Global Viscosupplementation Market was valued at US$ 4,347.8 million in 2022 and is expected to reach US$ 8,958.9 million by 2030, growing at a CAGR of 8.4% during the forecast period from 2023 to 2030.
The global viscosupplementation market is generating robust revenue growth and is likely to witness a huge growth trajectory during the forecast period. Anticipated factors driving market growth include the increasing demand for non-surgical solutions for osteoarthritis, the high incidence of sedentary lifestyle-related diseases, and advancements in the development of therapies based on hyaluronic acid.
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Rising Prevalence of Osteoarthritis: A Major Source of Revenue for the Global Market
The market growth is expected to be driven by the increasing prevalence of osteoarthritis, particularly among the aging population. According to projections by the World Health Organization (WHO), the global population aged 65 and older is anticipated to rise from 7% in 2000 to 16% in 2050. This demographic shift is likely to contribute to a higher incidence of osteoarthritis.
Osteoarthritis, a chronic degenerative joint condition, can develop gradually over time and is often associated with aging. According to WHO, in 2019, about 528 million people worldwide were living with osteoarthritis. In addition, about 73% of people living with osteoarthritis are older than 55 years. This rising number of patients drives the market growth.
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. Clinical studies have demonstrated that these market-available viscosupplements are the most efficient treatment option for knee osteoarthritis. They have shown promising results in reducing pain, improving mobility, and enhancing overall joint function. As a result, more healthcare professionals are recommending viscosupplements to their patients, further fueling the market’s growth.
Technology Advancement: Unlocking New Potential for the Market Growth
The viscosupplementation market has experienced growth due to the introduction of novel products that offer improved efficacy and safety features. Companies are investing in the development of advanced viscosupplementation solutions, such as hyaluronic acid-based gels, which provide effective treatment and offer longer-lasting symptom relief. These innovative products play a significant role in expanding the market.
Knee arthritis gel injections contain hyaluronic acid as the active component. Human bodies naturally produce hyaluronic acid, which is an essential part of the synovial fluid responsible for lubricating our joints. However, in knees with osteoarthritis, the quality of hyaluronic acid gradually declines over time. This deterioration affects the consistency of the synovial fluid, reducing its lubricating and shock-absorbing abilities.
The primary advantage of hyaluronic acid injections into joints is improved lubrication. However, there are several other ways in which it can enhance joint performance. As an antioxidant, hyaluronic acid has the potential to prevent the accumulation of harmful compounds in the knee joint. Additionally, it may enhance the knee joint’s ability to repair damaged cartilage. Furthermore, hyaluronic acid can help reduce joint inflammation, alleviating stiffness and pain associated with arthritis.
High Cost of Viscosupplementation May Build Hurdles for the Market Growth
The viscosupplementation market, while promising, is not without its challenges, which may have an impact on its growth trajectory. One of the major obstacles is the high cost associated with viscosupplementation using hyaluronic acid. Treatment expenses can be substantial, with products like Euflexxa priced at around $1,017 and Synvisc starting at $1,325. This significant financial burden can pose challenges, particularly for middle- and low-income countries, including India, Vietnam, the Philippines, and some nations in the Middle East.
Furthermore, the variability in reimbursement policies across different regions and countries adds another layer of complexity to the accessibility and affordability of viscosupplementation treatments. This inconsistency in reimbursement can directly influence the adoption and growth of viscosupplementation in specific markets, potentially limiting patient access to these beneficial therapies.
However, despite these challenges, the market is expected to experience growth due to the increasing awareness of the benefits of viscosupplementation and the growing demand for effective treatments for osteoarthritis. Companies operating in the viscosupplementation market are actively exploring new and innovative product offerings and delivery methods to meet the rising demand and address the current challenges. This proactive approach aims to overcome barriers and ensure that patients can access these treatments, thus driving market growth and improving the quality of life for individuals with osteoarthritis.
Orthopedic Clinics/ASCs are the Major End-User of Viscosupplementation
The orthopedic clinics/ASCs segment is projected to experience the highest compound annual growth rate (CAGR) of 8.8% during the forecast period. This growth can be attributed to several factors that are shaping the landscape of healthcare delivery in the viscosupplementation market.
One key driver of the growth in the orthopedic clinics/ASCs segment is the industry-wide shift towards value-based care. As healthcare systems aim to provide more cost-effective and efficient services, outpatient facilities, including orthopedic clinics and ambulatory surgery centers (ASCs), are gaining prominence. These facilities offer operational and economic efficiencies, such as improved patient access, competitive pricing, and enhanced physician engagement opportunities. As a result, hospitals are facing increased competition from outpatient facilities, prompting the growth of the orthopedic clinics/ASCs segment.
The growth of orthopedic clinics/ASCs segment is growing due to advancements in medical technologies and techniques. These advancements have facilitated the development of innovative and less invasive approaches to viscosupplementation procedures. As a result, orthopedic clinics and ASCs can offer patients state-of-the-art treatment options that are both effective and efficient. This technological progress has played a significant role in driving the growth of this segment.
Asia Pacific Generated About 50% of Market Revenue Share
The Asia Pacific region dominated the viscosupplementation market in 2020, holding more than 50% of the market share with a revenue of US$ 1,440.9 million. The region is likely to witness the highest compound annual growth rate (CAGR) of over 4.8% during the forecast period.
The growth in the Asia Pacific market can be due to several factors. Firstly, the region has a high prevalence of osteoarthritis, which has created a strong demand for effective and minimally invasive treatments like viscosupplementation. Moreover, the region is expected to witness the fastest growth in the coming years due to factors such as an aging population, increasing awareness of viscosupplementation, and rising demand for osteoarthritis treatments.
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Furthermore, the Asia Pacific region’s healthcare spending is on the rise, and advancements in the field of viscosupplementation are expected to fuel further market growth. As a result, the region is projected to contribute over 38% to the global viscosupplementation market revenue, maintaining its significant impact on the industry.
List of Key Companies Profiled:
- ANIKA THERAPEUTICS, INC.
- SEIKAGAKU CORPORATION
- Zimmer Biomet
- SMITH & NEPHEW PLC
- LG Chem
- Ferring B.V.
- Fidia Farmaceutici S.p.A.
- Other Prominent Players
By Product Type
- Single Injection
- Three Injection
- Five Injection
By End Users
- Orthopedic Clinics/ASCs
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Rest of America
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