Viscosupplementation Market Segmentation by Product (Single Injection, Three Injection, and Five Injection); by Application (Knee Osteoarthritis, Hip Osteoarthritis, and Hand Osteoarthritis); by Source (Animal, and Non Animal); by End User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others)-Global Demand Analysis & Opportunity Outlook 2031
21 Oct 2022
Healthcare & Pharmaceuticals
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
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Global Viscosupplementation Market Highlights Over 2022 - 2031
The global viscosupplementation market is estimated to garner around USD 4 billion in revenue by 2031 by growing at a CAGR of nearly 8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising prevalence of osteoarthritis among the geriatric population, and the increasing demand for minimally invasive surgeries. For instance, according to the Global Health and Aging report by the World Health Organization (WHO), an estimated number of people, aged 65 and above, is projected to increase from 524 million in 2010 to nearly 1.5 billion in 2050. Additionally, increasing government initiatives, and rising investments by the key companies in viscosupplementation are expected to further boost the market growth in the upcoming years.
The COVID-19 pandemic had led to a decrease in the demand for viscosupplementation devices as government-imposed lockdowns led to a decrease in regular check-ups related to osteoarthritis. Further, various forms of procedures were temporarily stopped, as COVID-19 patients were given the utmost priority.
However, the high cost associated with the treatment, and lack of inefficiency and safety of the products are the key factors restraining the growth of the market.
The market is segmented by product into single injection, three injections, and five injections. Among these segments, the three-injection segment is anticipated to hold the major share over the forecast period on the back of the preference by medical practitioners referring patients to adopt three injection treatments to avoid total knee replacement surgery in case of osteoarthritis.
Global Viscosupplementation Market Regional Synopsis
Regionally, the global viscosupplementation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness significant growth over the forecast period on the back of the introduction of enhanced new drugs related to viscosupplementation, and high prevalence of osteoarthritis in countries, such as the U.S. For instance, according to the ‘Arthritis By The Numbers’ report by Arthiritis Foundation in the United States, it was estimated that the number of adults in the U.S. with doctor-diagnosed arthritis is expected to be nearly 78.4 million by 2040, which is 25.9 percent of all adults in the country.
Asia Pacific region is predicted to witness the highest growth during the forecast period owing to the rapidly increasing population, and rising healthcare expenditure. Additionally, the low cost of manufacture of medicines and injections in China and India has resulted in attracting pharmaceutical and biotechnological companies into region. This factor is further expected to boost the market growth in the region.
Our in-depth analysis of the global viscosupplementation market includes the following segments:
By End User
Ambulatory Surgical Centers
Growth Drivers and Challenges Impacting the Growth of the Global Viscosupplementation Market
Rising prevalence of osteoarthritis among geriatric population
Increasing demand for minimally invasive surgeries
High cost associated with the treatment
Lack of efficiency and safety of the products
Key Companies Dominating the Global Viscosupplementation Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global viscosupplementation market that are included in our report are SEIKAGAKU CORPORATION, Anika Therapeutics, Inc., Bioventus, Ferring B.V., Sanofi, Lifecore, KiOmed Pharma, LG Chem, Smith & Nephew, Avanos Medical, Inc., and others.
Latest Developments in the Global Viscosupplementation Market:
August 2021: SEIKAGAKU CORPORATION launched HyLink, an intra-articular single-injection viscosupplement for knee osteoarthritis treatment in Taiwan.
January 2019: OrthogenRx, Inc. (Avanos Medical, Inc.) launched TriVisc (sodium hyaluronate) for the treatment of knee osteoarthritis pain in a 3-injection regimen.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
Rising prevalence of osteoarthritis among geriatric population, and increasing demand for minimally invasive surgeries are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
High cost associated with the treatment, and lack of inefficiency and safety of the product are estimated to hamper the market growth.
Which region will provide more business opportunities for growth of viscosupplementation market in future?
Asia Pacific region is anticipated to provide more business opportunities over the forecast period for the growth of the market.
The major players in the market are SEIKAGAKU CORPORATION, Anika Therapeutics, Inc., Bioventus, Ferring B.V., Sanofi, Lifecore, KiOmed Pharma, LG Chem, Smith & Nephew, Avanos Medical, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, source, end user, and by region.
Which sub-segment captures the largest market size in product segment in the global viscosupplementation market?
The three injection segment is anticipated to hold largest market size in value and display significant growth opportunities.
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- SEIKAGAKU CORPORATION
- Anika TherapeuticsInc.
- Ferring B.V.
- KiOmed Pharma
- LG Chem
- Smith & Nephew
- Avanos MedicalInc.