by The Viscosupplementation Market is estimated to be valued at US$ 3404.73 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.
Market Overview:
Viscosupplementation involves injecting hyaluronic acid into the knee joint of patients suffering from osteoarthritis. Hyaluronic acid acts as a lubricant and shock absorber, reducing pain and improving mobility. It is used to treat knee osteoarthritis when conventional treatments like painkillers, physical therapy and braces fail to provide relief. The injections help supplement healthy synovial fluid and cushion cartilage in the knee.
Market Dynamics:
One of the key drivers fueling the viscosupplementation market growth is the rising geriatric population globally which is more prone to osteoarthritis. As per UN data, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 727 million in 2020. Growing obesity rates are also contributing to the increasing incidence of knee osteoarthritis pushing up demand for viscosupplementation. According to WHO, around 650 million adults were obese in 2016. Viscosupplementation treatments are gaining popularity due to their benefits like minimal invasion and rapid pain relief as compared to knee replacement surgery which is a last resort treatment. Innovation in single and triple injection therapies is further supporting the market expansion.
Segment Analysis:
The viscosupplementation market is dominated by the hyaluronic acid (HA) segment. HA viscosupplementation accounted for over 90% of market share in 2023 due to the safety and efficacy of HA in treating knee osteoarthritis. HA has natural lubricating and cushioning properties that help reduce the friction between bones and replace the viscous fluid in the joints.
PEST Analysis:
- Political: The emergence of favorable reimbursement policies for viscosupplementation procedures across developed countries is a major tailwind. For instance, in the U.S., Medicare covers HA knee injections used for knee osteoarthritis treatment.
- Economic: Growth in knee osteoarthritis patient population, rising healthcare expenditure, and increasing adoption of non-invasive treatment procedures are driving the market. However, price cuts and intense competition among players may hamper growth.
- Social: With rising sedentary lifestyle and obesity rates, the incidence of knee osteoarthritis is increasing rapidly. This is prompting greater awareness and adoption of less invasive treatments like viscosupplementation.
- Technological: Players are launching advanced HA formulations to improve efficacy and prolong the effect. For example, cross-linked HA formulations have a longer residence time in the knee joints compared to regular HA injections.
Key Takeaways:
The Global Viscosupplementation Market Growth is expected to witness high, exhibiting a CAGR of 8.2% over the forecast period, due to increasing obese population and rising incidence of knee osteoarthritis. The North America region currently dominates the market due to favorable reimbursement policies and heavy funding towards new product development. Europe also captures a major market share owing to growing elderly population suffering from mobility issues.
The viscosupplementation market size for 2023 is US$ 3404.73 Mn. The U.S. captures over 80% share of the North American market led by high obese population susceptible to knee complaints and widespread medical insurance coverage for HA injections.
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. Players are focusing on new product development, regional expansion, and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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