Viscosupplementation Market

Artificial joint repair and HA treatments to spur growth of viscosupplementation market

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The global Viscosupplementation Market is estimated to be valued at US$ 3,404.73 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 Overview:

Viscosupplementation refers to the treatment of restoring synovial fluid viscosity through injection of Hyaluronic acid in the knee joint of patients suffering from osteoarthritis. The treatment helps to lubricate the joints thereby reducing pain and improving mobility. Hyaluronic acid acts as a lubricant and shock absorber in healthy synovial fluid. Osteoarthritis causes the synovial fluid to lose its viscosity and thickness. Viscosupplementation products aim to replenish HA levels in the joint thereby alleviating symptoms of OA without any serious side effects. The treatment provides 6-9 months of pain relief to patients with knee osteoarthritis which is a significant advantage over other treatment options.

Market key trends:

One of the key trends in the viscosupplementation market is the increased use of Hyaluronic acid products in combination with platelet rich plasma (PRP) therapy. PRP is a concentrated suspensions of platelets obtained from patient’s own blood which when injected with HA improves tissue regeneration. Studies have found PRP treatment combined with viscosupplementation more effective in reducing joint pain and increasing function. Another trend is the development of single intra-articular injection viscosupplementation therapies. Previously viscosupplementation required multiple injections over 1-3 months but single injection therapies are gaining popularity due to convenience. Research is also ongoing into development of cross-linked high molecular weight HA gels for longer duration of action.

Porter’s Analysis:

  • Threat of new entrants: The threat of new entrants is low due to large capital requirements and economies of scale in production and distribution. There are also costs associated with brand building and establishing distribution channels.
  • Bargaining power of buyers: The bargaining power of buyers is moderate owing to absence of substitute products and differentiated nature of products offered by various brands. However, buyers can choose from several brands offering similar products.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials required to manufacture viscosupplementation products. However, suppliers may gain leverage in cases where a manufacturer depends on a single source for a key input.
  • Threat of new substitutes: The threat of new substitutes is low given strong brand recognition of leading products and absence of effective alternatives to viscosupplementation therapy for knee osteoarthritis treatment.
  • Competitive rivalry: The competitive rivalry is high due to presence of several global and regional players offering similar product profiles. Players compete based on technology, product differentiation, brand value, and pricing.

Key Takeaways:

The Global Viscosupplementation Market Demand is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing geriatric population and growing prevalence of knee osteoarthritis.

North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period driven by rising healthcare expenditure and technological advancements in the region. Asia Pacific is anticipated to be the fastest growing market owing to large patient pool and improving access to healthcare in developing countries.

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. Players are focusing on new product approvals and launches to consolidate their market positions.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it