According to the Market Statsville Group (MSG), the global viscosupplementation market size is expected to grow from USD 34,986.46 million in 2022 to USD 55,010.42 million by 2033, at a CAGR of 4.2% from 2023 to 2033.
The rise in the prevalence of osteoarthritis worldwide is a major factor boosting the growth of the global viscosupplementation market. The increase in the geriatric population and high prevalence of obesity is projected to contribute to the rise in the prevalence of OA, placing a significant burden on individuals, health systems, and social care systems worldwide. According to the Arthritis Foundation, 130 million individuals across the globe are likely to be affected by osteoarthritis by 2050. Minimally invasive surgeries minimize blood loss, reduce hospital stays, offer quicker rehabilitation, and have smaller incisions. Viscosupplement therapy exhibits a nearly 86% success rate in alleviating osteoarthritis-related pain. The Asia-Pacific market is expected to experience substantial growth during the projected period, primarily due to the rising healthcare spending in the region. Furthermore, the relatively low manufacturing costs in countries like China and India have led to an increase in the number of production facilities, making the region attractive to global pharmaceutical and biotechnology companies.
Viscosupplementation involves the injection of a thick hyaluronate fluid into the knee joint to alleviate the symptoms of osteoarthritis. It is important to note that there is no known cure for osteoarthritis, and therefore, viscosupplementation should not be considered a curative treatment for knee osteoarthritis. Viscosupplementation consists of injecting exogenous hyaluronic acid into diarthrodial joints, aiming to restore the synovial fluid's rheological properties, producing mechanical, analgesic, anti-inflammatory, and chondroprotective effects. Viscosupplementation is usually reserved until other treatment options have been tried and have not relieved your pain. Three to five injections, each one week apart, are required. Viscosupplementation is indicated for treating osteoarthritis to recover the synovial fluid's rheological properties, achieve analgesia, improve function, and regenerate the joint cartilage articularly. It is also suggested after arthroscopy.
The viscosupplement industry has been adversely affected during COVID-19. The market witnessed a downfall in COVID-19 and the affected countries, including the US, Brazil, Germany, and others, due to the rapid shutdown of factories, industries, and supply chains. The global lockdown disrupted supply chains, and various elective procedures were temporarily halted in contrast to the COVID-19 affected patients that were given utmost priority, limiting the market's growth amid the pandemic. However, with ease in COVID-19 guidelines, the operations and supply chain management were enhanced. Also, the halted surgeries were scheduled for further treatment. This, in turn, results in the market's growth from the 3rd quarter of the year 2020. In addition, the major players of the market also invested in R&D to develop innovative solutions to cater to customers' needs. They also enhanced their global presence and customer base by adopting advancing technology and online platforms.
Osteoarthritis (OA) is a chronic and progressive condition where the cartilage in joints degenerates over time. This can lead to bone-to-bone contact, causing pain, stiffness, and difficulty in movement. OA commonly affects joints such as knees, hands, feet, spine, and also, though less frequently, the shoulder and hip joints. Although aging is a significant risk factor for OA, it is also linked to other factors that can be controlled or not, such as obesity, lack of physical activity, genetic predisposition, bone density, occupational injury, trauma, and gender. Osteoarthritis is caused due to inflammation, breakdown, and eventual degeneration of synovial fluid. Hyaluronan occurs naturally in synovial fluid and helps lubricate the joints. Thus, a hyaluronic acid-based injection restores some hyaluronan in the joints.
The increasing geriatric population, rising prevalence & incidence of osteoarthritis, and growing lifestyle-induced disorders are some factors expected to drive the market's growth during the forecast period across the globe. The incidence of osteoarthritis (OA) is on the rise owing to the aging population and associated factors such as obesity. As per the United Nations, by 2050, the global population of individuals over the age of 60 is anticipated to surpass 20%. Out of this percentage, a cautious estimate suggests that 15% will experience symptomatic OA, and roughly one-third of these individuals will suffer from severe disability. This states that by 2050, 130 million people will suffer from OA worldwide, of whom the disease will severely disable 40 million. Hence, the growing geriatric population and prevalence of OA will increase the demand for the viscosupplements to manage the diseases, promoting the market's growth during the forecasting period.
Even though hyaluronic acid products are very efficient, they are preferred slightly less by patients due to their expensive nature. Single- and multiple injection cycles of hyaluronic acid fall under premium-priced products; thus, they are not accessible to all patients. The high price primarily reflects the high cost incurred during their manufacture. This is a major restraining factor in the growth of the global market. Moreover, certain adverse effects are associated with applying hyaluronic acid cycles, such as itching and inflammation. The repetitive pain bearing associated with the multiple injection cycles is also a deterrent. The high cost and associated adverse effects act as a restraint for the viscosupplement market and is expected to impede the market's growth to some extent.
The study categorizes the viscosupplementation market based on product type and end-users area at the regional and global levels.
Based on the product type, the market is divided into single injection, three injection, and five injection. The three injection segment accounted for the global viscosupplementation market's largest market share of around 44.3% in 2022, due to it has been shown to be effective in reducing joint pain and improving mobility in patients with osteoarthritis. Clinical studies have demonstrated that pain relief can be minimized by using three hyaluronic acid injections and will further improve joint function in patients with knee osteoarthritis. In addition, the three injection product type segment is often covered by insurance, which makes it more accessible to patients who may not be able to afford other treatment options.
Based on the regions, the global viscosupplementation market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific accounted for the largest market share of around 42.2% in 2022, owing to the region's large and growing aging population. As people age, the risk of joint pain and osteoarthritis increases, which is driving demand for viscosupplementation in the region. Further, the increasing prevalence of sports-related injuries also drives growth in the viscosupplementation market in Asia Pacific. As more people in the region participate in sports and physical activity, the risk of joint injuries also increases, which is creating a demand for treatments such as viscosupplementation. The growth of the viscosupplementation market in the Asia Pacific is the increasing availability and accessibility of healthcare services. As more people in the region gain access to healthcare, they are more likely to seek treatment for joint pain and osteoarthritis, driving demand for viscosupplementation.
The viscosupplementation market is a significant competitor, and extremely cutthroat in the sector is using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Metagenomics Sequencing Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Medical Cannabis Oil Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027
Mar 2024Novel Vaccine Delivery System Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Lysosomal Storage Disease Treatment Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027
Mar 2024Single-Use Bioprocessing Market 2022: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Mar 2024