The global viscosupplementation market is estimated to reach USD 6.47 billion by 2028 growing at a CAGR of 9.1% during the forecast period, according to a new study published by Polaris Market Research. The report “Viscosupplementation Market Share, Size, Trends & Industry Analysis Report By Product (Single Injection, Three Injection, Five Injection); By Application (Knee Osteoarthritis, Hip Osteoarthritis, Hand Osteoarthritis); By Region, Segment Forecasts, 2021 – 2028” provides an extensive analysis of present market dynamics and predicted future trends.
Due to the growing geriatric population globally and due to increasing occurrences of osteoarthritis, injuries, gingivitis, & abscess, this market is anticipated to gain traction. According to an assessment done by WHO, the population of people who are of the age of 65 g and above globally would increase significantly from 7% in the year 2000 and is estimated to grow to 16% by 2050.
This significant growth in the elderly population would result in the increased problems of obesity and osteoarthritis, which would indirectly help this market to gain traction during the forecast period. Together with expanding choice for minimally intrusive surgical procedures, the worldwide rise in the target populace is anticipated to substantially push the need for viscosupplementations throughout the forecast duration.
Geographically, Asia Pacific is estimated to be the largest viscosupplementation market in 2020. According to the Center for Disease Control as well as Avoidance (CDC) in 2015, over 30 million individuals in the United States experienced osteoarthritis, and around 10% of individuals over 55 years endured knee discomfort. These growing numbers are pushing the market growth in this region.
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Europe on the other hand is anticipated to be the fastest-growing market in 2020 and is estimated to preserve its placement throughout the projection period. This growth rate can be made up by the visibility of a considerable growing base of senior citizens, which is vulnerable to problems such as osteoarthritis as well as rheumatoid joint inflammation.
Increasing demand for minimally intrusive treatments is a considerable element adding to the growth rate of Asia Pacific. The Latin American market is anticipated to expand at a rewarding pace in the coming years because of the visibility of high unmet clinical requirements, increasing disposable income, and growing awareness among the patients in economies such as Brazil and Mexico.
Among the viscosupplementation products, three injection products are estimated to be the largest segment of the viscosupplementation market. Affordability and shorter therapy duration are some of the major factors that are pushing the growth of this product segment. This is closely followed by the single injection.
Major companies operating in the market are focusing on incorporating modern technologies to make innovative viscosupplements. For instance, Anika Therapeutics introduced HYAFF, which aids in the production of very efficient biocompatible viscosupplements.
The FDA-authorized hyaluronates presently offered in the viscosupplementation market are Hyalgan (Sanofi), Euflexxa (Ferring Pharmaceuticals, Inc.), Orthovisc (Anika Rehabs), Supartz, Gel-One (Seikagaku Company), Synvisc, Synvisc One (Genzyme), and also Durolane (Q MEDICATION ABDOMINAL). Some of the major players in this market include Seikagaku Corporation, Lifecore Biomedical, LLC, Zimmer Holdings Inc, Bioventus, Ferring B.V., Sanofi, Anika Therapeutics, Inc., and LG Life Sciences Ltd.
Polaris Market Research has segmented the global viscosupplementation market report on the basis of product type, application, and region:
Viscosupplementation by Product Type Outlook (Revenue, USD Million, 2016 - 2028)
Viscosupplementation by Application Outlook (Revenue, USD Million, 2016 - 2028)
Viscosupplementation by Regions Outlook (Revenue, USD Million, 2016 - 2028)