Viscosupplementation is a minimally invasive treatment option for osteoarthritis where hyaluronic acid injections are administered into the knee joint. Hyaluronic acid acts as a lubricant and shock absorber in the joints and helps replenish depleted hyaluronic acid levels caused by osteoarthritis. It provides relief from pain and improves joint mobility for osteoarthritis patients. Viscosupplementation offers an alternate treatment modality to surgery or oral medication for osteoarthritis patients with fewer side effects. The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the viscosupplementation market is the development of single-injection viscosupplements. Currently, hyaluronic acid injections require multiple injections, usually three to five injections over a period of several weeks to achieve optimal outcomes. However, compliance is an issue with multi-injection regimen. Development of single-injection viscosupplements can improve compliance and convenience for patients. Companies are developing longer-acting cross-linked hyaluronic acid formulations that can sustain release of hyaluronic acid over extended periods with just one injection. This offers an improved proposition over conventional multiple injection regimen. Moreover, it also provides opportunities to access larger patient demographics by simplifying treatment protocol for osteoarthritis patients.
Porter’s Analysis
Threat of new entrants: Low threat as high capital investment is required for R&D, clinical trials and manufacturing of viscosupplementation products. Bargaining power of buyers: High bargaining power of buyers as viscosupplementation products are non-invasive treatment options available for osteoarthritis pain relief without surgery. Bargaining power of suppliers: Moderate to high bargaining power of suppliers as procurement of raw materials for viscosupplementation requires technical expertise and regulatory compliance. Threat of new substitutes: Moderate threat as emerging treatment options like stem cell therapy, platelet rich plasma therapy, tissue engineering offer patients alternative treatment choices for osteoarthritis pain relief without side effects. Competitive rivalry: High competitive rivalry among key players to develop advanced viscosupplementation formulations, gain market share and maximize profits in the growing market.
Key Takeaways
The global viscosupplementation market is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific viscosupplementation market is anticipated to witness fastest growth rate during the forecast period. This is attributed to growing medical tourism industry in countries like India and China, rising geriatric population suffering from osteoarthritis and gradual awareness about viscosupplementation as safe and effective treatment option.
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. These key players are focused on new product development and geographical expansion strategies to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.