Global Viscosupplementation Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Osteoarthritis and Growing Demand for Minimally Invasive Treatment Options

Global Viscosupplementation Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Osteoarthritis and Growing Demand for Minimally Invasive Treatment Options

The global Viscosupplementation Market is estimated to be valued at US$ 3,146.7 million in 2022 and is expected to exhibit a CAGR of 8.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

The Viscosupplementation Market involves the use of hyaluronic acid injections to provide lubrication and cushioning to the joints affected by osteoarthritis. This minimally invasive treatment option helps reduce pain, improve joint mobility, and delay the need for joint replacement surgery. Viscosupplementation products are widely used in the treatment of osteoarthritis of the knee, hip, and other joints.

B) Market Dynamics:

1. Driver: Increasing Prevalence of Osteoarthritis
Osteoarthritis is a highly prevalent chronic degenerative joint disease that causes pain and stiffness in the joints. The aging population, sedentary lifestyle, and obesity are contributing factors to the rising prevalence of osteoarthritis. Viscosupplementation offers an effective non-surgical treatment option for managing the symptoms of osteoarthritis, thereby driving market growth.

2. Driver: Growing Demand for Minimally Invasive Treatment Options
There is a growing preference for minimally invasive treatments among patients due to the associated benefits such as shorter recovery time, reduced risk of complications, and minimal scarring. Viscosupplementation offers a minimally invasive alternative to surgical interventions for managing osteoarthritis, leading to an increasing demand for these products.

C) SWOT Analysis:

Strength:
1. Effective Pain Management: Viscosupplementation provides effective pain relief by reducing friction and inflammation in the joints, improving the quality of life for patients suffering from osteoarthritis.
2. Non-Surgical Option: Viscosupplementation offers a non-surgical treatment option for osteoarthritis management, minimizing the risks associated with surgery.

Weakness:
1. Limited Long-Term Efficacy: The effects of viscosupplementation may diminish over time, requiring repeated injections for sustained pain relief.
2. High Cost: Viscosupplementation treatment can be costly, limiting its accessibility to a certain segment of the population.

Opportunity:
1. Expanding Geriatric Population: The growing geriatric population, particularly in developed regions, presents a significant opportunity for the Viscosupplementation Market, as older individuals are more prone to developing osteoarthritis.
2. Technological Advancements: Advances in technology and the development of enhanced viscosupplementation products with longer-lasting effects and improved efficacy present opportunities for market growth.

Threats:
1. Competition from Alternative Treatments: The viscosupplementation market faces competition from alternative treatments such as oral medications, physical therapy, and surgical interventions.
2. Stringent Regulatory Approval Process: The viscosupplementation market is subject to regulatory scrutiny, and stringent approval processes can pose challenges for market players.

D) Key Takeaways:

1: The global viscosupplementation market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to the increasing prevalence of osteoarthritis and the growing demand for minimally invasive treatment options. Viscosupplementation provides an effective and non-surgical solution for managing the symptoms of osteoarthritis, driving market growth.

2: In terms of regional analysis, North America is expected to dominate the viscosupplementation market due to the high prevalence of osteoarthritis in the region and the presence of key market players. However, the Asia Pacific region is anticipated to witness the fastest growth, attributed to the aging population, increasing awareness about osteoarthritis management, and improving healthcare infrastructure.

3: 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. These companies are actively involved in product development, strategic collaborations, and mergers and acquisitions to strengthen their market position and meet the growing demand for viscosupplementation products.