Summary
Global Viscosupplementation Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis
Global Viscosupplementation Market is expected to reach US$ 6.27 Billion by 2028 According to the research. Patients with osteoarthritis have a minimally invasive therapeutic option called viscosupplementation. During viscosupplementation, hyaluronic acid is pushed into the joints. The synovial fluid that covers joints contains hyaluronic acid, a substance that occurs naturally. It lubricates joints to allow bones to move freely and lessen discomfort. Hyaluronic acid levels in the joints are lower in those with osteoarthritis, which causes pain. According to our research findings, Worldwide Viscosupplementation market was US$ 3.71 Billion in 2022.
Global Viscosupplementation Market will grow with 9.14% CAGR during the forecast period:
The increase in the incidence of osteoarthritis, the rise in the geriatric population, and the hike in the number of product launches and product approvals are the main factors driving the growth of the global viscosupplementation market size. One of the most prevalent types of arthritis is osteoarthritis. In 2019, the Centers for Disease Control and Prevention estimated that 32.5 million Americans (1 in 7 adults) had osteoarthritis. Due to an increase in chronic diseases like obesity, diabetes, and heart disease, the prevalence of osteoarthritis has reached alarming levels. Additionally, a lack of physical activity, such as exercise, increases the requirement for osteoarthritis treatment for the knee and hip and propels market expansion.
Single Injection Viscosupplementation holds the lion’s share
By procedure, the Viscosupplementation market is divided into three segments, i.e., Single Injection Viscosupplementation, Three Injection Viscosupplementation, and Five Injections Viscosupplementation. Among all, Single Injection dominates the current viscosupplementation market. The demand for outpatient surgeries that offer same-day surgical care, including preventive (surgical) and diagnostic procedures, is driving the Single Injections Segment. Furthermore, an increase in product launches and focus on developing single injections for the treatment of osteoarthritis are expected to contribute to the significant growth of the single-injection market over the forecast period.
By Application: The Knee Osteoarthritis Segment dominates the Market Share
Due to the increased prevalence of knee osteoarthritis and the growing geriatric population, who are more vulnerable to knee osteoarthritis, the knee osteoarthritis segment dominated the Viscosupplementation market and is anticipated to maintain this trend over the projected period. In addition, the ageing effect, which reduces the amount of water in cartilage and further reduces its capacity to absorb shock and cushion, makes the elderly population more susceptible to developing knee osteoarthritis.
Orthopedic clinics/Ambulatory Surgical Centers Segment is growing at a Significant Growth Rate
By End users, the Viscosupplementation market is segmented into Hospitals and Orthopedic clinics/Ambulatory Surgical Centers. Outpatient service sites, particularly those that provide ambulatory surgery and physician office-based treatments, have grown into fierce competitors for hospitals due to the recent adoption of value-based care. Orthopedic clinics/Ambulatory Surgical Centers offer both practical and financial benefits, such as quicker patient access, more affordable prices, more opportunities for physician involvement, and outpatient facilities. Hence they acquire a dominant market share in the Viscosupplementation market.
By Region: North America and Asia Pacific holds a Significant Market Share
North America occupies a dominant position in the global viscosupplementation market. The factors contributing to the growth of viscosupplementation in the North American region are the increased prevalence of osteoarthritis and related ailments, the ageing population, the well-established healthcare system, and the rising desire for non-surgical procedures. Furthermore, Asia Pacific is expected to grow with a notable growth rate during the forecast period due to the increase in the geriatric population and rising healthcare expenditures.
Key Players Analysis
Anika Therapeutics Inc., Sanofi, Zimmer Biomet, Smith & Nephew PLC, Lifecore Biomedical, LG Life Sciences Ltd., F.Hoffmann-La Roche Ltd., and Chugai Pharmaceutical Co. are the leading companies in global viscosupplementation market. These companies are using a variety of business approaches, including collaboration, product launches, approvals, and collaborations, to maintain their market position.
Covid-19 Impact on Global Viscosupplementation Market
Viscosupplementation is a non-emergency procedure, hence during the COVID-19 epidemic, most procedures were canceled or delayed. As a result, it inhibited market expansion and lowered demand for viscosupplementation. Additionally, the industry suffered because older citizens—a demographic that was predominantly urged to stay at home to reduce the risk of infection consume the majority of viscosupplementation products. However, with the lessening of covid-19 restrictions, procedures were resumed, and patients started visiting hospitals, due to which the global viscosupplementation market gained its potential again.
This latest report “Global Viscosupplementation Market Forecast by Product (Single Injection Viscosupplementation, Three Injections Viscosupplementation and Five Injections Viscosupplementation), By Application (Knee Osteoarthritis, Hip Osteoarthritis, Hand/Wrist Osteoarthritis, Ankle/Foot Osteoarthritis and Others), by End User (Hospitals, Orthopedic Clinics/Ambulatory Surgical Centres), By Region (North America, Europe, Asia Pacific, ROW), Key Players Analysis (Anika Therapeutics Inc., Sanofi, Zimmer Biomet, Smith & Nephew PLC, Lifecore Biomedical, LG Life Sciences Ltd., F.Hoffmann-La Roche Ltd. and Chugai Pharmaceutical Co.)” provides a detailed analysis of Global Viscosupplementation Industry.
Product
1. Single Injection Viscosupplementation
2. Three Injections Viscosupplementation
3. Five Injections Viscosupplementation
Application
1. Knee Osteoarthritis
2. Hip Osteoarthritis
3. Hand/Wrist Osteoarthritis
4. Ankle/Foot Osteoarthritis
5. Others
End User
1. Hospitals
2. Orthopedic clinics/Ambulatory Surgical Centers
Region
1. North America
2. Europe
3. Asia Pacific
4. Rest of World
Key Players
1. Anika Therapeutics Inc.
2. Sanofi
3. Zimmer Biomet
4. Smith & Nephew PLC
5. Lifecore Biomedical
6. LG Life Sciences Ltd.
7. F.Hoffmann-La Roche Ltd.
8. Chugai Pharmaceutical Co.
