The global hyaluronic acid market, which achieved over $1 billion in revenue in 2020, is poised for significant expansion as it plays a crucial role in cosmetic procedures and osteoarthritis treatment. With growing applications in these domains, the market is forecasted to exhibit robust growth in the coming years, according to recent research findings.
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Key Drivers of Hyaluronic Acid Market Growth:
- Osteoarthritis Treatment: The approval from the US FDA has led to the widespread use of hyaluronic acid in intra-articular injections for osteoarthritis treatment. This is particularly impactful for knee osteoarthritis, improving functionality and reducing pain. The increasing prevalence of arthritis, particularly osteoarthritis, is driving the demand for hyaluronic acid products.
- Cosmetic Procedures: Hyaluronic acid is gaining popularity in dermal fillers and non-invasive cosmetic surgeries. The growth of non-invasive treatments globally, especially in regions like the US and Asia, is contributing to the rising demand for hyaluronic acid, particularly in dermal filler procedures.
Five Injection Cycle Products Take Center Stage:
- Chronic Condition Treatment: Products with a five injection cycle are anticipated to witness significant traction due to their effectiveness in treating chronic arthritis conditions. These products are particularly favored in regions where doctors are incentivized for each appointment, driving their adoption and sales.
- North America: With a high prevalence of orthopedic ailments and a growing elderly population, North America remains a dominant market for hyaluronic acid. Rising cases of arthritis, especially osteoarthritis, are bolstering the demand for hyaluronic acid treatments.
- Asia Pacific: The regions cosmetic sector is witnessing rampant growth, driven by the increasing geriatric population. China and India are projected to have a significant number of individuals above 60 years by 2050, fostering demand for cosmetic products. This surge in cosmetic use contributes to the growth of the hyaluronic acid market in Asia Pacific.
Major players in the hyaluronic acid market are actively pursuing growth strategies such as new product launches, acquisitions, partnerships, and collaborations to enhance their market presence. Some of the prominent players in the market include Anika Therapeutics Inc., Sanofi, Viatris Inc., Fidia Farmaceutici S.p.A., Allergan PLC, and more.
As hyaluronic acid continues to gain traction in both medical and cosmetic applications, the market is set for remarkable growth. Manufacturers and industry stakeholders are harnessing the potential of this versatile compound to meet the evolving demands of consumers.
Browse Hyaluronic Acid Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/hyaluronic-acid-market
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