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Viscosupplementation is a nonsurgical treatment for osteoarthritis pain in joints like knees. It involves injections of hyaluronic acid or glycosaminoglycan injections into the joint. Hyaluronic acid acts as a lubricant and shock absorber in the joints. It replenishes levels in arthritic joints which have reduced hyaluronic acid. This helps reduce pain and improve mobility. The products available are single-injection, three-injection, and five-injection
The viscosupplementation market is estimated to be valued at US$ 3,146.7 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market Dynamics:
Rising prevalence of osteoarthritis worldwide is a key driver of the viscosupplementation market. As per Arthritis Foundation, osteoarthritis affects over 32.5 million Americans. It is the most common old age disease affecting joints like knees, hips among others. Increasing geriatric population is fueling osteoarthritis cases which in turn is propelling the demand for viscosupplementation therapy. Additionally, growing awareness about viscosupplementation as a minimally invasive treatment compared to joint replacement surgery is also driving more patients and physicians to adopt it. However, perceived low efficacy and short shelf-life of hyaluronic acid injections act as restraints on the market. Ongoing R&D for developing long-acting and highly effective injections with new materials is expected to offer lucrative growth opportunities over the forecast period.
Segment Analysis
The viscosupplementation market is dominated by hyaluronic acid based viscosupplementation products. Hyaluronic acid based products account for around 90% share of the overall market owing to their proven clinical efficacy and safety profile. Hyaluronic acid mimics the natural joint fluid and effectively supplements it, thereby offering long lasting relief from pain associated with knee osteoarthritis.
PEST Analysis
Political: The government regulations governing the medical device industry facilitate the adoption of novel viscosupplementation therapies. Various initiatives to increase public awareness about osteoarthritis treatment options influence market growth.
Economic: Rising geriatric population and growing healthcare expenditure in developing nations present attractive opportunities. However, economic slowdowns may negatively impact the market.
Social: Increasing inclination towards minimally invasive procedures and a rise in obesity prevalence driving osteoarthritis cases foster market expansion.
Technological: Advancements in formulation technologies aid in developing long-acting viscosupplementation formulations. Computer-aided injection devices enhance accuracy and facilitate self-administration.
Key Takeaways
The global viscosupplementation market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing geriatric population who are more susceptible to osteoarthritis and growing preference for minimally invasive treatments.
On the regional front, North America accounts for the major share in the viscosupplementation market due to advanced healthcare infrastructure and rising healthcare expenditure. Asia Pacific is projected to be the fastest growing market propelled by expanding medical tourism industry and rapidly developing economies.
Key players operating in the viscosupplementation market include Anika Therapeutics Inc., Seikagaku Corporation, Ferring Pharmaceuticals, Bioventus, Fidia Farmaceutici S.P.A., Mylan N.V., Sanofi S.A., OrthogenRx, Teva Pharmaceutical Industries Ltd, and Johnson & Johnson. The market is highly competitive due to presence of global and local players. Strategic collaborations, new product launches, and geographic expansion are some key strategies adopted by these players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
