Global Hyaluronic Acid
Market Is Projected To Reach USD 11.15 Billion By 2022
In terms of revenue in
2014, the global market for hyaluronic acid was calculated to be USD 5.50
billion and is projected to reach USD 11.15 billion by 2022, growing at a CAGR
of 9.7% from 2015 to 2022.
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.
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.
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