July 16, 2024

Projected Rise in Osteoarthritis to Boost the Growth of the Viscosupplementation Market

 

Viscosupplementation is a minimally invasive outpatient medical procedure used to treat pain caused by osteoarthritis of the knee. It involves injections of hyaluronic acid, also known as hyaluronan or hyaluronate, into the knee joint. Hyaluronic acid is a natural substance that is present in the fluid within healthy joints and acts as a lubricant and shock absorber. In osteoarthritic joints, the hyaluronic acid level decreases. Viscosupplementation injections replenish this fluid in the knee joint with hyaluronic acid preparations. This helps improve the lubrication and elasticity of the synovial fluid within the joint, easing the friction and pressure between the bones during movement. It aims to reduce pain and improve mobility for patients suffering from osteoarthritis of the knee.

The global 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.

Market Key trends:
Growing prevalence of osteoarthritis is expected to drive the global viscosupplementation market growth over the forecast period. For instance, according to Arthritis Foundation, osteoarthritis affects over 32.5 million Americans annually. Factors such as rising geriatric population, increasing obesity rates, and physically demanding jobs are fueling the cases of osteoarthritis across the globe. Furthermore, introduction of advanced single-injection hyaluronic acid products providing pain relief for 6 months is gaining traction in the market. These single-injection viscosupplementation products offer convenience of administration compared to multiple dose injections, thereby driving their demand. Manufacturers are also focused on developing novel hyaluronic acid formulations with extended residence time in the joint to prolong the pain relief duration.
Porter’s Analysis
Threat of new entrants: The viscossupplementation market requires high R&D investments and has established distribution channels, posing barriers for new entrants.

Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of products, but group purchasing organizations have moderate power.

Bargaining power of suppliers: A few major global players dominate the supply chain, giving them significant bargaining power over buyers.

Threat of new substitutes: Alternative joint pain treatment options exist, but viscossupplementation offers reduced invasiveness and side effects, limiting substitutes threat.

Competitive rivalry: The market is growing steadily, encouraging competition among the major global players and generics makers.
Key Takeaways
The global viscossupplementation market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period 2023 to 2030, due to increasing geriatric population and rising prevalence of osteoarthritis.

Regional analysis: North America dominated the market in 2023 and is expected to maintain its lead over the forecast period. However, Asia Pacific region is expected to witness the highest growth during the same period owing to increasing healthcare infrastrucutre and spending.

Key players analysis: Key players operating in the viscossupplementation market are 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. Anika Therapeutics Inc. holds the leading market share currently.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it