Viscosupplementation Market Overview
The global viscosupplementation market has witnessed significant growth in recent years, driven by the rising prevalence of osteoarthritis and the increasing aging population. Viscosupplementation is a minimally invasive therapy that involves the injection of a gel-like substance, typically hyaluronic acid, into the joint space to provide lubrication and cushioning. This procedure aims to alleviate pain and improve joint mobility in individuals suffering from osteoarthritis, a degenerative joint disease.
The viscosupplementation market is projected to grow from USD 2.602 Billion in 2024 to USD 5.513 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.84% during the forecast period (2024 - 2032).
The viscosupplementation market is witnessing a surge in demand due to the growing awareness among both healthcare professionals and patients about the benefits of this therapy. Advancements in technology have also led to the development of innovative viscosupplementation products, contributing to market expansion.
Viscosupplementation injections, also known as hyaluronic acid injections, have gained popularity as a non-surgical alternative for managing osteoarthritis-related pain. The therapy works by restoring the viscosity and elasticity of synovial fluid, the natural lubricant in joints, which tends to diminish in osteoarthritis patients. This enhances joint lubrication, reduces friction, and alleviates pain, offering relief to those with mild to moderate osteoarthritis symptoms.
Viscosupplementation therapy is commonly administered in the knee joint, although it can be used in other joints such as the hip and shoulder. The outpatient nature of this therapy makes it convenient for patients, as it eliminates the need for hospitalization. The procedure is generally well-tolerated with minimal side effects, making it a preferred choice for individuals seeking a less invasive treatment option for osteoarthritis.
The global viscosupplementation market is poised for continued growth, driven by the increasing prevalence of osteoarthritis and the growing acceptance of viscosupplementation therapy as an effective and safe treatment option. As research and development efforts continue to enhance the efficacy of viscosupplementation injections, the market is expected to witness further advancements, providing hope for individuals seeking relief from osteoarthritis-related joint pain.
Major Key Players:
MRFR in its expert analysis of the global viscosupplementation companies included are Hoffmann-La Roche, Sanofi, Allergan, Anika Therapeutics Inc., Bioventus, Regen Lab SA, Zimmer Biomet, Smith & Nephew Plc, Ferring B.V., Fidia Farmaceutici S.P.A., and others.
Recent improvements in product pipeline R&D offer significant prospects for the growth of the viscosupplementation market. In hospitals, viscosupplementation is offered as an outpatient operation, and the patient is released a few hours later. A general physician or an orthopedist from the same institution would frequently propose viscosupplementation operations that are carried out in a hospital. Patients typically prefer hospitals in developing nations where there are few orthopedic clinics. Patients must visit the hospital on a certain day in these nations, where orthopedic doctors frequently visit professors. Furthermore, because viscosupplementation procedures don't require additional expenditure, the majority of multispecialty hospitals around the world provide them.
Segment Analysis
The global viscosupplementation market includes segments like hyaluronic acid type, procedure type, application, and end-user to facilitate an easy understanding of the market. This method provides a closer look at the market that can ensure better growth in the coming years.
By hyaluronic acid type, the global market report for the viscosupplementation market includes stabilized hyaluronic acid and standard hyaluronic acid. The stabilized hyaluronic acid segment has the largest market share as its impurity level is close to zero.
By procedure type, the market report on the viscosupplementation market comprises three-injection procedure, single-injection procedure, and five-injection procedure. The three-injection procedure segment has a better opportunity to maintain its robust growth as it is lower in price when compared with the single-injection procedures and takes less time than the five-injection procedure. Its CAGR could cross a valuation of USD 2602.58 million during the forecast period.
By application, the market report covering the viscosupplementation market includes knee arthritis and hip osteoarthritis. The knee arthritis segment has a better market share than hip osteoarthritis.
By end user, the market report can be segmented into hospitals & clinics and ambulatory surgical centers. The hospitals & clinics segment has a larger share owing to people preferring this setup for their treatment.
Regional Analysis
The Americas stood at the top in 2017 and has the opportunity to score the highest CAGR in the coming years. The demand for knee replacement surgeries with increasing thrust from the minimally-invasive procedures can trigger the growth of viscosupplementation procedures.
The Asia-Pacific region has the second-largest market share and can score well-past USD 447.24 million valuations by 2023 with a CAGR of 10.48% during the forecast period. The region would witness contributions made by countries like China, India, and others. These are countries with high expenditure capacity and huge patient pool. In Europe, the growth would be the most in the UK, where increased awareness regarding the procedure would trigger better growth.
Browse Related Reports:
Gene Expression Analysis Market
No comments:
Post a Comment