Global Viscosupplementation Market to Surpass US$ 4,738.8 Million by 2027 - Coherent Market Insights
SEATTLE, Jan. 27, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global viscosupplementation market is estimated to be valued at US$ 2,524.8 million in 2019, and is expected to exhibit a CAGR of 8.2% over the forecast period (2019-2027).
Key Trends and Analysis of the Global Viscosupplementation Market:
Increasing product launches and regulatory approvals by manufacturers is expected to propel the global viscosupplementation market growth over the forecast period. For instance, in January 2017, Anika Therapeutics, Inc. received CE (European Conformity) Mark approval for its product, ORTHOVISC-T (sodium hyaluronate for peritendinous injection). It is a viscosupplement injectable designed to relieve pain and restore functions to tendons damaged by chronic tennis elbow.
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Moreover, in March 2019, Seikagaku Corporation, a Japan-based pharmaceutical company, launched HyLink, an intra-articular single-injection viscosupplement indicated for treatment of knee osteoarthritis, in Italy.
Awareness created by organizations and institutions through campaigns is expected to drive the global viscosupplementation market growth over the forecast period. For instance, in 2018, on the occasion of Arthritis Awareness Month, the Arthritis Foundation organized a new campaign called the 'Let's Get a Grip on Arthritis' with the goal of eradicated it once and for all.
Moreover, Arthritis and Rheumatism International (ARI) organization has established World Arthritis Day (WAD) in 1996, after that Ministry of Health and Family Welfare (MoHFW) every year celebrate 12th October as a World Arthritis Day to raise awareness among people.
Restraint of the global viscosupplementation market
The major factor restraining the market growth is the high cost of viscosupplement injections, which also results in an increased treatment cost of osteoarthritis.
Key Market Takeaways:
- The Viscosupplementation market is expected to exhibit a CAGR of 8.2% over the forecast period (2019-2027). This growth is attributed to frequent product launches, approvals of viscosupplementation products, and increasing demand for viscosupplementation therapy
- Key players in the market are involved in strategic partnerships and collaborations, which is expected to facilitate growth of global viscosupplementation market. For instance, in May 2016, Anika Therapeutics, Inc. has formed commercialization partnership with Pendopharm, to sell CINGAL, in Canada
Key players operating in the global viscosupplementation market include
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.
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Market Segmentation:
- Global Viscosupplementation Market, By Treatment:
- Single Injection Treatment Cycle
- Three Injection Treatment Cycle
- Five Injection Treatment Cycle
- Global Viscosupplementation Market, By Application:
- Knee Osteoarthritis
- Hip Osteoarthritis
- Others
- Global Viscosupplementation Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- Central Africa
- South Africa
- North Africa
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