Viscosupplementation Market Expected to Increase at a CAGR 5.0% through 2019 to
Posted by vakhas on March 26th, 2020
The growth of the viscosupplementation market can be attributed to the increasing prevalence of osteoarthritis. According to the latest research by FMI, the global viscosupplementation market is expected to be valued at US$ 3,800 Mn by the end of 2028. The viscosupplementation market is expected to grow with a CAGR of 5.0% during the forecast period 2019-2029. Increase in the population suffering from osteoarthritis is creating high demand for osteoarthritis treatment and pain management drugs, which is expected to result in the robust growth of the viscosupplementation market.
The expanding aging population is a major driving factor driving the viscosupplementation market. Age is an important risk factor for osteoarthritis, and epidemiological studies demonstrate a rise in the prevalence of osteoarthritis with growing age. According to CDC, the prevalence of osteoarthritis was found to be the highest in populations aged between 65 and 75 years. Viscosupplementation emerges as a prior and cost-effective treatment option to delay total knee replacement surgery, which is another major factor propelling the growth of the viscosupplementation market. Cost-analysis studies have shown that viscosupplementation delays the need to perform knee replacement by 2.6 years.
Reimbursement cutbacks are among the major factors that are expected to hamper the growth of the viscosupplementation market. American Association of Orthopedic Surgeons (AAOS) revised the long-standing clinical practice guideline for hyaluronic acid injection in May 2013, after which AAOS cannot recommend hyaluronic acid injection for patients with symptomatic knee osteoarthritis. Due to the AAOS response, most of the reimbursement payers continue deny reimbursements for hyaluronic acid injections. Moreover, the failure of clinical studies and the unavailability of FDA-approved hyaluronic acid injections for joints other than the knees are expected to restrain the growth of the viscosupplementation market.
Market in China to Demonstrate Significant Growth
The global viscosupplementation market has been studied based on the product type and end user. Based on the product type, the viscosupplementation market has been segmented into three-injection viscosupplementation, single-injection viscosupplementation, and five-injection viscosupplementation. The three-injection viscosupplementation segment is expected to hold the maximum market share in the global viscosupplementation market.
Based on end user, the viscosupplementation market has been segmented into hospitals, orthopedic clinics, and ambulatory surgery centers. In terms of revenue, the hospital segment of the viscosupplementation market dominated the global viscosupplementation market in 2018.
North America is expected to dominate the global viscosupplementation market. Although developed countries dominate the market, emerging markets represent higher growth opportunities for the viscosupplementation market. For instance, China is expected to witness the highest growth rate in the viscosupplementation market over the forecast period. Factors, such as rising healthcare facilities and disposable income, are expected to significantly boost the demand for viscosupplementation in the near future.
Manufacturers to Strategize on New Product Launches
Manufacturers in the viscosupplementation market follow different strategies to grow their businesses as well as to penetrate the viscosupplementation market. Viscosupplementation market players are focusing on distribution and marketing agreements to enhance their market presence. For example market players such as Anika therapeutic, Bioventus LLC, Seikagaku Corporation, and Zimmer Biomet are focusing on distribution agreements for global market expansion. For instance, DePuy Mitek, Inc. has been distributing Anika Therapeutic's Orthovisc and Monovisc viscosupplementation products for a long period. In addition, in 2018, Seikagaku Corporation extended its distribution agreement with Bioventus LLC for the distribution of its five injections hyaluronic acid product Supartz FX in the U.S.
Manufacturers are focusing on the launch of new products in the U.S. market. Moreover, they are making efforts to receive approval for their hyaluronic acid-based products for the treatment of other types of joints, apart from the knees, in the U.S. market. Anika Therapeutics, Inc. is focusing on receiving FDA approval for its Cingal, hyaluronic acid, and corticosteroid combination injection.
Some of the key players operating in viscosupplementation market are Anika Therapeutics Inc., Sanofi S.A., Zimmer Biomet Holdings Inc., Bioventus LLC, Ferring B.V., Seikagaku Corporation, Seikagaku Corporation, Chugai Pharmaceutical Co., Ltd., and Mylan N.V.
Source of Press Release: https://www.prnewswire.com/news-releases/new-launches--distribution-agreements-emerging-as-priorities-for-viscosupplementation-industry-players--future-market-insights-300847929.html
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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Joined: July 27th, 2017
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