Global Hyaluronic Acid Market is expected to have a market value of USD 19,945.4 Million by 2027.
Hyaluronic acid is produced naturally by our body, and its function varies based on the area in which it is produced. However, its basic and ultimate function is to lubricate the connective tissue and the bones and make the body appear hydrated. Besides, it has special features, such as wound remedy and inflammatory aid, which has further enhanced its market value. It also hydrates the body and resists early skin aging.
Global Hyaluronic Acid Market based on the grade has been segmented into Cosmetic Grade, Pharmaceutical Grade, and Food Grade. The global hyaluronic acid market, by application, has been segmented into aesthetics, osteoarthritis, pharmaceutical API, cosmetics, dietary supplements, ophthalmology, and others.
The global market, by end-users, has been segmented into the pharmaceutical industry, dermatology clinics & cosmetics, food industry, personal care, and others.
The hyaluronic acid market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Asia-Pacific is expected to register the highest growth rate during the forecast period from 2020 to 2027.
The growth of the pharmaceutical industry in the Asia-Pacific region is a prime factor driving the demand for hyaluronic acid. Countries such as China, India, and Japan are major contributors to the market growth. India emerged as the fastest-growing market at a CAGR of 10.05%. According to the Indian Brand Equity Foundation, the country’s pharmaceutical industry is expected to register a CAGR of 22.4% during 2015–2020 to reach USD 55 billion.
Moreover, India’s pharmaceutical exports stood at USD 17.27 billion in 2017 and are likely to drive the market during the forecast period. In 2019, Japan invested USD 14 billion in its R&D for the development of new medicines and drugs.