New York, Feb. 27, 2020 (GLOBE NEWSWIRE) — Reportlinker announces the release of the report “Hyaluronic Acid Market Size, Share & Trends Analysis Report By Application,, By Region And Segment Forecasts, 2020 – 2027” –
The global hyaluronic acid market size is expected to reach USD 16.6 billion by 2027, expanding at a CAGR of 8.1%. Factors such as increasing concern of population regarding chemicals, desire to get quick and evident results, and shorter recovery time are high impact rendering drivers of this market.
The market is evolving rapidly due to the increasing adoption of aesthetic procedures in developed and developing regions.Increasing use 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 fueling the growth.
The efficacy and evident results of hyaluronic acid based dermal fillers are attracting this population base.
The global increase in population also results in an increased demand for antiaging cosmetic and aesthetic treatments.Owing to its distinctive viscoelastic and moisturizing properties coupled with lower toxicity levels, hyaluronic acid products are directly affected by growing demand for minimally invasive antiaging solutions.
The minimal adverse effects, lower pain, shorter recovery time, and lesser postsurgical complications make minimally invasive surgeries significantly attractive.
Further key findings from the study suggest:
• The osteoarthritis segment held the largest share in 2019. In 2013, more than 27 million people were suffering from osteoarthritis. Viscosupplements are gaining popularity as a cure in pain management. Use of hyaluronan as a treatment for osteoarthritis has been approved by the U.S. FDA in 1997 and has gained substantial market share
• The rising obesity resulting in osteoarthritis and joint pain has increased the demand for hyaluronic acid injections as treatment. With the prevailing consumer trend, which favors convenience over higher costs, companies such as Genzyme (Sanofi-Aventis) and Zimmer have launched single-injection products. The 2014 FDA approval for single-injection treatment “MONOVISC” is expected to further fuel the growth of the single-injection product segment
• Cosmetic surgeries are booming with approximately 14 million minimally invasive procedures performed every year. In 2013, hyaluronan-based facial fillers received FDA approval, which is used in corrective measures, anti-aging procedure, and filling fine lines. These dermal fillers constitute a large share in these procedures and witnessed 8% growth in the year 2014
• Growing preference for short-treatment regimens, even though high priced, and growing prevalence of target diseases, such as osteoarthritis, are high impact rendering factors that can be attributed for the large share of this region. In 2019, the most lucrative applications of hyaluronic acid in the North American region were in the form of dermal fillers and viscosupplements for management of osteoarthritis
• Hyaluronic acid market in Asia Pacific region is anticipated to emerge as the fastest growing region during the forecast period. The growing geriatric population in China and Japan provides a large customer base for anti-aging products and services. Increasing awareness about applications of hyaluronan and its efficacy fuels the demand. In addition, stabilizing economies leaves the middle-class population with surplus money to spend on these procedures
• The industry is presently dominated by key participants such as F. Hoffmann-La Roche Ltd.; Seikagaku Corporation; Galderma S.A; Sanofi (Genzyme); Anika Therapeutics Inc.; Salix Pharmaceuticals; Zimmer Holdings Inc.; Allergan Inc.; Ferring Pharmaceuticals, Inc.; and Smith & Nephew Plc.
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