Dublin, Dec. 28, 2023 (GLOBE NEWSWIRE) -- The "Viscosupplementation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
In 2024, global sales of Viscosupplementation products are forecast to reach a US$ 5.5 billion, setting the stage for unprecedented growth in the coming years. Projections indicate that from 2024 to 2031, the Viscosupplementation Market is poised to experience a strong CAGR, far surpassing historical growth rates.
Factors Fueling the Viscosupplementation Market Surge
Rising demand for non-surgical treatments for osteoarthritis, the prevalence of lifestyle-related disorders, and advancements in hyaluronic acid-based therapies are key drivers of the projected market expansion. Viscosupplements have proven clinical efficacy and are considered the most effective therapy for knee osteoarthritis, a leading cause of chronic disability. With the global population of individuals aged 65 and older expected to double by 2050, leading to increased rates of obesity and osteoarthritis, the market for alternate corticosteroid treatment options for joint pain management is set to soar.
Favorable Reimbursement Policies and Innovation Pave the Way
In the United States and France, favorable reimbursement policies for Viscosupplementation treatments are expected to create opportunities for key market players. FDA-approved Class III medical devices such as Orthovisc, Supartz Hyalgan, and Synvisc enjoy coverage by Medicaid, Medicare, and other state-funded healthcare programs. In France, Social Security reimburses a substantial portion of the treatment costs, providing a promising landscape for market expansion.
Moreover, innovation continues to drive the Viscosupplementation Market forward. Companies like Bone Therapeutics S.A. have completed clinical studies for JTA-004 intra-articular injections for knee osteoarthritis, while Anika Therapeutics, Inc. introduced Hyalofast, a hyaluronic acid-based cartilage repair scaffold, demonstrating the commitment to advancing therapies in this field.
Regional Opportunities
The Asia Pacific region is expected to offer the most significant growth potential during the forecast period, driven by rising demand for Viscosupplementation in developing countries, especially India and China. Asia Pacific accounted for over 45% of the market's revenue share in 2020, propelled by an aging population susceptible to osteoarthritis.
Country-Specific Analysis
- The United States market is on an upward trajectory, fueled by a growing preference for shorter treatment regimens and an increasing prevalence of osteoarthritis. The market is poised to register substantial growth and absolute dollar opportunities between 2024 and 2031.
- The U.K. market is expected to experience substantial growth from 2024 to 2031, and a significant absolute dollar opportunity.
- Japan is poised to see robust growth, resulting in a substantial absolute dollar opportunity.
- The market in South Korea is expected to expand steadily during the forecast period, and a notable absolute dollar opportunity.
Key Players in the Market
Prominent players in the Viscosupplementation Market include Sanofi, Anika Therapeutics, Inc., Seikagaku Corp., Zimmer Biomet, Smith & Nephew PLC, Ferring Pharmaceuticals B.V., Lifecore Biomedical, LG Life Sciences Ltd., Fidia Farmaceutici S.p.A., and F.Hoffmann-La Roche Ltd.
Market Segments Covered
By Product Type
- Single Injection
- Three Injection
- Five Injection
By End User
- Hospitals
- Orthopaedic Clinics/Ambulatory Surgical Centres (ASCs)
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
A selection of companies mentioned in this report includes
- Sanofi
- Anika Therapeutics, Inc.
- SEIKAGAKU
- Zimmer Biomet
- Smith & Nephew PLC
- Ferring Pharmaceutical B.V.
- Lifecore Biomedical, LLC (Landec)
- LG Life Sciences Ltd.
- Fidia Farmaceutici S.p.A
- F.Hoffmann-La Roche Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ulzp84
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