New York, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The Viscosupplementation market revenues were estimated at US$ 4.4 Bn in 2021 and is anticipated to grow at a CAGR of 10.8% from 2022-2032, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach US$ 13.6 Bn. Viscosupplementation market revenue through single injection is expected to grow at a CAGR of 11.2% during the forecast period.
The rise in the value of lifestyle-related diseases, the advances in the production of hyaluronic acid-based treatments, and the increase in non-surgical treatments for knee osteoarthritis are some of the factors that drive the growth of this market. Viscosupplements have been found to be the most effective therapy for knee osteoarthritis in clinical trials.
Osteoarthritis is a painful degenerative joint disease that is the major cause of chronic disability. After the age of 30, the ailment frequently occurs, and after ten years, it can grow to a disorder. During the projection period, product demand is predicted to be greatly boosted by the global expansion in the target population, as well as the growing preference for alternate corticosteroid treatment alternatives for joint pain management.
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The increasing number of accredited FDA recommendations for three-injection viscosupplemental drugs is likely to drive the market forward. OrthoGenRx, for example, introduced TriVisc in the United States in January 2018. The need for single-injection brands is predicted to rise during the forecast period because of a shorter regimen, fewer hospital visits, and fewer side effects and related discomfort.
According to WHO forecasts, the global population of people aged 65 and more will increase from 7% in 2000 to 16% in 2050, resulting in an increase in obesity and osteoarthritis. As a result, the growing preference for alternate corticosteroid treatment alternatives for joint pain management, together with the global expansion in the target population is predicted to significantly boost the market during the projection period.
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Competitive Landscape
Some of the key 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.
Some of the recent developments in the market are as follows:
- In April 2018, Bone Therapeutics S.A. finished clinical studies for its JTA-004 intra-articular injection for knee OA.
- Recently, Anika Therapeutics, Inc. debuted Hyalofast, a hyaluronic acid-based scaffold for cartilage repair, at the International Cartilage Regeneration and Joint Preservation Society (ICRS).
- Recently, DUROLANE, a single-injection HA product from Bioventus, has been approved by the FDA to treat the pain associated with knee osteoarthritis.
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