The hyaluronic acid market is expected to register appreciable gains in the coming years with the increasing product adoption in the cosmetic industry. Hyaluronic acid is widely used as a lip filler in plastic medical treatment and as a lotion in skin care treatment for ulcers and recuperating wounds.
Hyaluronic acid market is expected to derive significant gains from its applications as a dermal filler. Hyaluronic acid is a gel-like substance that has excellent moisture retention properties. It is naturally produced in the body to help retain moisture in the skin and is also found in eyes, connective tissues, and joints. Besides skin hydration, it has excellent antioxidant, anti-wrinkle, and healing properties. These characteristics make the substance extremely useful in dermal filler procedures.
An aging population is a key factor driving the demand for dermal fillers for uplifting aging skin and reinstating lost volume. With more advanced, safe, effective, and cost-friendly cosmetic procedures being introduced in the market today, the demand for aesthetic surgeries is evolving at a rapid pace, positively impacting hyaluronic market trends.
Moreover, growing consumer awareness regarding these procedures, the increasing preference for minimally invasive procedures, and the rising number of plastic surgeons and cosmetic clinics offering aesthetic surgeries could propel the number of dermal filler procedures significantly, in turn driving hyaluronic acid industry expansion.
In 2019, over 2.7 million dermal filler procedures were performed in the United States, according to the American Society of Plastic Surgeons (ASPS).
Allergan (AbbVie, Actavis), Salix Pharmaceuticals (Bausch Health), Smith & Nephew Plc, Sanofi (Genzyme), Ferring Pharmaceuticals, Seikagaku Corporation, Anika Therapeutics, Inc., Galderma S.A., F. Hoffmann-La Roche, and Zimmer Holdings are among the leading suppliers of hyaluronic acid worldwide. These companies are witnessing tremendous opportunities due to consistent demand for the product worldwide.
In November 2019, Ferring Pharmaceuticals’ EUFLEXXA, a leading prescribed hyaluronic acid formulation for osteoarthritis knee pain, had been chosen by the Blue Cross Blue Shield of Michigan Medicare as a co-preferred brand for its Advantage and Commercial patients. EUFLEXXA is a three-course hyaluronic injection for patients with osteoarthritis knee pain.
In the U.S., nearly 14 million individuals suffer from symptomatic knee osteoarthritis. These patients may experience pain, swelling, and restrictions in joint movement.
To expand their product portfolio and capitalize on the growing market demand, many of these companies are also adopting strategies such as mergers, acquisitions, and partnerships.
In October 2020, for instance, Allergan had signed an agreement to take over Israel-based aesthetics company Luminera. Under the agreement, Allergan acquired Luminera’s complete dermal filler portfolio as well as R&D pipeline, allowing the company to expand its hyaluronic acid portfolio.
Impact of COVID-19 on Hyaluronic Acid Market
While the hyaluronic acid industry has experienced rapid growth in the past few years, the year 2020 turned out to be a difficult one for the industry as the COVID-19 pandemic disrupted economies. Social restrictions, travel ban, and lockdown restrictions caused major supply chain disruptions, leading to shortages in raw material supply. Also, many manufacturers had been forced to temporarily shut down operations as only industries providing essential goods and services could operate.
Hyaluronic acid witnessed a weakened demand throughout 2020 as lockdown restrictions led to a considerable drop in dermal filler procedures worldwide. However, ease of restrictions in many parts of the world and resuming of industrial operations and aesthetic clinics could provide substantial growth opportunities to the global hyaluronic acid market in 2021 and beyond.
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