Viscosupplementation Market to Leapfrog Amid Rising Cases of Osteoarthritis, to be Valued at US$ 4 Bn by 2030: Future Market Insights

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DUBAI, U.A.E, July 8, 2020 /PRNewswire/ -- Research firm Future Market Insights' recent coverage on viscosupplementation market for the assessment period 2020-2030 concludes that a revenue share of US$ 4 Bn will be attained by 2030-end.

Rising incidence of osteoarthritis is pinpointed as the primary determinant for the expansion of the viscosupplementation market. According to the National Center for Biotechnology Information, osteoarthritis affects nearly 30% of the total population in the United States alone, while 10 to 15% of the global population suffers from the disease. Eight out of ten people experience severe restrictions in mobility due to the extreme pain they experience while a quarter of them find it difficult to perform daily chores.

In the light of such alarming increase in the number of cases, the demand for non-surgical methods to treat the ailment is providing traction to viscosupplementation procedures. The market growth is also being driven by enhancements in clinical efficacies of hyaluronic acid-based therapies, as majority of the patients suffer from knee osteoarthritis. These injections provide considerable relief from the pain by reducing joint inflammation.

Market players are increasingly advancing their R&D development capabilities to develop an additional pipeline of anti-osteoarthritis drugs imbued with hyaluronic acid for expanding their foothold. However, the coronavirus outbreak has impeded short-term growth prospects as patients are delaying treatments in favor of providing more room for the eradication of the pandemic.

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"Prominent players in the viscosupplementation market are emphasizing on developing cross-linked hyaluronic acid to provide immediate pain relief. Exhaustive investments are being undertaken by vendors to ensure that they acquire a competitive edge over their rivals," infers an FMI analyst.

Key Takeaways from FMI's Viscosupplementation Market Report

• The viscosupplementation market is scheduled to expand at a CAGR of ~5% by the end of 2020
• By product type, the 3-injection viscosupplementation segment is anticipated to tower over other segments, accounting for more than 50% of the revenue share
• Knee osteoarthritis shall remain the principal application area for viscosupplementation treatment procedures, gaining ~33% revenue share between 2020 and 2030
• Ambulatory Surgical Centers shall provide the maximum viscosupplementation treatments due to shorter lengths of stay and cost effectiveness
• North America shall be the viscosupplementation market hegemon across the forecast period

Viscosupplementation Market- Key Trends

• While knee osteoarthritis shall continue generating the largest revenue share, efforts are underway to develop novel products addressing hip and elbow joint problems as well
• Vegan-based viscosupplementation injections are gaining fast traction, such as the MONOVISC series developed by Ankia Therapeutics. It received FDA approval during the first-half of 2014
• Development of single injection hyaluronic acid supplements will further stimulate the viscosupplementation market

Viscosupplementation Market- Region-wise Analysis

• Asia-Pacific promises to emerge as the fastest growing regional market. This is largely ascribed to a rapidly mushrooming healthcare industry in emerging economies such as China, India, South Korea and Japan
• Europe is set to embark on a staggering growth trajectory, attributed to numerous product innovations. An example of this is the introduction of HappyMini, HAppyCross and HAppyVisc injections along with the recent HAppySoft generic and HAppyOne single intra-articular injections
• The U.S viscosupplementation market is poised to grow at ~4% by 2020-end, with the figure increasing eventually due to a large geriatric population pool

Viscosupplementation Market- Competitive Landscape

Prominent players in the viscosupplementation market have been profiled according to their geographical presence. For instance, the American viscosupplementation market is dominated by players such as Bioventus LLC, Anika Therapeutics Inc., Mylan N.V., OrthogenRx Inc. and Zimmer Biomet Holdings Inc. In Europe, the players are Ferring B.V, Sanofi S.A and Fidia Farmaceutici S.p.A while the Asia Pacific market consists of Chugai Pharmaceutical Co. Ltd and Seikagaku Corporation.

The aforementioned market players emphasize on innovative product formulations in order to expand their geographical presence across the continents. An example of this is CINGAL, the first and only approved combination viscosupplement which provides swift steroid action to effectively treat osteoarthritis symptoms. The injection provides relief for a long time period, typically for six months.

Also, OrthogenRx Inc. manufactures the TriVisc formulation which is a highly purified hyaluronic acid produced by bacterial bio fermentation. A major advantage of this product is that it mitigates risks of allergies and sensitivities and is safe for repeat injection cycles. Additionally, it is formulated by a fully automated manufacturing process which minimizes contamination and human error.

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Viscosupplementation Market Taxonomy

Product Type

• Single Injection Viscosupplementation
• Three Injection Viscosupplementation
• Five Injection Viscosupplementation

Application

• Knee Osteoarthritis
• Hip Osteoarthritis
• Shoulder Osteoarthritis
• Others

End User

• Hospitals
• Ambulatory Surgical Centers
• Orthopedic Clinics
• Retail Pharmacies
• Online Sales

Region/Country

North America

• U.S
• Canada

Latin America

• Brazil
• Mexico
• Argentina
• Rest of Latin America

Europe

• EU-5
• Russia
• Rest of Europe

South Asia

• India
• Thailand
• Indonesia
• Malaysia
• Rest of South Asia

East Asia

• China
• Japan
• South Korea

Oceania

• Australia
• New Zealand

Middle East & Africa (MEA)

• GCC
• Southern Africa
• Rest of MEA

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More Insights on the Viscosupplementation Market

Viscosupplementation market, a new study from Future Market Insights, opines on the viscosupplementation from 2015 – 2019 and presents demand projections from 2020 – 2030 on the basis of: product types, application and end across seven prominent regions. The report provides an unbiased analysis on the prominent dynamics such as the drivers, opportunities and restraints influencing the market's growth trajectory for the aforementioned forecast period.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Report: https://www.futuremarketinsights.com/reports/viscosupplementation-market

Press Release Source: https://www.futuremarketinsights.com/press-release/viscosupplementation-market

SOURCE Future Market Insights