Market Size of Hyaluronic Acid Raw Material Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hyaluronic Acid Raw Material Market Analysis
The hyaluronic acid raw material market is expected to witness a CAGR of 6.5% during the forecast period.
The COVID-19 pandemic impacted the growth of the hyaluronic acid material market. Restrictions due to the pandemic halted the non-emergency procedures in hospitals, thus affecting the patient's life. According to a study published in the Clinical Pharmacology and Therapeutics Journal in May 2020, osteoarthritis-related concomitant disorders may initiate life-threatening risks for osteoarthritis patients in the event of SARS-CoV2 viral infection. This observation has prompted clinicians and orthopedists to check and evaluate osteoarthritis patients for symptom management and comorbidities that may arise because of disrupted osteoarthritis treatment during the COVID-19 pandemic. Thus, the COVID-19-related restrictions and disrupted treatment and services related to osteoarthritis have impacted the market's growth during the pandemic. However, the resumed services have increased the adoption of cosmetic minimally invasive procedures, such as hyaluronic acid dermal fillers, among the population. The sales of cosmetic products using hyaluronic acid, such as anti-aging creams and hyaluronic acid serum, increased. Thus, the studied market is expected to regain its full potential in the next 2-3 years.
Factors such as the growing demand for anti-aging solutions and minimally invasive aesthetic treatments, the demographic shifts in developed and developing countries, and the growing usage of hyaluronic acid in the cosmetic and medical fields are boosting the market's growth.
The rising adoption of hyaluronic acid-related products, such as anti-wrinkle creams and anti-aging solutions, and expanding cosmetic industry are driving the market. For instance, according to an article published by Dermatology and Therapy, in June 2021, an in-vivo clinical study was conducted on 40 individuals aged 38-60 years, with eight on hormonal contraception and 32 postmenopausal for evaluating different parameters. It has been observed that skin hydration (30%) and plumping (31%) significantly increased after the product application. As per the same source, in the second week, skin hydration and plumping increased to 35%, along with improvements in smoothness (29%), fine lines (9%), and wrinkles (14%). Thus, the advantages offered by hyaluronic acid in cosmetology are expected to increase the demand for hyaluronic acid serums and creams among the population, which is expected to increase the demand for raw materials for preparing hyaluronic acid.
The growing adoption of hyaluronic acid in the medical field, including regenerative medicines, is also contributing to the growth of the hyaluronic acid raw material market. For instance, according to an article published in the Molecules Journal, in May 2021, hyaluronic acid is used in artificial tears, eye drops, in situ hydrogels, modified nanoparticles, intravitreal injections, and tissue engineering as it moisturizes the eye, boosts biocompatibility, and extends drug residence time to improve drug delivery. In addition to increasing conjunctival goblet cells and stabilizing tear films, eye drops' high hyaluronic acid concentration also has anti-inflammatory properties. Thus, due to its exceptional hydrophilic, safety, compatibility, and particular viscoelasticity features, hyaluronic acid is widely used in ophthalmology to improve eye comfort and treat eye illnesses, which is projected to raise the demand for hyaluronic acid raw materials and drive market expansion.
The growing demand for hyaluronic acid in cosmetic products and rising product launches are also expected to fuel the demand for raw materials for developing products. For instance, in March 2022, NovaBay Pharmaceuticals launched Moisture Recovery HA Serum as the newest expansion to the Calm Cool + Corrected product line. The serum is an innovative formulation of hyaluronic acid, vitamin C, dragon fruit, and water-binding cactus botanicals to restore dehydrated skin and facilitate deeper penetration of other skincare-healing products. In May 2021, Ono Pharmaceutical Co. Ltd and Seikagaku Corporation launched JOYCLU 30mg intra-articular injection, a joint function improvement agent, for which Seikagaku received the manufacturing and marketing approval in Japan.
However, the high cost and side effects associated with the use of hyaluronic acid are likely to impede the growth of the hyaluronic acid raw material market over the forecast period.
