Hyaluronic acid products are used extensively in various medical therapies and applications. They are injected directly into joints and help lubricate and cushion cartilage. This helps reduce joint pain caused by conditions like osteoarthritis. Hyaluronic acid injections are a popular non-surgical treatment option for osteoarthritis of the knee. They are also used is cosmetic surgeries for facial wrinkles and other applications.
The Hyaluronic Acid Products Market is estimated to be valued at US$ 3,343.5 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the hyaluronic acid products market is the rising incidence of joint disorders like osteoarthritis. Osteoarthritis is the most common form of arthritis and is a leading cause of disability around the world. As per statistics by Arthritis Foundation, over 32.5 million Americans suffer from osteoarthritis. The condition is more prevalent among the elderly population. With rise in life expectancy and aging population globally, the number of people diagnosed with osteoarthritis is projected to increase substantially over the coming years. This will drive greater demand for hyaluronic acid injections and products for pain management in osteoarthritis patients. The treatment offers relief from joint pain for a longer duration compared to other options like pills and is seeing increased adoption.
Porter’s Analysis:
Threat of new entrants: New entrants face high costs for research and development as well as manufacturing of Hyaluronic acid products. Established players also have advantages of economies of scale and brand recognition which poses barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from various manufacturers.
Bargaining power of suppliers: A few key players dominate the supply of Hyaluronic acid which gives them higher bargaining power against buyers.
Threat of new substitutes: Threat of substitutes is low as Hyaluronic acid has distinct properties for arthritis and osteoarthritis treatment with no close substitute.
Competitive rivalry: Market fragmented with global and local players competing on basis of quality, innovation and price.
SWOT Analysis:
Strengths: Wide application in dermatology, ophthalmology and orthopedic surgeries. High biocompatibility and natural occurrence in human body.
Weaknesses: Expensive production process. Concerns regarding allergic reactions and infections in some patients.
Opportunities: Rising geriatric population driving demand for osteoarthritis treatment. Growing aesthetics industry expanding usage in anti-aging creams and solutions.
Threats: Stringent regulations for new product approvals. Threat from alternative treatment options and therapies.
Key Takeaways:
The global Hyaluronic Acid Products Market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing incidence of osteoarthritis and growing emphasis on non-invasive aesthetic procedures.
The North American region dominated the Hyaluronic acid products market in 2023 due to rising healthcare expenditure and presence of major players in the US. Asia Pacific is anticipated to exhibit fastest growth during the forecast period owing to growing medical tourism, rising disposable incomes and increasing awareness about Hyaluronic acid benefits.
Key players: operating in the Hyaluronic acid products market are Anika Therapeutics, Inc.,Fidia Farmaceutici S.p.A.,Sanofi S.A,Ferring B.V.,Viatris Inc.,Croma-Pharma,Seikagaku Corporation,Zimmer Biomet Holdingd,Lifecore Biomedical LLC,LG Chem,Bioventus LLC,Smith & Nephew plc,Shanghai Jingfeng Pharmaceutical Co., Ltd.,Nestle (Galderma),Bausch Health Companies Inc. Companies Inc. (Salix Pharmaceuticals, Inc.),Allergan Plc.
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