Yahoo Finance Global Viscosupplementation Market to Surpass Valuation of $8,958.9 million by 2030: Astute Analytica
Global viscosupplementation market was valued at US$ 4,347.8 million in 2022 and is expected to reach US$ 8,958.9 million by 2030, growing at a CAGR of 8.4% during the forecast period (2023–2030).
New Delhi, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The demand for viscosupplementation as a treatment for osteoarthritis (OA) continues to grow, as patients seek non-surgical options. Viscosupplementation involves a minimally invasive procedure where a hyaluronic acid-based product is injected into the joint to supplement synovial fluid and relieve pain. With its reduced surgical risks and quicker recovery period, viscosupplementation is becoming an increasingly popular alternative to surgery.
According to recent reports by Astute Analytica on the global viscosupplementation market, viscosupplementation accounted for 23.9% of the global OA treatment market in 2022. The growth of the market can be attributed to various factors, including the increasing prevalence of OA, rising adoption of minimally invasive procedures, growing geriatric population, and availability of advanced products.
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The prevalence of OA is expected to increase to over 25% of the world’s population by 2030, driving demand for non-surgical, minimally invasive treatments. The rising popularity of minimally invasive procedures is also a key factor, as they offer lower risks, faster recovery times, and fewer complications compared to traditional surgeries.
The growing geriatric population, with an estimated 2 billion people aged 60 and above by 2050, also contributes to the growth of the viscosupplementation market. As people age, their risk of developing OA increases, leading to a growing need for treatments such as viscosupplementation. In addition, companies are investing in the development of advanced viscosupplementation products, such as hyaluronic acid-based gels, which offer improved efficacy and longer-lasting relief from symptoms. These advanced products are contributing to the growth of the market.
Asia Pacific to Generate Over 38% Revenue of Global Viscosupplementation Market
The Asia-Pacific viscosupplementation market is primarily driven by the medical conditions of aging populations. According to the World Health Organization, the number of people aged 65 or over in the Asia-Pacific region is expected to reach 1.1 billion by 2050. Osteoarthritis is the most common type of arthritis, and it is estimated that up to 80 percent of people aged 65 or over suffer from this condition. Osteoarthritis and other similar medical conditions can cause severe joint pain and inflammation, both of which can be managed with viscosupplementation.
In addition, lifestyle changes and the growing awareness of the importance of preventive health care are driving the demand for viscosupplementation in the Asia Pacific. People in the region are increasingly adopting healthy lifestyles, such as exercising more and quitting smoking, which can help to prevent the onset of joint pain and inflammation. In addition, there is a greater focus on preventive health care and the early detection of medical conditions, which has led to a greater demand for viscosupplementation products.
Finally, government initiatives to promote viscosupplementation are creating a positive environment for the growth of the viscosupplementation market in the Asia Pacific region. The governments of several countries in the region, including India and China, have launched various initiatives to promote the adoption of viscosupplementation products and treatments. These initiatives include providing financial incentives to individuals and organizations that use viscosupplementation products, as well as providing educational materials and other resources to increase awareness of viscosupplementation.
Three Injection Viscosupplementation to Contribute over 44% to Global Viscosupplementation Market Revenue
The three-injection viscosupplementation procedure is projected to account for over 44% of the revenue in the viscosupplementation industry by 2030. This trend highlights the growing importance of three-injection viscosupplementation in alleviating pain and swelling in arthritic joints. The procedure has proven to be more effective than traditional treatments like saline control, which only showed a 62% reduction in pain after four weeks and a 71% reduction in pain after eight weeks. In comparison, the three-injection viscosupplementation procedure showed a quicker and longer-lasting reduction in pain and soreness in arthritic joints.
The increasing adoption of three-injection viscosupplementation by healthcare providers is driving the growth of the market. The procedure is highly cost-effective and offers significant benefits to patients, leading to an increase in the number of physicians prescribing it. Additionally, the growing investment in research and development activities in the viscosupplementation market is also fueling its growth. Companies like Anika Therapeutics, Salix Pharmaceuticals Inc., Sanofi, and Huons Co have invested in developing new formulations and products to improve patient outcomes, which is expected to drive the growth of the three-injection viscosupplementation market in the future.
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Astute Analytica’s Survey Reveals Over 61% Physicians Recommend Viscosupplementation as First Line of Treatment for Osteoarthritis
The use of viscosupplementation for treating knee osteoarthritis has gained popularity in recent years, but there is still some controversy within the medical community regarding its effectiveness. To gain insights into the use of viscosupplementation by physicians and patients, Astute Analytica, a leading research and advisory firm, conducted a survey of over 1,000 doctors who treat knee osteoarthritis in July 2022.
The survey results on the viscosupplementation market showed that viscosupplementation is being increasingly used as a first-line treatment for knee osteoarthritis. 61% of the surveyed doctors stated that they always or often recommend viscosupplementation to their patients, compared to the 46% who said the same in a similar survey in 2018.
Not only are more doctors recommending viscosupplementation, but patients are also more likely to receive this treatment. In the 2015 survey, only 33% of patients who were recommended viscosupplementation by their doctor actually received the treatment, while in the most recent survey, this number has increased to 41%.
There are several factors contributing to the growing popularity of viscosupplementation as a treatment for knee osteoarthritis. Firstly, there is an increasing body of evidence demonstrating its efficacy in reducing pain and improving function. Additionally, the number of treatments available on the market and their improved outcomes are also contributing to its increasing popularity.
Competitive Landscape
The viscosupplementation industry is highly competitive, with a large number of players offering a variety of products. Pricing pressure is intense, as are pressures to develop new and better products. There are also regulatory pressures, as the Food and Drug Administration (FDA) has recently issued new guidance on the safety and efficacy of viscosupplementation products.
Pricing pressure is intense in the viscosupplementation industry due to the large number of players and the wide range of product offerings. Companies are continually looking for ways to differentiate their products and offer value to consumers. In addition, regulatory pressure from the FDA has put pressure on companies to ensure that their products are safe and effective.
Prominent Players in Global Viscosupplementation Market:
Sanofi
ANIKA THERAPEUTICS, INC.
SEIKAGAKU CORPORATION
Zimmer Biomet
SMITH & NEPHEW PLC
LG Chem
LIFECORE
Ferring B.V.
Fidia Farmaceutici S.p.A.
Other Prominent Players
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