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Viscosupplementation is a medical procedure that involves injections of gel-like substances called hyaluronic acid or hylan into the knee joint of patients suffering from osteoarthritis. These injections help supplement the nutrients and protectants present in the synovial fluid that lubricates the joints and reduces pain and stiffness. The global viscosupplementation market is estimated to be valued at US$ 3,146.7 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of osteoarthritis across the globe is expected to be a major driver for the viscosupplementation market over the forecast period. Osteoarthritis is one of the most common causes of disability worldwide and is a degenerative joint disease affecting hyaline cartilage, subchondral bone, and joint synovium. According to the Arthritis Foundation, osteoarthritis affects over 32.5 million people in the U.S. with an expected increase to 78 million by 2030. Viscosupplementation offers relief from the symptoms of osteoarthritis such as joint pain and stiffness and acts as an alternative treatment to total knee replacement surgeries. Therefore, increasing osteoarthritis cases are likely to propel the demand for viscosupplementation injections during the forecast period.
SWOT Analysis
Strength: Viscosupplementation products provide temporary relief from knee pain and improves mobility without surgery. They are minimally invasive option for treating osteoarthritis.
Weakness: The effects of viscosupplementation are temporary, lasting only for a few months. Multiple injections may be required for long lasting relief. There are also risks of allergic reactions and infections associated with injections.
Opportunity: Rise in geriatric population prone to osteoarthritis and joint disorders increases the target patient pool. Growing awareness about viscosupplementation and its advantages over other treatments also presents opportunities.
Threats: Stiff competition from other line therapies limits market growth. Safety concerns over long term effects may negatively impact the market.
Key Takeaways
The global viscosupplementation market is expected to witness high growth over the forecast period driven by increasing elderly population base suffering from osteoarthritis.
Regionally, North America currently dominates the market and is expected to continue its dominance over the forecast period supported by growing adoption and availability of advanced treatment options. Europe is also a major regional market aided by rise in government initiatives to create awareness about orthopedic therapies.
Key players operating in the viscosupplementation market are Anika Therapeutics Inc., Seikagaku Corporation, Ferring Pharmaceuticals, Bioventus, Fidia Farmaceutici S.P.A., Mylan N.V., Sanofi S.A., OrthogenRx, Teva Pharmaceutical Industries Ltd, and Johnson & Johnson. The market landscape is fairly consolidated in nature with few global players accounting for major share. Players are focusing on new product launches and geographic expansion to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
