Viscosupplementation refers to a treatment for osteoarthritis where injections of hyaluronic acid, or other supplements, are given into the knee joint.These injections help supplement the natural viscosity and elasticity of the synovial fluid in joints that have become thin or less elastic due to osteoarthritis. This helps to lubricate and cushion the joints, thereby reducing pain and improving mobility. These injections provide an alternative non-surgical treatment for knee osteoarthritis pain management.
The viscosupplementation market is estimated to be valued at US$ 3,146.7 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of osteoarthritis is expected to drive the growth of viscosupplementation market over the forecast period. Osteoarthritis is the most common form of arthritis and a leading cause of disability worldwide. As per data released by Centers for Disease Control and Prevention (CDC), over 32.5 million adults have been diagnosed with osteoarthritis in the United States alone. Growing geriatric population is highly prone to develop osteoarthritis, as about 60% of the osteoarthritis cases are seen in people above 55 years of age. Moreover, rising incidence of obesity is another factor contributing to the growth of osteoarthritis cases globally. As viscosupplementation offers a minimally invasive and effective treatment option for knee osteoarthritis, the demand for these injections is expected to increase significantly over the coming years.
Porter’s Analysis
Threat of new entrants: The high capital requirements and stringent regulatory standards set high entry barriers for new companies in this market.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of alternative treatment options for osteoarthritis.
Bargaining power of suppliers: A few major players dominate the supply side, giving them significant power over pricing.
Threat of new substitutes: Alternative treatment options like stem cell therapy, platelet-rich plasma injections pose a potential threat.
Competitive rivalry: Intense competition exists among the key players to gain higher market share.
SWOT Analysis
Strength: Viscosupplementation is a non-invasive treatment with minimal side effects. It provides temporary pain relief and improves joint mobility.
Weakness: The treatment requires repetitive injections and the effects are temporary. The high costs associated limit its accessibility.
Opportunity: Rising geriatric population driving the osteoarthritis cases presents an large opportunity. Emerging economies with growing healthcare spending are lucrative markets.
Threats: Strong pipeline of alternative novel therapies can replace viscosupplementation in the long run. Price regulation affects profit margins of manufacturers.
Key Takeaways
The global viscosupplementation market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of osteoarthritis globally. North America dominated the market in 2020 owing to the growing geriatric population and rising healthcare expenditure in the US and Canada. Europe is the second largest market supported by the availability of reimbursement and technologically developed healthcare infrastructure in major countries.
Regional analysis: Asia Pacific is anticipated to be the fastest growing region during the forecast period. Improving access to healthcare facilities along with increasing disposable incomes in developing nations like China and India are fueling the market growth.
Key players operating in the viscosupplementation market are 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 players focus on new product launches and acquisitions to strengthen their market position.
