Newark, NJ, Sept. 17, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global viscosupplementation market is expected to grow from USD 3.72 billion in 2019 and to reach USD 7.06 billion by 2027, growing at a CAGR of 8.34% during the forecast period 2020-2027.
The growing prevalence of the osteoarthritis in the geriatric population has led to the market growth of the viscosupplementation. Further, the increasing lifestyle induced disorders has also developed the issue of osteoarthritis in the working population. Also, certain other factors such as smoking and poor nutrition are causing the osteoarthritis in young generation. Thus, the increasing cases of osteoarthritis have contributed to the increase in market demand of viscosupplementation as it is found to be the most effective treatment for reducing the pain.
The viscosupplementation is a technique which involves injecting of a fluid in the joints for better mobility. The fluid used during the process is usually hyaluronic acid. It is a naturally gooey substance that improves the health of joints. The effect of viscosupplementation may vary from patients to patients depending upon the intensity of discomfort. It is seen that patient with mild and moderate symptoms benefit the most from viscosupplementation treatment. The objective behind viscosupplementation is to fill up hyaluronic acid in the joints for enhancing the movements, as during osteoarthritis the amount of hyaluronic acid is much below the required level. It helps to reduce the stiffness, swelling as well as pain in the joints.
The viscosupplementation is a minimally invasive surgery option which has increased the demand. Also, the continuous R&D by major players is also leading the market growth in the developing countries. Further, the demand for combination treatments of gel injection with knee bracing has gone up owing to the improved outcomes. However, lack of inefficiency of and safety guidelines has restricted the market growth. Also, the high cost of the hyaluronic acid is hindering the market growth.
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Key players operating in the global viscosupplementation market include Sanofi, Anika Therapeutics Inc., LG Life Sciences Limited, Lifecore Biomedical LLC, F. Hoffmann-La Roche AG, Zimmer Holdings Inc., Salix Pharmaceuticals Inc., Fidia Farmaceutici S.p.A, Teijin Pharma Limited, ALLERGAN, Bioventus, Ferring B.V., NORDIC DRUGS, Laboratoires Expanscience, SEIKAGAKU CORPORATION, Bausch Health, Galderma Laboratories, Merz Pharma, Alcon Vision LLC, Mylan N.V, Freda Biotechnology Co. Ltd., and others. The majority of the manufacturers present in the viscosupplementation market are keen to adopt specific expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, in order to gain higher market shares and strengthen their position in the market. LG Life Sciences Limited and Sanofi are some of the biggest manufacturers present in the global market of the viscosupplementation.
- In January 2018, Sanofi acquired Ablynx for an amount of 4.8 billion. This acquisition transferred the control of the research and development facilities of Ablynx to the acquirer.
Three injections segment dominated the market and held the largest market share of 37.98% in the year 2019
On the basis of the product type segment, the global viscosupplementation market includes single injection, three injections and five injections. Three injections segment dominated the market and held the largest market share of 37.98% in the year 2019. The three injections segment provides shorter treatment regimen and is less costly. However, single injection is expected to grow at the highest rate during the forecast period. The reason of the same can be attributed to limited adverse effects and reduce need of visiting the hospitals.
Avian segment dominated the market and held the largest market share of 63.07% in the year 2019
On the basis of the source segment, the global viscosupplementation market includes avian and non-avian. Avian segment dominated the market and held the largest market share of 63.07% in the year 2019. The avian antigens constitutes of allergenic potential which helps to reduce the stiffness and pain. However, the non-avian segment is expected to register high growth rate owing to the reduced after effects.
Knee osteoarthritis segment dominated the market and held the largest market share of 36.33% in the year 2019
On the basis of the application segment, the global viscosupplementation market includes applications includes hip osteoarthritis, knee osteoarthritis, shoulder osteoarthritis, hand osteoarthritis and others. Knee osteoarthritis segment dominated the market and held the largest market share of 36.33% in the year 2019. The geriatric population suffers greatly from the knee osteoarthritis issue. The viscosupplementation is majorly used for knee osteoarthritis to reduce the pain and allow maximum mobility.
Ambulatory Surgical Centres segment dominated the market and held the largest market share of 65.88% in the year 2019
On the basis of the end user segment, the global viscosupplementation market includes hospitals and clinics and ambulatory surgical centres. Ambulatory surgical centres segment dominated the market and held the largest market share of 65.88% in the year 2019. The growing demand for ambulatory surgical centres owing to the reduced expenditure is the primary factor for the market growth.
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Regional Segment Analysis of the Viscosupplementation Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global viscosupplementation market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 34.69% in the year 2019. The increasing prevalence of osteoarthritis due to the growing geriatric population and lifestyle related health issues is the driving the market growth in the region. However, Asia-Pacific is expected to register a prospering market growth. The increasing healthcare expenditure coupled with the growing awareness among consumers is increasing the demand.
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About the report:
The global viscosupplementation market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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