Viscosupplementation products are injection based medicines used to treat pain associated with osteoarthritis of the knee. They work by supplementing the fluid in the joints, thereby acting as a lubricant and shock absorber. This helps reduce pain and stiffness and improves mobility.
The global 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:
One of the key trends in the viscosupplementation market is the increasing demand for single-injection viscosupplementation products. Single-injection products offer longer lasting pain relief with fewer injections required as compared to the traditional multi-dose injections. This enhances patient compliance and convenience. Manufacturers are focusing on developing advanced single-injection formulations with controlled release of active ingredients over extended periods. For instance, in 2021, Anika Therapeutics Inc. received FDA approval for a single-injection hyaluronic acid viscosupplement WristFlex for the treatment of pain associated with osteoarthritis of the wrist.
SWOT Analysis
Strength: Viscosupplementation drugs serve as effective non-surgical treatment options for knee osteoarthritis by lubricating and cushioning the joints. They provide temporary but effective pain relief.
Weakness: The effect of viscosupplementation injections lasts only for a few months requiring multiple doses for continued treatment. High costs associated with the therapy.
Opportunity: Growing geriatric population suffering from knee osteoarthritis and rising preference for minimally invasive treatments presents an opportunity.
Threats: Stringent regulations for approval of viscosupplementation drugs. Increased availability of alternative treatment options like stem cell therapy poses a threat.
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. As per the Arthritis Foundation, knee osteoarthritis affects over 14 million Americans every year.
North America is expected to dominate the global viscosupplementation market during the forecast period. This is attributed to rising healthcare expenditure, growing geriatric population susceptible to osteoarthritis in the US and Canada. According to the Centers of Disease Control and Prevention, around 30 million adults in the US suffer from osteoarthritis.
Asia Pacific viscosupplementation market is projected to exhibit the fastest growth through 2030. Rising medical tourism in countries like India and China offering knee osteoarthritis treatments at comparatively lower costs is a key factor driving the market in the region.
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. Leading players are focusing on new product launches and geographic expansion to strengthen their global footprints.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
