Dallas, TX -- (ReleaseWire) -- 11/28/2016 --The global hyaluronic acid market is expected to reach USD 13.4 billion by 2024, according to a new report by Grand View Research. Factors such as increasing concern in 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 both developed and developing regions. The growing geriatric population coupled with growing awareness about antiaging products and aspiration to look healthy and young is fueling the market for all cosmetics. The efficacy and evident results of hyaluronic acid-based dermal fillers are attracting this population base.
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The increase in obesity resulting in osteoarthritis and joint pain has boosted the demand for hyaluronic acid injections as treatment. In 2012, approximately 53 million people were diagnosed with osteoarthritis and it is projected that by 2040, the number will grow to 78 million. This can be anticipated as exponential growth in demand for hyaluronic acid injections.
Moreover, mounting number of obese people indicates the growing number of people suffering from orthopedic disorders. There is no permanent cure for these disorders and treatment includes use of pain killers. However, hyaluronic acid-based viscosupplements are seen as a possible cure or at least a better option to joint pain.
Further Key Findings from the Study Suggest:
In 2015, dermal fillers dominated the application segment due to increasing awareness about the available aesthetic procedures and approval of effective products by the FDA. For instance, in 2013, the U.S. FDA approved hyaluronan-based facial fillers to be used in corrective measures, filling fine lines, and antiaging procedures. These dermal fillers constitute a large share in these procedures and witnessed 8% growth in the year 2014. Cosmetic surgeries market is booming with approximately 14 million minimally invasive procedures being performed every year.
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Pharmaceutical-grade hyaluronan holds the largest share in terms of raw material used for products. It is available in a wide range of molecular weights and manufacturers also provide customized hyaluronic acid, especially for research purposes.
In 2015, non-animal based hyaluronan held the largest share of the source segment. It is extracted from recombinant bacteria and has uniform molecular weight; therefore, it is preferred for research purposes. Furthermore, non-animal based hyaluronic acid is preferred as the raw material for the production of food supplements. It eliminates the risk of cross-contamination and the varied molecular weight does not affect the quality of the products.
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In 2015, North America dominated the market with a revenue share of over 40%. In 2009, the first viscosupplement Synvisc-One, by Genzyme Corporation, was approved in the U.S. and gained quick popularity owing to its efficacy and ease of use.
Increase in understanding of aging processes coupled with the interest in dermal fillers boosted the demand for antiaging procedures in this region. Presence of market leaders such as Genzyme Corporation and Anika Therapeutics in this region also contributes to fueling customer awareness and acceptance as a result of aggressive marketing strategies of these companies.
Asia Pacific is anticipated to emerge as the fastest growing region during the forecast period. The growing geriatric population in Japan and China provides a large customer base for antiaging products and services. Moreover, Asian population is influenced by western beauty standards and aims for volumized appearance. This has resulted in 14% growth of dermal filler market as compared to the 7% in North America.
Some key participants of the market are Anika Therapeutics, Inc.; Seikagaku Corporation; Galderma S.A.; Sanofi (Genzyme); Salix Pharmaceuticals; Allergan, Inc.; F. Hoffmann-La Roche Ltd., Zimmer Holdings, Inc.; Ferring Pharmaceuticals, Inc.; and Smith & Nephew Plc.
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Hyaluronic Acid Market Is Increasing Because of Its Demand in Antiaging Cosmetics and Obesity Treatment Injections- Forecast 2024
OrbisResearch.com has published new research report on "Hyaluronic Acid Market Analysis by Product (Single Injection, Three Injection, Five Injection), by Application (Dermal Fillers, Osteoarthritis, Ophthalmic, Vesicoureteral Reflux), by Raw Materials (Grade [Pharmaceutical Grade, Cosmetic Grade, Food Grade], Source [Animal based, Non-Animal Based]), and Segment Forecasts to 2024" to its database.