The global hyaluronic acid market is projected to grow at a CAGR of 9.8% during the forecast period (2020 - 2025).
- The increased prevalence of lifestyle-related diseases and demand for healthy routine 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.
- Hyaluronic acid is majorly driven by the baby boomers who desire products that help them prevent or mitigate aging-related conditions, while women are inclining toward the consumption of supplements and functional food due to recommendations from health practitioners, thereby contributing to the market studied.
Key Market Trends
Increased Cases of Orthopedic Disorders
Hyaluronic acid supplements are very helpful for people suffering from orthopedic disorders, such as osteoarthritis, 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 who are 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 for osteoporosis and rheumatoid arthritis is leading manufactures to produce hyaluronic acid-based supplements and injectable. Thus, with the increasing cases of bone and joint-related issues, market for hyaluronic acid is projected to witness significant growth during the forecast period.
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, in terms of innovations and product availability. Furthermore, the demand from the altering demographics of the country (where younger generations are rejecting the idea of brand follow-up but are preferring 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.
The hyaluronic acid market is fragmented with the presence of many players and 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, which would lead them to high product innovations specific to the end-user application. This is would help them to increase the market by volume. The prominent players in the market are Contipro AS, Qufu Guanglong Biochem Co. Ltd, AlfaSagittarius and Shandong Topscience Biotech.
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