Hyaluronic Acid Market

The global hyaluronic acid market was valued at USD 11,113.0 million in 2018 and is expected to register a healthy CAGR of 7.02% during the assessment period. It is projected to reach a value of USD 18,153.6 million by the end of 2025. In terms of volume, the market size was 49,192.1 tonnes in 2018 and is expected to exhibit a CAGR of 6.95% to be sized at 79,915.3 tonnes by the end of the review period. The growth of the market is primarily driven by the use of hyaluronic acid as a cosmetic ingredient and thickening agent in a wide range of personal care & cosmetics products. The products that contain hyaluronic acid include facial creams, masks, serums, moisturizers, lipstick, eye shadow, foundation, shampoo, hair conditioner, styling gel, and others. The other major factor driving the growth of the global hyaluronic acid market is its use as a dermal filler and lip filler in cosmetic surgeries. The rising number of cosmetic surgeries across the globe in line with the increasing consciousness regarding appearance coupled with the high disposable income is fuelling the demand for hyaluronic acid in dermatology and cosmetic surgeries.

Likewise, the extensive use of hyaluronic acid in the treatment of osteoarthritis and dry eye is also projected to contribute to the growth of the global market. It is also used in eye surgeries such as cataract removal, corneal transplantation, and repair of a detached retina and other eye injuries. Extensive research and development are being conducted for the use of hyaluronic acid in areas such as drug-delivery and 3D scaffold structures, which is projected to offer substantial opportunities to the market players. However, the availability of substitutes in the market is the key factor expected to restrain the growth of the market.

As per Wantstats analysis, the global market has been segmented on the basis of grade, application, end-use industry, and region. By grade, the market has been segmented into cosmetic, pharmaceutical, and food grades. Among these, the pharmaceutical grade emerged as the fastest-growing segment, exhibiting a CAGR of 8.03% during the review period. Based on application, the global market has been categorized into aesthetics, osteoarthritis, pharmaceutical API, cosmetics, dietary supplements, ophthalmology, and others. The aesthetics application segment was valued at USD 2,432.4 million in 2018; accounting the largest market share of 21.9%. On the basis of end-use industry, the global market has been classified into the pharmaceutical industry, dermatology clinics & cosmetic surgery centers, food industry, personal care, and others. Among these, the pharmaceutical industry segment accounted for 34.9% of the market share and is expected to be valued at USD 6,265.1 million by 2025.

By region, the market in North America accounted for more than 31.4% of the global market share in 2018. This is due to the presence of a large pharmaceutical base in the region. The US had the highest number of cosmetic surgeries performed in the year 2018 and is expected to increase in the coming years. However, the Asia-Pacific regional market is expected to exhibit the highest CAGR of 7.81% during the review period, on account of the huge growth potential in the region for cosmetics & personal care, pharmaceutical, and food industries.