Viscosupplementation products are used in the treatment of osteoarthritis related joints pain. These products includes hyaluronic acid injections administered to lubricate and cushion joints. Hyaluronic acid naturally present in synovial fluid and help absorb shock and provide lubrication between joints. These injections works by replenishing HA levels in joints that may be lost due to osteoarthritis.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of osteoarthritis across the globe is the major factor driving growth of the viscosupplementation market. According to Arthritis Foundation, osteoarthritis affects over 32.5 million adults in the US. Additionally, increasing geriatric population prone to osteoarthritis is also propelling the market growth. For instance, as per U.S. Census Bureau, the number of Americans aged 65 and older is projected to be 95 million by 2060, which is more than twice the number in 2020. Additionally, product launches and approval of novel viscosupplementation products is also expected fuel market growth over the forecast period. For example, in June 2023, Anthropic announced U.S. FDA approval of HA-based single injection viscosupplementation treatment for knee osteoarthritis called Hydromer.
SWOT Analysis
Strength: Viscosupplementation offers safe and effective treatment for knee osteoarthritis without surgery. The products are manufactured using advanced technologies to ensure optimal efficacy and safety. Additionally, growth in geriatric population suffering from osteoarthritis is driving the demand.
Weakness: High costs associated with viscosupplementation therapy can limit its adoption in developing nations. Also, procedural challenges and shortage of skilled professionals pose operational challenges.
Opportunity: Rising incidence of osteoarthritis due to obesity and sedentary lifestyles presents lucrative growth prospects. Also, product innovations with improved formulations extending the duration of pain relief will boost the market.
Threats: Availability of alternative treatment options like medication and knee replacement surgery poses competition. Stringent regulatory norms for new product approvals can slow down market growth.
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 suffering from osteoarthritis. As per estimates, over 2023 the global market size is US$ 3,146.7 Mn.
Regional analysis North America dominates the viscosupplementation market and is estimated to continue its dominance holding over 50% market share owing to higher adoption and awareness regarding viscosupplementation therapy. However, Asia Pacific exhibits fastest growth at a CAGR of 9.7% due to rising healthcare expenditure in major countries like China and India.
Key players operating in the viscosupplementation 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. They adopt techniques like new product launches, collaborations and acquisitions to strengthen their market position.
