VALLEY COTTAGE, N.Y. – A new Future Market Insights (FMI) study projects that the global hyaluronic acid products market will account for revenues worth US$ 5.3 Bn by the end of 2029, growing at a CAGR of 7.3% during the forecast period 2019-2029. Hyaluronic acid products are garnering significant traction as a viable component in drugs used for treating mouth ulcers, osteoarthritis, and eye surgeries. Manufacturers are also focusing on identifying and leveraging white spaces in application of hyaluronic acid products in lip fillers, moisturizers, and various skin care products.
Strong consumer focus on personal grooming and skin care along with mounting awareness regarding cosmetic surgeries remain a key factor for the market growth. Additionally, spur in the cases of obesity and issues related to bones have accelerated the demand for painkillers. These painkillers contain hyaluronic acid that helps in curing joint pains. Owing to this, hyaluronic acid products are witnessing increasing demand from the pharmaceutical industry.
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Key Takeaways- Hyaluronic Acid Products Market
- Adoption of hyaluronic acid products for treating osteoarthritis is anticipated to surpass US$ 1 Bn over the forecast period.
- Due to high convenience properties, three-cycle injection products accounted for the largest market share in 2018. On the other hand, sales of single-cycle injection products are expected to record the highest CAGR over the next decade.
- Hyaluronic acid products are finding increasing application in dermal fillers, as these products are emerging as the most popular option in cosmetic surgeries.
Preview Analysis of 2019 Analysis and Review of Hyaluronic Acid Products Market by Application – Osteoarthritis, Ophthalmic, Dermal Fillers, and Vesicoureteral Reflux for 2019 – 2029:https://www.futuremarketinsights.com/reports/hyaluronic-acid-products-market
- Growing application in vesicoureteral reflux treatment is expected to result in increased market share.
- Currently, hospital pharmacies are the major source of revenue for the developers of hyaluronic acid products. Additionally, sales of these products through specialty stores are projected to rise and the generated revenue is anticipated to overpass US$ 1.5 Bn by 2029.
- As of 2018, North America accounted for maximum revenue share of 35%. Regulatory approvals for intra-articular hyaluronic acid injections (IAHA), quick adoption of new treatment methods, and promising reimbursement policies are key factors responsible for the growth of the hyaluronic acid products market in the region.
- Western Europe is expected to witness a rise in the demand for hyaluronic acid products by the end of 2029, owing to an increase in the adoption of dermal fillers for skin care applications.
- APAC is poised to grow at a rapid pace and register a CAGR of 8% during the forecast period.
- Major strategies adopted by the players in the hyaluronic acid product are partnerships, product innovations, and mergers & acquisitions. These companies are affiliating with research institutes and universities to further innovate their products for end-use applications.
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“Increasing popularity of cosmetic surgeries is boosting the demand for hyaluronic acid products. However, the major restraint to market growth is skin inflammation and reddening. Players in the market should innovate the product to overcome such drawbacks”, says FMI analyst.
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