Hyaluronic Acid Raw Material Market Size 2024-2028: Key Drivers, Trends, and Challenges

The hyaluronic acid (HA) raw material market is poised for robust growth, projected to increase by USD 3.34 billion at a compound annual growth rate (CAGR) of 7.08% from 2023 to 2028. This growth is largely driven by rising demand for HA in the pharmaceutical and cosmetic industries due to its versatility and effectiveness in a variety of applications, including drug delivery, dermatology, and joint treatments.

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Market Segmentation

The hyaluronic acid raw material market can be segmented based on application and geography. Key segments include:

Application:

• Dermatology
• Orthopedics
• Surgical Adhesion Prevention
• Others

Geography:

• North America (including the US)
• APAC (notably China)
• Europe (including Germany, UK, and France)
• Middle East and Africa
• South America

By Application Insights:

The Dermatology segment is expected to experience significant growth, driven by the widespread use of HA in the form of creams, serums, and lotions for skincare, anti-aging treatments, and improving skin elasticity. Additionally, HA plays a vital role in joint disorder treatments, chronic wound care, and supplements for diabetic patients.

HA's ability to retain moisture makes it a crucial ingredient in skin care products, while in ophthalmology, it is used in treatments for eye disorders. HA's unique properties also make it effective in localized drug delivery systems, improving bioavailability and reducing side effects.

Market Dynamics

Drivers:

The key driver for the hyaluronic acid raw material market is the growing need for safe and stable drugs that require minimal monitoring. In the medical field, HA is used in ophthalmic viscosurgical devices, joint disorder treatments, and skin care products, making it a highly versatile ingredient. This is especially important in the cosmetic industry, where HA-based supplements and skincare products have gained popularity.

Trends:

A prominent trend in the market is the rising number of acquisitions and joint ventures among companies. Strategic mergers help expand product offerings and geographical reach. Notable acquisitions include:

• Alcon Inc. acquiring Ivantis Inc. in January 2022 to develop ophthalmic viscosurgical devices.
• AbbVie Inc. acquiring Syndesi Therapeutics in March 2022 to strengthen its neuroscience portfolio.

These acquisitions enable companies to stay competitive, boost research and development, and expand their presence in the market.

Challenges:

Fluctuating raw material prices remain a significant challenge for the market. The extraction of raw materials, whether from plant-based or animal-derived sources, faces rising costs and stringent regulations. The demand for HA continues to increase, particularly for cosmetic and medical applications, but the cost of raw material extraction and production may impact profitability.

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Key Players:

• AbbVie Inc. – Known for BOTOX and JUVEDERM products containing HA raw materials.
• Alcon Inc.
• Anika Therapeutics Inc.
• Bausch Health Companies Inc.
• Contipro AS
• Ferring BV
• Galderma SA
• Landec Corp.
• LG Chem Ltd.
• Maruha Nichiro Corp.
• Merz Pharma GmbH and Co KGaA
• Sanofi SA
• SEIKAGAKU CORP.
• Shiseido Co. Ltd.
• Smith and Nephew plc
• Stanford Chemicals Co.
• Zimmer Biomet Holdings Inc.

Recent Developments:

• January 2022: Alcon Inc. acquired Ivantis Inc., enhancing its portfolio with the Hydrus micro stent for ophthalmic applications.
• March 2022: AbbVie Inc. acquired Syndesi Therapeutics, expanding its product offerings in neuroscience.

These strategic acquisitions are reshaping the competitive landscape, allowing players to expand their reach and continue innovation in the HA raw material market.