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.
Related Press Release@ 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
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