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By 2030, Global Viscosupplementation Market Size Will Surpass US$ 8,958.9 Million, at 8.4% CAGR: Astute Analytica

March 3rd, 2023 Astute Analytica Releases

Global viscosupplementation market revenue was US$ 4,347.8 million in 2022 and is anticipated to reach US$ 8,958.9 million by 2030, growing at a CAGR of 8.4% during the forecast period (2023–2030).

Request Sample Copy of Research Report @ https://www.astuteanalytica.com/request-sample/viscosupplementation-market

As patients look for non-surgical options, the demand for viscosupplementation as a treatment for osteoarthritis (OA) keeps rising. A hyaluronic acid-based substance is injected into the joint as part of a minimally invasive technique called viscosupplementation in order to replenish synovial fluid and reduce pain. A viscosupplementation is a surgical option, gaining popularity due to its lower surgical risks and quicker recovery time.

As per Astute Analytica’s most recent reports on the worldwide viscosupplementation industry, viscosupplementation will account for 23.9% of the market for OA treatments globally in 2022. Many variables, such as the rising prevalence of OA, the expanding use of minimally invasive procedures, the rising geriatric population, and the accessibility of cutting-edge technologies, are responsible for the market’s expansion.

Market Dynamics

Driver

Growing Elderly Population

Osteoarthritis is becoming more common as the population ages, increasing the need for viscosupplementation therapies. The viscosupplementation industry will develop along with the aging population, which will be 2 billion people by the year 2050. People are more likely to acquire OA as they age, necessitating therapies like viscosupplementation.

Rising awareness

Viscosupplementation as a therapy option for osteoarthritis is becoming more widely known, which has increased demand for these products. By 2030, over 25% of people worldwide will have OA, increasing the demand for non-surgical, minimally invasive therapies. Another important factor is the growing acceptance of minimally invasive procedures, which provide lower risks, quicker recovery periods, and fewer difficulties than traditional ones.

Trend

Advances in technology

The market for viscosupplementation has grown thanks to the development of new products with enhanced efficacy and safety characteristics. Businesses are developing advanced viscosupplementation solutions, like hyaluronic acid-based gels, which provide efficacy and more durable symptom relief. These cutting-edge products aid in the market’s expansion.

Restraint

High Cost and Adverse Effect 

The viscosupplementation industry confronts a number of obstacles that could limit its expansion, such as expensive treatment costs and their negative effects. Hyaluronic acid viscosupplementation is expensive, with Synvisc starting at US$ 1,325 and Euflexxa starting at approximately US$ 1,017. Middle- and low-income nations like Vietnam, India, the Philippines, and several Middle Eastern nations may be burdened by this high cost of therapy.

Viscosupplementation’s negative side effects and high cost of care may potentially restrain market expansion to some extent. Yet, additional investigation and developments in the viscosupplementation market might result in more practical and cost-effective remedies, reducing these problems and promoting market expansion.

Moreover, viscosupplementation reimbursement practices vary throughout areas and nations, which has an impact on patient’s access to and affordability of treatment. This variation in reimbursement procedures may hamper the introduction and development of viscosupplementation in some areas. Moreover, viscosupplementation products’ formulation and distribution are not standardized, which results in varying efficacy and safety results among brands. This lack of uniformity could hinder expansion and erode patients’ faith in the viscosupplementation industry.

Key Companies Profile

The viscosupplementation market is extremely competitive, with many firms selling a wide range of goods. The pressure to lower prices and create new, superior items is strong. Although the Food and Drug Administration (FDA) has released new recommendations on the safety and effectiveness of viscosupplementation products, additional regulatory pressures exist.

The leading companies hold around 50% of the market’s overall share. These market participants are making investments in collaborations, new product introductions, mergers, and expansions. For instance, Anika Therapeutics, Inc. unveiled Hyalofast, a hyaluronic acid-based scaffold for cartilage regeneration, at the International Cartilage Regeneration and Joint Preservation Society in June 2019. Moreover, in collaboration with TCM, the Japanese company Seikagaku introduced HyLink, an intra-articular single injection viscosupplement, in Taiwan in August 2021.

Regional Analysis

Due to the high prevalence of osteoarthritis and the rising need for efficient and less invasive therapies, Asia Pacific is likely to hold a prominent market share. A rapidly aging population, rising demand for osteoarthritis treatments, and rising viscosupplementation knowledge are likely to make this region see the fastest increase over the next few years. The World Health Organization predicts that by 2050, there will be 1.1 billion people in the Asia-Pacific region who are 65 or older. According to estimates, up to 80% of persons 65 and older have osteoarthritis, the most prevalent kind of arthritis. Viscosupplementation can be used to treat both severe joint pain and inflammation brought on by osteoarthritis and other comparable medical diseases.

Further propelling market expansion in the Asia-Pacific region is anticipated to be rising healthcare spending and technological advances. Hence, the region is likely to continue generating more than 38% of the revenue from the worldwide viscosupplementation market.

North America is anticipated to trail behind Europe closely with a considerable market share attributable to rising viscosupplementation awareness and the accessibility of therapies through healthcare systems.

Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/viscosupplementation-market

Segmentation Overview

In terms of Product Type

In terms of market share, the global viscosupplementation market belongs to the Three Injection segment in 2022 with a share of 44.9%. On the other hand, the Single Injection segment is anticipated to grow at the fastest rate in the global market, clocking in at 9.2%.

The viscosupplementation industry is growing as a result of the high degree of awareness about the single-injection treatment and the growing preference for the administration of osteoarthritis treatment. The usage of single-injection viscosupplementation is anticipated to increase due to the rising desire for easy and efficient treatment choices, thereby driving market expansion.

In terms of End-User 

Hospitals had a prominent market share of 79.8% in the base year 2022. However, during the projected period, the orthopedic clinics/ASCs segment is anticipated to develop at a CAGR of 8.8%. The move to value-based care and the rising rivalry that hospitals face from outpatient facilities are two factors that have contributed to the expansion of the orthopedic clinics/ASC segment. Outpatient facilities are expanding because they provide both operational and financial savings, including simpler patient access, more affordable pricing, and more chances for physician participation.

Some of the Top Market Players Are:

  • Sanofi
  • ANIKA THERAPEUTICS, INC.
  • SEIKAGAKU CORPORATION
  • Zimmer Biomet
  • SMITH & NEPHEW PLC
  • LG Chem
  • LIFECORE
  • Ferring B.V.
  • Fidia Farmaceutici S.p.A.
  • Other Prominent Players

Segmentation Outline

By Product Type

  • Single Injection
  • Three Injection
  • Five Injection

By End-Users

  • Hospitals
  • Orthopedic Clinics/ASCs

By Region

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia & New Zealand
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Rest of America

To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/viscosupplementation-market

About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:

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