Hyaluronic Acid Market

Market Overview

The global hyaluronic acid market size was valued at USD 9.72 billion in 2022. It is estimated to reach USD 17.85 billion by 2031, growing at a CAGR of 6.99% during the forecast period (2023–2031). Factors such as growing awareness for antiaging products & increasing geriatric population are significantly driving the hyaluronic acid market demand by 2031.

Hyaluronic acid, known as hyaluronan, is an anionic, nonsulfated glycosaminoglycan widely dispersed throughout connective, epithelial, and neural tissues. It is abbreviated as HA and is also known as conjugate base hyaluronate. In contrast to other glycosaminoglycans, human synovial HA averages roughly 7 million Da per molecule, or about 20,000 disaccharide monomers, whereas other sources claim 3-4 million Da. It is also non-sulfated and develops in the plasma membrane rather than the Golgi apparatus.

One-third of the body's 15 grams of hyaluronan in the average 70 kg (150 lb) person is turned over (i.e., degraded and synthesized) daily. It greatly contributes to cell migration and proliferation as one of the main extracellular matrix components and has a role in developing many malignant cancers. Hyaluronic acid is thought to contribute to virulence and is a component of the group A streptococcal extracellular capsule. Hyaluronic acid is utilized in various ways for cosmetic applications. Moreover, hyaluronic acid may influence how the body reacts to damage and reduce swelling.

Market Dynamics

Global Hyaluronic Acid Market Drivers:

Growing Awareness for Antiaging Products

Increasing awareness about antiaging products will likely boost the demand for antiaging cosmetic and esthetic treatments. Due to their distinctive viscoelastic and moisturizing properties and lower toxicity levels, hyaluronic acid products are directly affected by the growing demand for minimally invasive antiaging solutions. Many people, especially women, are concerned about esthetics and looking younger, boosting their awareness of the antiaging segment.

Additionally, the demand for hyaluronic acid products as dermal fillers and the treatment of vesicoureteral reflux is anticipated to increase because of the high awareness and minimally invasive nature. In North America, awareness and demand for such products is the highest. As per a report by Allergan, 50% of men and women in Canada are aware of dermal fillers and prefer them as a better esthetic option than surgical methods. In developing economies, awareness is increasing with improving access to information and availability of products.

Increasing Geriatric Population

The global geriatric population is rapidly increasing. WHO estimates suggest that the global population of 65 years and above is anticipated to increase from 7.1% in 2000 to 16.2% in 2050. The population above 80 is expected to triple by 2050, reaching 425 million, per the UN Department of Economic & Social Affairs. An associated consequence is increased obesity, skin aging, and osteoarthritis. The global increase in the target population is anticipated to significantly fuel the demand for hyaluronic acid products over the forecast period, along with the growing preference for minimally invasive surgeries.

Global Hyaluronic Acid Market Restraints:

Associated Adverse Effects of Hyaluronic Acid

A few adverse effects are associated with applying hyaluronic acid cycles. In the majority of HA injections, the complications are mild and transient. This includes bruising, redness, bleeding, overcorrection of wrinkles, itching, and inflammation. However, serious adverse complications, such as necrosis, cerebrovascular accidents, and vision loss, may sometimes arise. Another adverse event that can arise from HA-based dermal fillers is the formation of nodules and lumps. Large boluses of filler may form if the syringe is injected under intense pressure.

Additionally, the high pricing of dermal fillers has prompted users to purchase do-it-yourself fillers from the black market. Dermal fillers purchased online may contain various nonsterile components, such as hair gel. These substances can result in allergic reactions and infections. In addition, improper self-administration techniques can lead to excess swelling or other serious effects, such as embolism that can lead to blindness. Despite strict government regulations, the availability of fake or contaminated dermal fillers is hindering hyaluronic acid market growth.

Global Hyaluronic Acid Market Opportunities:

High Prevalence of Target Diseases

There has been a continuous increase in the prevalence of orthopedic and ophthalmic disorders due to a growing aging population and changing lifestyles. In the U.S., every 1 in 4 adults has some arthritis, wherein osteoarthritis is the most commonly observed one, affecting nearly 32.5 million U.S adults, according to the Osteoarthritis Alliance U.S. More than 50% of people with symptomatic OA are less than 65, as per a report by Osteoarthritis Alliance U.S.

Similarly, according to the latest research report on OA prevalence worldwide, 656.1 million people above 40 suffer from knee OA, with a higher prevalence in women. The scenario for ophthalmic disorders has been similar. According to WHO, 2.2 billion people have vision impairment globally, of which 1 billion have serious issues such as glaucoma or trachoma, which is especially applicable to older people. There has been an increase in ophthalmic surgeries as a result. Hyaluronic acid has uses in osteoarthritis and ophthalmic surgeries which is expected to create opportunities for hyaluronic acid market growth over the forecast period.

Regional Analysis

Based on region, the global hyaluronic acid market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global hyaluronic acid market shareholder and is estimated to exhibit a CAGR of 6.16% during the forecast period. Viscosupplements for treating osteoarthritis and soft tissue dermal fillers are witnessing high demand in North America. This can be attributed to a greater preference for minimally invasive and short-duration treatment regimens in the U.S. and Canada. According to a morbidity and mortality report by CDC, 58.9% of the U.S. suffers from arthritis. Therefore, the increasing prevalence of osteoarthritis and the growing preference for minimally invasive procedures fuel market growth in North America.

Furthermore, the increasing number of cataracts and other ophthalmic surgeries has led to an increase in the adoption of viscoelastic devices and eye drops containing hyaluronic acid. As per the American Academy of Ophthalmology, approximately 2 million cataract surgeries are performed yearly in the U.S. Awareness about eye care and diseases is gradually increasing. Thus, many people are adopting hyaluronic acid-containing eye drops for dry eye treatment. These factors are expected to drive the North American hyaluronic acid market over the forecast period.

Europe is predicted to exhibit a CAGR of 7.22% over the forecast period. In Europe, the market is witnessing a shift from multiple-injection cycle products to single-injection for osteoarthritis treatment, owing to the greater convenience of single-injection products. Due to the higher relative cost-benefit of single-injection treatment, the three-injection treatment segment will likely lose part of its share of single-injection treatments. Moreover, the less stringent regulatory framework for hyaluronic acid-based product approval is expected to drive the European market. Osteoporosis affects more than 2.5 million women in the UK and France annually.

In addition, various regional organizations are working toward curbing the incidence of osteoarthritis and osteoporosis. The European Society for Clinical and Economic Aspects of Osteoporosis, Osteoarthritis, and Musculoskeletal Diseases (ESCEO) provides efficient practitioners with the latest economic and clinical information. It is a platform for interaction between clinical scientists concerning bones, and muscle disorders, the pharmaceutical industry developing newer compounds in this field, responsible regulators for registering such drugs, health policymakers, and others. Thus, all such factors together contribute to the hyaluronic acid market growth.

Countries like India and China have large geriatric populations providing a wide potential customer base for hyaluronic acid. Increasing demand for esthetic treatment in Japan, South Korea, and certain Southeast Asian countries is expected to propel regional market growth. Furthermore, Asian countries have a considerable preference for diabetes, which is one of the risk factors for osteoarthritis and cataracts. For instance, according to the International Diabetes Federation, 88 million adults were living with diabetes in Southeast Asia in 2019. By 2045, this figure is projected to reach 153 million. The region has a high presence of undiagnosed patient population having osteoarthritis, diabetes, and ophthalmic disorders, especially cataracts. In addition, the government is making constant efforts through screening camps, outreach programs, and public-funded healthcare reimbursement to improve diagnosis rates and start early treatment. This is expanding the patient pool, which is anticipated to drive market growth.

Latin America is considered a potential Hyaluronic Acid (HA) market due to its improving healthcare scenario and increasing disposable income. Many companies are entering the LATAM market through local distribution networks. For instance, Arthromeds is a distributor of HYALOFAST by Anika Therapeutics in Columbia. In addition, the rising incidence of osteoarthritis in Latin American countries may propel the demand for hyaluronic acid in this region. According to a research study published in NCBI in 2016, osteoarthritis was among Argentina's most common rheumatic diseases. In addition, Brazil and Mexico are among the top countries for cosmetic procedures. The region's lower price of dermal fillers attracts local and foreign customers. A high number of customers and the growing trend of medical tourism are among the factors boosting the demand for hyaluronic acid-based dermal fillers in Latin America. Moreover, increasing government spending on chronic illnesses is expected to drive the market in Latin America.

In recent years, the number of esthetic procedures has increased owing to the increasing influence of social media platforms and Westernization. Social media influencers and the rising trend of selfies are highly impacting millennials. Lebanon, Dubai, and Turkey are emerging as popular destinations in the Middle East for plastic surgery. Decreasing social stigma associated with plastic surgery and increasing awareness regarding the safety of dermal fillers among women are among the factors boosting the demand for hyaluronic acid in the region.

Furthermore, the increasing prevalence of osteoarthritis and ophthalmic disorders and the unmet needs of the patient population are among the factors expected to fuel market growth. A large undiagnosed population and significant unmet patient needs will present manufacturers with untapped opportunities. Hence, the focus of companies is shifting toward the Middle East and Africa, which will likely drive market growth during the forecast period.

Segmental Analysis

The global hyaluronic acid market is segmented by application.

Based on application, the global hyaluronic acid market share is bifurcated into osteoarthritis, dermal fillers, ophthalmic, and vesicoureteral reflux. 

The osteoarthritis segment dominates the global market and is projected to exhibit a CAGR of 7.17% over the forecast period. Osteoarthritis (OA) is the most prominent form of arthritis, which is degenerative, painful, and tends to worsen with time. Hyaluronic acid injections effectively treat knee pain caused by OA in patients previously unsuccessfully treated with painkillers (e.g., ibuprofen) and other therapies. Hyaluronic acid lubricates the joints and functions as a cushion or shock absorber, aiding in healthy joint function. These injections are also called "viscosupplements," as they provide thick fluid for the lubrication of joints.

Additionally, the segment is anticipated to exhibit growth due to a surge in the geriatric population, new product launches, and a rise in awareness about the efficacy of hyaluronic acid injections in the pain management of knee joints. Nearly 90% of viscosupplementation prescriptions are indicated for knee OA. Technological advancements, an increase in insurance coverage for the treatment of OA, and a rise in lifestyle-induced disorders, such as obesity, are other factors expected to drive the market over the forecast period.

Dermal fillers, or soft tissue fillers, are made up of synthetically derived or natural materials like hyaluronic acid that can be injected through the skin to obtain smoother and wrinkle-free skin. Dermal filling is a minimally invasive procedure widely used as an antiaging therapy. Hyaluronic acid-based dermal fillers are most commonly used in aesthetic surgical procedures to reduce eye wrinkles, nasolabial folds, scar remediation, dark circles, and rejuvenation. The U.S. FDA has approved dermal fillers for various applications, including correcting and restoring lipoatrophy in HIV-infected people. Other applications of dermal fillers include the reduction of acne scars and the correction of the cheek. The rise in demand for antiaging treatments, less painful procedures, and an increase in facelift and lip enhancement procedures are major factors expected to drive the segment over the forecast period.

Hyaluronic acid is widely used in ophthalmic surgeries as it is chemically inert, highly viscoelastic, biocompatible, transparent, and stable. It can protect ocular tissues from surgical equipment during surgery and offer a clean operative field. It can neutralize the lens surface's positive charge, reducing inflammation and eliminating free radicals that may lead to cell damage. Hyaluronic acid is frequently used in intraocular lens implantation, cataract surgery, corneal transplant surgery, retinal detachment surgery, retina surgery, vitrectomy, traumatic eye surgery, and trabeculectomy. Several ophthalmic surgical products use hyaluronan/hyaluronic acid as an active ingredient. They include Opegan, Hylan G-F20, Amvisc Plus, Vitrax, Healon, and Amvisc. Major drivers of market expansion include the rise in age-related eye disorders, dry eye syndrome, adult vision impairments, and chronic diseases like diabetes.

Recent Developments

• May 2023- Galderma announced the launch of RESTYLANE® EYELIGHTTM as a targeted treatment for correcting infraorbital hollowing in Canada. As a targeted hyaluronic acid (HA) injectable dermal filler, RESTYLANE EYELIGHT diminishes under-eye creases caused by a lack of volume and volume loss in the under-eye area1, which can accentuate dark circles or shadows and contribute to the appearance of fatigue and aging.

• May 2023- Evolus, Inc., a performance beauty firm with a customer-centric strategy committed to delivering ground-breaking products, announced that it had signed a binding agreement to serve as the sole U.S. distributor for a collection of five distinctive dermal fillers currently in the late stages of development.