Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Global Viscosupplementation Market, By Product Type, By End User, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global viscosupplementation market held a market value of USD 4,041 million in 2021 and is projected to reach USD 8,958.9 million by the year 2030. The market is projected to list a CAGR of 9.2% during the forecast period.
Some of the reasons anticipated to propel the market include the rising need for non-surgical treatments for osteoarthritis, the prevalence of illnesses brought on by a sedentary lifestyle, and improvements in the creation of hyaluronic acid-based therapies.
The market-available viscosupplements have been clinically demonstrated to be the most efficient treatment for knee osteoarthritis. Osteoarthritis is the most common chronic cause of disability and is a painful degenerative joint condition. The condition typically begins after the age of 30, and after 10 years of diagnosis, it may grow to become a disability.
Growth Influencers:
Surging geriatric populations and prevalence of Osteoarthritis will drive the growth of the market
The rising geriatric population is driving the market growth. According to projections made by the WHO, the number of people 65 and older in the world is expected to climb from 7% in 2000 to 16% in 2050, which will subsequently cause an increase in the prevalence of obesity and osteoarthritis.
Thus, it is anticipated that over the projection period, the demand for the product would develop significantly due to the global expansion in the target population and the growing preference for alternate treatment alternatives for corticosteroids for the management of joint pain.
Combination Therapy of Gel Injection and Knee Bracing Benefit Moderate-grade Knee Arthritis Patients
Hyaluronic acid is the active component in knee arthritis gel injections. Our bodies naturally manufacture hyaluronic acid. It is an essential part of the synovial fluid that lubricates many of our joints.
Over time, the quality of hyaluronic acid in knees with osteoarthritis declines. Synovial fluid's consistency is affected by low-quality hyaluronic acid, which lessens the fluid's capacity for lubrication and shock absorption. Greater lubrication is the main advantage of hyaluronic acid injections into joints.
There are, however, a number of additional ways in which it might enhance joint performance. An antioxidant, hyaluronic acid, has the ability to prevent the buildup of dangerous compounds in the knee joint. The capacity of the knee joint to repair cartilage may be enhanced by hyaluronic acid. Hyaluronic acid may lessen joint inflammation, easing arthritis-related stiffness and pain.
Healthcare Infrastructure growth Installed base and rise in demand for the treatment procedures.
In the U.K. and France, osteoporosis affects more than 2.5 million women annually. Following a decision by the Haute Autorite de Sante (HAS), the Caisse Primaire d'Assurance Maladie will pay 70% of the cost of the scan (CPAM).
Additionally, the Caisse Primaire d'Assurance Maladie has been advised to reimburse BONVIVA, a medication used to strengthen bones and given in the U.K., at a rate of 65%, according to Haute Autorite de Sante (HAS), the health authority (CPAM). The market is being driven by increasing consumer preference for quick turnaround times even if they are expensive and rising rates of target diseases like osteoarthritis.
Segments Overview:
The three injection segment held the highest market share of more than 40% in 2020.
The hospitals segment held the largest market share of 79.8% during forecast period. On the contrary, the ASC segment is estimated tog row steadily. ACL surgery, hip, knee, and shoulder replacements, among other procedures, can be completed in an ASC on the same day. These operations are simpler and almost never necessitate hospitalisation.
Additionally, the musculoskeletal system is the focus of orthopaedic clinics. This covers both surgical and nonsurgical issues with the spine, joints, bones, muscles, ligaments, and nerves. One of the main reasons anticipated to support the growth of this segment is the rising prevalence of osteoarthritis among the geriatric population.
Regional Overview
The global viscosupplementation market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The market based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
The Asia Pacific market for viscosupplementation held the largest market share of more than 50% in 2020, with a revenue of USD 1,440.9 million. The regional market is also projected to hold the fastest CAGR of more than 4.8% during the anticipated period.
Competitive Landscape
The prominent players operating in the global viscosupplementation market include Sanofi, Anika Therapeutics, Inc., Seikagaku Corporation, Zimmer Biomet, SMITH & NEPHEW PLC, LG Chem, Lifecore, Ferring B.V., Fidia Farmaceutici S.p.A.,and others. The major nine players in the market hold approximately 50% of the total market share.
These market players are investing in joint ventures, product launches, mergers, expansions. For instance, Hyalofast, a hyaluronic acid-based scaffold for cartilage repair, was introduced by Anika Therapeutics, Inc. in June 2019 at the International Cartilage Regeneration and Joint Preservation Society (ICRS).
Key Metrics
| Report Attribute | Details |
| No. of Pages | 104 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $4041 Million |
| Forecasted Market Value (USD) by 2030 | $8958.9 Million |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
Company Profiles
- Sanofi
- Anika Therapeutics, Inc.
- Seikagaku Corporation
- Zimmer Biomet
- SMITH & NEPHEW PLC
- LG Chem
- Lifecore
- Ferring B.V.
- Fidia Farmaceutici S.p.A
Market Dynamics
Drivers
- Surging geriatric populations and prevalence of Osteoarthritis will drive the growth of the market
- Combination Therapy of Gel Injection and Knee Bracing Benefit Moderate-grade Knee Arthritis Patients
- Healthcare Infrastructure growth Installed base and rise in demand for the treatment procedures
Restraints
- High Cost and Adverse Effect Hamper the Market Growth
Clinical Trials
Porter's 5 Force Model
SWOT Analysis
Major Deals & Strategic Alliances Analysis
Product Pricing Analysis
Distribution Channel Analysis
COVID-19 Impact
- COVID-19 Status Overview
- Influence of COVID-19 Outbreak on viscosupplement Industry
For more information about this report visit https://www.researchandmarkets.com/r/u8cd5i
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