Viscosupplementation Market Growth & Trends
The global viscosupplementation market size is expected to reach USD 7.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 9.37% from 2021 to 2028. Initiatives to increase awareness regarding available treatment, the rising geriatric population, and product advancements are expected to boost market growth during the forecast period. With the growing geriatric population, the burden of osteoarthritis is expected to increase dramatically. As per the Arthritis Foundation, in the U.S., around 54.4 million adults are reported to be diagnosed with doctor-diagnosed arthritis.
Favorable reimbursement policies with respect to the geriatric population are expected to act as an opportunity for market growth. The viscosupplementation business was affected due to the COVID-19 pandemic as many healthcare providers postponed the nonessential patient visits, such as osteoarthritis treatments. Although ease in COVID-19 restrictions regarding surgeries led to a recovery in surgery volume, certain markets, such as Spain, the U.K., and Italy witnessed a low pace of recovery. Asia Pacific held the largest revenue share of the global market in 2020.
In recent years, exponential growth in the number of orthopedic surgeons in developing countries, such as South Korea, Russia, and China, was observed. Asia Pacific region presents high growth potential owing to large patient population and untapped opportunities in comparison with the U.S. Therefore, the introduction of products by the players in Asian countries is further expected to propel the market growth. In July 2017, Anika Therapeutics announced regulatory approval of MONOVISC in India followed by approval in Australia in October 2017.
However, such strategic initiatives were offset to some extent by the impact of the COVID-19 pandemic, which led to the disruption of company operations. Europe is expected to register the fastest CAGR during the forecast period. This can be attributed to a large number of clinical trials being conducted in the region to provide efficient treatment for knee osteoarthritis with the help of stem cells.
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Viscosupplementation Market Report
Viscosupplementation Market Report Highlights
- Single-injection led the type segment in 2020 and is expected to register the fastest growth rate over the forecast period due to various factors, such as new product launch and affordability as compared to their counterparts
- For instance, in March 2019, SeikagakuCorp. launched an intra-articular single injection viscosupplement “HyLink” for the therapy of knee osteoarthritis in Italy
- The orthopedic clinics/ASC send-use segment is expected to exhibit the fastest CAGR during the forecast period. The increasing prevalence of osteoarthritis among the geriatric population is one of the major factors expected to contribute to the segment growth
- Collaborations for development & expansion of product portfolios and geographical expansion in emerging markets are key strategies adopted by companies to increase their market share
- For instance, in June 2020, Seikagaku Corporation completed acquiring all shares of Dalton Chemical Laboratories, Inc., an unlisted company in Canada
