DUBLIN, March 6, 2024 /PRNewswire/ — The “Viscosupplementation Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global Viscosupplementation market size is projected to reach US$ 7.81 Billion by 2030. Market to grow at a compound annual growth rate (CAGR) of 8.97% from 2024 to 2030
Viscosupplementation, an outpatient procedure, effectively alleviates pain and enhances joint function in osteoarthritis patients. It contributes to the augmentation of joint cartilage in terms of quality and quantity. With a commendable safety record and cost-effectiveness, this procedure is often recommended post-arthroscopy. Knee and hip osteoarthritis prevalence is rising among older people due to age-related factors impacting cartilage strength and flexibility. The aging population, expected to double to 1.5 billion by 2050, is a global trend reported by the United Nations. By 2043, seniors constituted about 25% of Canada’s total population, as per government statistics.
The viscosupplementation market is expanding, propelled by the widespread adoption of key strategies like collaboration, acquisition, agreements, and company partnerships. A primary growth driver is the increasing prevalence of osteoporosis and osteoarthritis (OA). This has led to heightened adoption of viscosupplementation in the healthcare sector for managing joint pain – an appealing, minimally invasive alternative to corticosteroids. The market benefits significantly from this shift. Moreover, consumer awareness of the advantages of non-surgical treatments, including cost-effectiveness, absence of hospitalization, minimal complications, and improved clinical outcomes, amplifies this trend, further fueling the market’s growth.
Favorable government policies and substantial investments by pharmaceutical companies in novel drugs and alternative administration routes propel growth in the healthcare industry. This expansion is bolstered by the emergence of ambulatory surgical centers (ACS), addressing surgical and non-surgical issues in joints, ligaments, muscles, spine, and nerves. The market receives an additional boost from introducing open-label single-injections with hyaluronic acid, actively driving industry growth.
The viscosupplementation market is experiencing positive impacts from factors like favorable health insurance reimbursement policies, a growing population with chronic disabilities, and an increasing geriatric demographic susceptible to chronic ailments. Collaborations, partnerships, and continuous research and development (R&D) activities in the medical sciences further contribute to this growth. In 2023, the viscosupplementation market reached a valuation of US$ 4.28 Billion.
Segment of single-injection viscosupplementation is anticipated to experience growth in the future
The Viscosupplementation market is segmented by Product into Single Injection, Three Injection, and Five Injection. The single-injection viscosupplementation segment is poised for substantial growth in the coming years.
The growing focus on offering efficient solutions for osteoarthritis patients aligns with the overall strategy of developing single-injection products, contributing to the anticipated growth of the viscosupplementation market throughout the forecast period.
Knee osteoarthritis emerged as the dominant force in the viscosupplementation market
The knee osteoarthritis segment has asserted its dominance in the viscosupplementation market, primarily fueled by the escalating prevalence of knee osteoarthritis and the increasing geriatric population, which is more prone to this condition. The aging demographic is particularly susceptible to knee osteoarthritis due to the aging process, leading to a reduction in the water content of cartilage.
This diminishes its capacity to absorb shock and provide cushioning, making older people more susceptible to knee-related ailments. The significant prevalence of knee osteoarthritis and its correlation with age underscore the prominence of this segment within the viscosupplementation market.
Orthopedic clinics/Ambulatory Surgical Centers market is rising year on year
The orthopedic clinics and ambulatory surgical centers market is witnessing consistent annual growth. This trend indicates the increasing demand for specialized orthopedic services and the adoption of outpatient surgical procedures. Patients increasingly prefer these facilities for convenience, efficient services, and reduced hospitalization time.
Additionally, advancements in medical technology and the emphasis on providing comprehensive orthopedic care contribute to the sustained expansion of this market. As healthcare continues to evolve towards more patient-centric models, the growth of orthopedic clinics and ambulatory surgical centers reflects the changing landscape of orthopedic healthcare services.
China will be the second-largest contributor to the market
The expansion of the viscosupplementation market in China is influenced by diverse factors such as population demographics, disease incidence, prevalence, macroeconomic conditions, and geopolitical considerations. Market fluctuations may arise from unexpected shifts in these elements and alterations in clinical practices that result in modifications to patient diagnosis or treatment approaches, reflecting a broader effort to enhance overall medical practices.
The U.S. viscosupplementation market is growing due to a rising osteoarthritis population seeking non-surgical solutions. As per the CDC, about 34.5 million Americans contend with osteoarthritis annually, marked by reduced hyaluronic acid leading to pain and stiffness. Increased interest in non-surgical options, driven by concerns over surgery and treatment costs, contributes to market growth.
Ongoing advancements in hyaluronic acid therapies, tailored by key players for swift knee pain relief, further propel the market. Researchers are also exploring diverse strategies to impede the progression of knee pain disorders amidst this growth trend.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Viscosupplementation Market
6. Market Share – Global Viscosupplementation Market
6.1 By Product
6.2 By Application
6.3 By End User
6.4 By Countries
7. Product – Global Viscosupplementation Market
7.1 Single Injection
7.2 Three Injection
7.3 Five Injection
8. Application – Global Viscosupplementation Market
8.1 Knee Osteoarthritis
8.2 Hip Osteoarthritis
8.3 Hand/Wrist Osteoarthritis
8.4 Ankle/Foot Osteoarthritis
8.5 Others
9. End User – Global Viscosupplementation Market
9.1 Hospitals
9.2 Orthopedic clinics/Ambulatory Surgical Centers
10. Countries – Global Viscosupplementation Market
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Thailand
10.3.6 Malaysia
10.3.7 Indonesia
10.3.8 Australia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 Saudi Arabia
10.5.2 United Arab Emirates
10.5.3 South Africa
11. Porter’s Five Forces – Global Viscosupplementation Market
11.1 Bargaining Power of Buyer
11.2 Bargaining Power of Supplier
11.3 Threat of New Entrants
11.4 Rivalry among Existing Competitors
11.5 Threat of Substitute Products
12. SWOT Analysis – Global Viscosupplementation Market
12.1 Strengths
12.2 Weaknesses
12.3 Opportunities
12.4 Threats
13. Key Players Analysis
- Anika Therapeutics Inc
- Zimmer Biomet
- Smith & Nephew PLC
- F.Hoffmann-La Roche Ltd
- Sanofi
- Chugai Pharmaceutical Co
- Lifecore Biomedical
- LG Life Sciences Ltd
For more information about this report visit https://www.researchandmarkets.com/r/lofqw1
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