Viscosupplementation Market Overview
Viscosupplementation is a medical procedure used to alleviate pain and restore joint functions by replenishing depleted hyaluronic acid (HA) in the affected area. This procedure provides patients a natural, minimally invasive, FDA approved option to treat symptoms of knee osteoarthritis, hip osteoarthritis, shoulder osteoarthritis, ankle, and spine arthritis. Over recent years, the global viscosupplementation market is growing continually, mainly due to the rising prevalence of knee osteoarthritis.
Moreover, the increasing popularity of minimally invasive procedures and the growing geriatric population facilitate market growth. According to Market Research Future (MRFR), the global Viscosupplementation Market valuation is projected to reach USD 4,760 Million by 2030, at 11.32% CAGR during the review period (2022 to 2030). The market is witnessing increasing investments in the RD activities, which favors the growth of the market.
Besides, factors such as growing population and urbanization worldwide are fostering market growth. Growth in the global economy provides a huge impetus to market growth, enabling access to improved healthcare. Additionally, seminal efforts and investments made in the development of Viscosupplementation products such as HA injection and etc. pay off well, driving the market growth. Also, Government initiatives play a major role in fostering market growth. On the other hand, stringent government regulations and a rise in insurance denials for viscosupplementation products act as major headwind restricting the market growth. Also, factors such as low awareness among people about the availability of treatment and high manufacturing cost of viscosupplementation products are likely to impede the market growth. Nevertheless, the rising demand for effective non-invasive treatments for knee pain would support market growth throughout the forecast period.
The report is segmented into five main dynamics to widen the scope of understanding,
By Hyaluronic Acid Type : Stabilized Hyaluronic Acid and Standard Hyaluronic Acid.
By Procedure Type : Single-Injection Procedure, Three-Injection Procedure, and Five-Injection Procedure.
By Application : Knee Arthritis and Hip Osteoarthritis.
By End-user : Hospitals Clinics, Ambulatory Surgical Centers, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East Africa, and Rest-of-the-World
North America dominates the global viscosupplementation market. The largest share of the market attributes to the rising preferences for minimally invasive viscosupplementation procedures in the treatment of knee osteoarthritis, instead of knee replacement surgeries. Besides, the presence of viscosupplementation providers and doctors alongside, the sophisticated healthcare infrastructure impacts the market growth positively. There has been a sudden increase in the demand for viscosupplementation products in the US due to which the US viscosupplementation market is estimated to grow double-fold.
With the continually rising incidents of knee arthritis, the European viscosupplementation market is expected to continue with its second-leading position. Besides, favorable government regulations help in the proliferation of the market in the region. Moreover, the increased research development activities in the field backed by government support and funds.
The Asia Pacific region is an emerging market for viscosupplementation. Growing markets in India and China, backed by the growing prevalence of knee and hip osteoarthritis, provide impetus to the market growth. Additionally, increasing awareness among patients about the availability of the non-invasive HA-enhanced bone repair therapy drives a large share of the regional market. Furthermore, the huge patient population suffering from the knee joints pain alongside the burgeoning medical treatment market in the region influences the regional market growth.
Viscosupplementation Market Players are, Allergan, Sanofi, Hoffmann-La Roche, Smith Nephew Plc, Zimmer Biome, Anika Therapeutics Inc.,Ferring B.V., Bioventus,Fidia Farmaceutici S.P.A.
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