Since hyaluronic acid supplements and injections are extensively utilized for relieving joint pain and discomfort, their adoption is growing significantly among the elderly seeking effective treatment options to maintain mobility and joint health. With longevity increasing worldwide, the demand for hyaluronic acid products for joint care is expected to continue growing over the forecast period.
SWOT Analysis
Strength: Hyaluronic acid products have wide applications incosmetics and medical procedures owing to the hydrating and healingproperties of hyaluronic acid. It penetrates the skin well and boostscollagen production.
Weakness: High costs associated with manufacturing and purifyinghyaluronic acid extracts limits its widespread adoption. Poor stabilityof hyaluronic acid products requires cold storage which adds to logistical challenges.
Opportunity: Growing geriatric population and rising awareness aboutaesthetic procedures present an opportunity. New product formulationsand delivery methods can enhance penetration in emerging markets.
Threats: Stringent rules and regulations delay market approvals.Preference for alternatives like collagen-based products posescompetition. Economic slowdowns impact discretionary healthcare spending.
Key Takeaways
The global Hyaluronic Acid Products market is expected to witness high growth during the forecast period of 2023 to 2030. 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.
Regional analysis indicates North America dominates currently due to high procedural volumes and technological advancements. Asia Pacific is expected to be the fastest growing region owing to growing medical tourism and rising affluence.
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.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it