NEWARK, Del, July 10, 2024 (GLOBE NEWSWIRE) -- The global viscosupplementation Market is projected to reach USD 2,167.3 million in 2024. The viscosupplementation demand is expected to witness a robust CAGR of 5.7% from 2024 to 2034. By 2034, the sales of viscosupplementation are anticipated to attain a valuation of USD 3,777.4 million.
The rising prevalence of osteoarthritis (OA) fosters the demand for viscosupplementation. The viscosupplementation treatment market is expected to be driven by the increasing number of people seeking non-surgical treatment for osteoarthritis and lifestyle-related illnesses and developments in the creation of hyaluronic acid-based therapies.
The market is expected to develop since the existing viscosupplements are clinically beneficial and the most effective alternative for treating osteoarthritis in the knee. Another aspect influencing the viscosupplementation market growth is the aging population.
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Compared to other therapy forms, viscosupplementation treatments are anticipated to be relatively expensive. Economics has a detrimental role in the widespread adoption of viscosupplementation, particularly in areas where healthcare budgets are tight.
Strict regulatory standards and approval procedures will likely hinder growth in the viscosupplementation treatment market. Delays in viscosupplementation product launches and higher development costs are the consequences of regulatory hurdles.
Regional Outlook:
The Asia Pacific region controls the viscosupplementation market with a significant revenue share. The older population in this area is one of the primary factors propelling the viscosupplementation industry. They are more susceptible to osteoarthritis. Due to cultural norms, apprehension about surgery, and a wish to prevent complications following surgery, a large number of people in the Asia Pacific region favor non-surgical treatment methods.
Due to factors including the growing senior population, the rising prevalence of osteoarthritis and related ailments, the well-developed healthcare infrastructure, and the ever-increasing desire for non-surgical procedures, the North America viscosupplementation treatment market is expected to grow. The main catalyst of the viscosupplementation demand is the growing prevalence of osteoarthritis, arthritis, and knee pain.
“The increasing incidence of osteoarthritis is fueling the potential growth of the global viscosupplementation treatment market. A larger number of people are getting older, which increases the need for less invasive therapies. Advances in healthcare and patient preference for non-surgical treatments are expected to propel viscosupplementation market expansion.”says a Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Viscosupplementation Market:
- The three-injection viscosupplementation segment in the product category to grab a share of 48.4% from 2024 to 2034.
- In the end user category, the ambulatory surgical center's segment is to acquire a market share of 31.9% between 2024 and 2034.
- The United States sales of viscosupplementation are anticipated to surge at a CAGR of 3.9% from 2024 to 2034.
- Germany's viscosupplementation market is to develop at a CAGR of 4.0% through 2024.
- China's sales of viscosupplementation are expected to surge at a CAGR of 9.0% from 2024 to 2034.
- Brazil's viscosupplementation industry is anticipated to boost at a CAGR of 6.2% between 2024 and 2034.
- Japan's viscosupplementation market is likely to exhibit a CAGR of 8.5% from 2024 to 2034.
Which Factors are Responsible for Driving Sales of Viscosupplementation Equipment?
“Growing Cases of Osteoarthritis & High Investments in R&D Fuelling Demand for Viscosupplementation Equipment”
Viscosupplementation device manufacturing companies are rushing to develop and approve new medicines to treat osteoarthritis in the elbow, hip, and knee. Viscosupplementation for knee osteoarthritis, followed by hip osteoarthritis, is likely to be a major growth driver. The main rationale is that viscosupplementation eliminates the need for knee replacement.
These days, anti-inflammatory medicines come with viscosupplementation. Furthermore, in some countries, such as France, 65 percent of the costs of 12 of the 13 medications capable of treating knee osteoarthritis are covered.
Medicare reimburses 80% of the patient-allowable cost in the United States. In the predicted period, these variables are likely to promote market growth. The growing demand for viscosupplementation devices has prompted manufacturers to focus their efforts on developing and marketing new viscosupplementation solutions.
Furthermore, the growing senior population across the globe would accelerate the market growth over the projected period, as the elderly are more susceptible to musculoskeletal illnesses such as osteoarthritis.
Viscosupplementation Market Competitive Landscape:
Prominent viscosupplementation producers are concentrating on creating cross-linked hyaluronic acid to relieve immediate pain. The viscosupplementation manufacturers are investing heavily to get a competitive edge over one another. New products are introduced, and the industry is expanding into new regions in the viscosupplementation treatment market.
Noteworthy Developments in the Viscosupplementation Market:
- An agreement to license TissueGene-C low dose (TG-C LD), a non-surgical experimental treatment given as a single intra-articular injection to treat knee osteoarthritis, was made in April 2022 between Juniper Biologics and Kolon Life Sciences.
- The joint function enhancement agent JOYCLU 30 mg intra-articular injection was introduced in May 2021 by Ono Pharmaceutical Co., Ltd. and Seikagaku Corporation. Seikagaku was granted manufacturing and marketing approval for the product in Japan in March 2021.
- The International Cartilage Regeneration and Joint Preservation Society (ICRS) hosted the official launch of Hyalofast, a hyaluronic acid-based scaffold for cartilage regeneration, by Anika Therapeutics, Inc.
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Prominent Viscosupplementation Manufacturers
- Sanofi S.A.
- Zimmer Biomet Holdings Inc.
- Bioventus LLC
- Anika Therapeutics Inc.
- Fidia Farmaceutici S.p.A.
- Ferring B.V.
- Seikagaku Corporation
- Chugai Pharmaceutical Co., Ltd.
- OrthogenRx Inc.
- Mylan N.V.
Why Are Ambulatory Surgical Centers Gaining Traction in This Market?
“Cost-effectiveness & Less Stay Time Make Ambulatory Surgical Centers Popular Choice for Treatment”
In the projected future, rise of ASCs (Ambulatory Surgical Centers) is expected to boost the viscosupplementation treatment market. ASCs offer benefits such as shorter stays and lower costs.
An ambulatory surgical center is a facility; either within or outside of a hospital that delivers diagnostic testing, treatment or even both to ambulatory patients in need of clinical, surgical, or mental care under the supervision of a licenced physician.
With the shift to value-based care in recent years, outpatient service locations, particularly those that offer physician office-based treatments and ambulatory surgery, have become fierce competitors for hospitals and healthcare systems. Outpatient facilities are gaining in popularity around the world because they provide both operational and financial advantages, allowing for easier patient access, more competitive pricing, and more chances for physician involvement.
Viscosupplementation Market Key Segments:
By Product:
- Single Injection Viscosupplementation
- Three Injection Viscosupplementation
- Five Injection Viscosupplementation
By Application:
- Knee Osteoarthritis
- Hip Osteoarthritis
- Shoulder Osteoarthritis
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
- Retail Pharmacies
- Online Sales
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Authored by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Viscosupplementation Market:
The Europe viscosupplementation market size was projected to be US$ 4.49 billion in 2022. By the end of 2023, the market is likely to reach a valuation of US$ 4.91 billion.
The Russia viscosupplementation is likely to grow at a CAGR of 6.2% through 2032. To exceed a valuation of US$ 84.86 million by 2032.
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