Hyaluronic Acid Market Size & Share Analysis

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New York, Aug. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Hyaluronic Acid Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06483845/?utm_source=GNW
The Hyaluronic Acid Products Market size is expected to grow from USD 12.04 billion in 2023 to USD 17.36 billion by 2028, at a CAGR of 7.60% during the forecast period (2023-2028).

The increased prevalence of lifestyle-related diseases and demand for healthy routines has resulted in consumers’ shift toward the principle of “prevention is better than cure,” which significantly drives the hyaluronic acid market, especially in segments such as dietary supplements for joint health. Moreover, top players in different segments are launching new products to maintain their position. For instance, ClearVisc Ophthalmic viscosurgical Device (OVD) by Bausch Health is the latest approved hyaluronic acid-based Visco supplement for ophthalmic use. The increasing number of patients with osteoporosis and rheumatoid arthritis is leading manufacturers to produce hyaluronic acid-based supplements and injectables.

Over the forecasted period, market growth is anticipated to be fueled by the increasing preference for minimally invasive procedures and the requirement for quicker results. The emergence of cost-effective treatments and products, the aging population, growing aesthetic consciousness, and technology advancements are a few of the drivers propelling the industry’s expansion. Further, the percentage of aesthetic treatments being performed is rising as a result of an increase in plastic surgeons and cosmetic surgery clinics. The industry is being driven by the increasing use of nonsurgical cosmetic procedures like Botox and injectable hyaluronic acid. Furthermore, the increasing demand for skincare market also increases the demand for Hyaluronic acid market. For instance, in August 2022, Lotus Professional announced the launch of its New PHYTORx Face Serums And Oils. Its product portfolio includes LOTUS PROFESSIONAL PHYTORx HYALURONIC ACID + VITAMIN E BOOSTER SERUM. Moreover, the demand will increase due to significant hyaluronic acid health benefits, including the preservation of bone density, faster wound healing, relief from joint pain, relief from dry eyes and discomfort, and relief from joint pain.

Hyaluronic Acid Products Market Trends

Increased Cases of Orthopedic Disorders

Hyaluronic acid supplements are very helpful for people suffering from orthopedic disorders, such as osteoarthritis (OA), a type of degenerative joint disease caused by wear and tear on the joints over time. Hyaluronic acid can also be injected directly into the joints for pain relief.? The hyaluronic acid market primarily thrives on the aging population highly susceptible to incontinence, bone injuries, and fractures. The aging or geriatric population is one of the largest target segments for hyaluronic acid-based products worldwide. ?The increasing number of patients with osteoporosis and rheumatoid arthritis is leading manufacturers to produce hyaluronic acid-based supplements and injectables. Thus, with the increasing cases of bone and joint-related issues, the market for hyaluronic acid is projected to witness significant growth during the forecast period.

There is a growing prevalence of orthopedic diseases, such as arthritis, osteoporosis, knee injuries, etc., resulting in bone damage. In severe cases, total knee replacement (TKR) surgery can be delayed with the help of Hyaluronic Acid (HA). For instance, in July 2022, WHO reported that approximately 1.71 billion people have musculoskeletal conditions worldwide. Rising musculoskeletal conditions, including knee, hip, and other joint diseases, are increasing the demand for joint replacement surgical surgeries, this inturn increased the demand for Hyaluronic acid medication, thereby driving the growth of the Hyaluronic Acid Market segment in the Pharmaceutical Industry.

An article published in the journal Research Bone in May 2022 reported that with the increase in the aging of the world’s population, it is estimated that the prevalence of osteoarthritis (OA) will increase from 26.6% to 29.5% among the middle-aged population by 2032. The source also reported a higher incidence of osteoarthritis (OA) in women than in men. The prevalence of osteoarthritis (OA) is expected to increase to 12% of its present cases by 2040 in the Netherlands. Thus, the increasing incidence of osteoarthritis (OA) is increasing the demand for Hyaluronic Acid, thereby propelling the growth of this segment in the pharmaceutical industry since most of the osteoarthritis (OA) patients are suggested to take Hyaluronic Acid Injections by doctors during the treatment process. Further, in Mayo Foundation for Medical Education and Research (MFMER) articles, It is stated that Injections of hyaluronic acid are used to reduce osteoarthritis (OA)-related knee pain in patients who have already tried unsuccessful therapies such as pain relievers (e.g., acetaminophen) and other painkillers. Therefore, all the above mentioned factors drive the Hyaluronic Acid Market across the world particularly in Pharmaceutical Industry.

North America Holds a Prominent Share in the Market

The cosmetic industry in the United States is one of the most flourished and mature markets regarding innovations and product availability. The demand from the country (where younger generations reject the idea of brand follow-up but prefer locally sourced, organic. and sustainable cosmetic solutions) is expected to drive the growth of the hyaluronic acid products market by streamlining its presence across skin-related products. The United States market for hyaluronic acid is likely to be driven by the “anti-aging” section. The consumers in the Gen X segment seek to approach “ageless” products, citing the ample spending power to embrace a reliable option for long-term use.? North America dominates the hyaluronic acid market due to the strong healthcare industry and increased alertness. Furthermore, the swift adoption of new skin care treatments and technologies will further boost the growth of the hyaluronic acid market in the region during the forecast period. Asia-Pacific is projected to observe significant growth in the hyaluronic acid market due to the rise in the elderly population.

As a result, a growing number of consumers have been spending increasing amounts of time on social media platforms to pass their time as well as to stay connected to the friends and family they would have met in their daily lives. However, for skincare product manufacturers, this meant a better platform to advertise their products with the help of social media influencers. Leading brands such as L’Oréal, Unilever, among others, have been turning to Facebook, Instagram, and YouTube to promote product launches and engage their consumers with tutorials and promotional campaigns. ?L’Oréal and Unilever has skincare product portfolios consisting of Hyaluronic Acids. Hence, these promotions by influencers has created strong awareness among consumers regarding the various advantages caused by Hyaluronic acid as an ingredient in skincare products, as a result consumers are looking for hyaluronic acid ingredient on the product labels while purchasing. This factor inturn creates demand of the Hyaluronic acid ingredient by all the skincare product manufacturers in order to market and increase their sales. So, major players in skin care products market are consequently in demand for the hyaluronic acid ingredient due to this attribute. As a result hyaluronic acid manufacturers are compelled to produce hyaluronic acid ingredient in greater volume. Therefore, The above mentioned factors have helped drive the growth of the market during the forecast period.

Hyaluronic Acid Products Industry Overview

The hyaluronic acid market is fragmented, with the presence of many players. The key strategies adopted by the players in the hyaluronic acid market are product innovations, partnerships, mergers, and acquisitions. Companies are trying to collaborate with universities and other research institutions for research activities, leading them to high product innovations specific to the end-user application. This factor would help them to increase the market by volume. The prominent players in the market are Contipro AS, Lifecore Biomedical, AlfaSagittarius, Shandong Topscience Biotech, and VitalEsthetique. To retain their position within the market or gain an advantage over their competitors, major players have focused on research and development (R&D).?

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06483845/?utm_source=GNW

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