In terms of revenue in 2014, the global market for hyaluronic acid Market was calculated to be USD 5.50 billion and is projected to reach USD 11.15 billion by 2023, growing at a CAGR of 9.7% from 2015 to 2023.
Hyaluronic acid is witnessing growth on the back of rising demand from cosmetics and medical applications. Moreover, growing incidence of ulcers, osteoarthritis and geriatric population is another major factor attributing towards market growth. However, other cost effective treatment present in the market and allergic reaction associated with it can restraint the market growth. Advancement in technology towards better health services is projected to fuel the market demand for hyaluronic acid.
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By product type, in 2014, five injection was the leading product type of hyaluronic acid and accounted for 40% share of the market. High usage is one of the major factor attributing towards the market growth. Single injection is forecasted to be the fastest growing market during the forecast period.
In 2014, dermal fillers was the largest application segment for hyaluronic acid and was calculated to be USD 2.04 billion. Vesicoureteral reflux is the fastest growing application segment of hyaluronic acid. Recent improvements are the factors driving the market growth.
In 2014, North America was the largest market accounted for 37% share of the market pie. This is due to presence of geriatric population and high awareness among them regarding the different procedures. Asia Pacific is projected to be the fastest growing market during the forecast period. The market is projected to grow at a CAGR of 10.1% during the forecast period. Rapidly improving health care industry and rising awareness among the growing population are the factors attributing towards the growth. RoW is another lucrative market due to increasing awareness about the use and affects for hyaluronic acid.
Some of the major players present in this market are Salix Pharmaceuticals, Ferring Pharmaceuticals Inc., Anika Therapeutics Inc., and Allergan Inc among others.
