Market Research Future (MRFR) Projects the Global Viscosupplementation Market to Reach a Valuation of USD 5.34 Billion by 2023, Growing at a Robust CAGR of 8.9% Upon its 2017 Valuation of USD 3.2 Billion. The Global Viscosupplementation market is Driven Mainly by the Growing Geriatric Population Around the World and the Growing Prevalence of Arthritis.
Viscosupplementation Market Highlights:
MRFR has segmented the global viscosupplementation market on the basis of various parameters in order to provide readers with a comprehensive overview of the market. The leading players and segments dominating the global viscosupplementation market are also profiled in the report.
Viscosupplementation is a procedure used to refill the lubricating fluid in bone joints. Hyaluronic acid is a major component of viscosupplementation formulations, as hyaluronic acid is normally found abundantly in joint fluid but decreases in volume in arthritic joints. Supplementing the hyaluronic acid externally provides the patients with a stable reserve of joint fluid, which is vital in managing and combating arthritis. Viscosupplementation is used to treat knee pain, hip pain, shoulder, as well as to inhibit the progression of osteoarthritis.
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The growing prevalence of arthritis and the growing geriatric population around the world are the major drivers for the global viscosupplementation market. Geriatric individuals are more likely to suffer from arthritis than younger demographics, as joints naturally deteriorate with age. The growing awareness about arthritis and increasing government efforts to combat the disease are likely to be among the major drivers for the global viscosupplementation market over the forecast period. Government support to viscosupplementation treatment has resulted in wider acceptance of the treatment method around the world, especially in developed economies. Growth of the healthcare sector in emerging regions such as Southeast Asia, the Middle East, and South America is also likely to be a major driver for the global viscosupplementation market over the forecast period, as the prevalence of arthritis in these regions is likely to grow at a steady growth rate over the coming years.
Leading players in the global viscosupplementation market include Sanofi, Ferring B.V., Fidia Farmaceutici, Seikagaku Corporation, Zimmer Biomet, F. Hoffman-La Roche, HTL Biotechnology, Allergan, Smith & Nephew plc, Lifecore Biomedical LLC, and Anika Therapeutics Inc.
The global viscosupplementation market is segmented based on hyaluronic acid type, procedure type, application, end user, and region.
By hyaluronic acid type, the global viscosupplementation market is segmented into stabilized hyaluronic acid and standard hyaluronic acid.
By procedure type, the viscosupplementation market is segmented into single injection procedure, three injection procedure, and five injection procedure.
By application, the global viscosupplementation market is segmented into knee arthritis, hip osteoarthritis, shoulder osteoarthritis, and others.
Based on end user, the viscosupplementation market is segmented into hospitals & clinics, ambulatory surgical centers, and pharmacies.
In April 2018, the Michigan Blue Cross Blue Shield reversed its previous decision to remove knee viscosupplementation shots from its insurance coverage, deciding to keep paying for the treatment while looking for additional evidence for its efficacy.
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The global viscosupplementation market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is likely to be the major regional segment of the global viscosupplementation market over the forecast period due to the growing prevalence of arthritis and the growing adoption of viscosupplementation. The rising adoption of sedentary lifestyles and lack of physical exercise is likely to be a major factor driving the prevalence of arthritis in North America, thus driving the viscosupplementation market in the region. The growing government support to the adoption of viscosupplementation in government healthcare agencies is also likely to be a major driver for the viscosupplementation market in the Americas over the forecast period. Europe is also likely to be a major regional market for viscosupplementation procedures over the forecast period due to the growing prevalence of arthritis in the region and widespread acceptance of viscosupplementation.
Asia Pacific is expected to exhibit rapid growth in the global viscosupplementation market over the forecast period due to the growing demand for viscosupplementation in the region’s emerging economies.
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