The global viscosupplementation market was valued at $2,595.1 million in 2019 and is anticipated to cross $5,866.2 million by 2027, at a CAGR of 10.6%. Viscosupplementation is a medical treatment in which hyaluronic acid (lubricant) is injected into the knee joint for smoother movement.
Viscosupplementation is a non-surgical treatment that may be useful to treat patients with knee osteoarthritis. The treatment is cost-effective along with it has a good safety profile. The remarkable increase in the population suffering from osteoarthritis is generating massive demand for osteoarthritis treatment, which is projected to result in a significant growth of the viscosupplementation market during the forecast period. In 2020, the global viscosupplementation market is expected to witness a positive impact during the pandemic spread of coronavirus disease.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|10.2%||10.6%||38||USD 2,845.3 Million||USD 2,903.3 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The prevalence of osteoarthritis (OA) is rising owing to aging population along with the increase in related disorders like obesity. For instance, as per the publication of the United Nations (UN), people aged over 60 shall account for more than 20% of the world’s population by 2050. Of that population, around 15% of people will be suffering from symptomatic OA. This means, approximately 130 million people may suffer from OA globally by 2050. These figures showcase that the demand for osteoarthritis treatment will increase exponentially, which will eventually boost the growth of the global viscosupplementation market during the forecast period. In addition, the growing spendings in the research and innovations of viscosupplementation may also be anticipated to surge the growth of the global viscosupplementation market during the forecast period.
Moreover, the growing emphasis on the use of viscosupplementation treatment over sports injuries is further expected to provide lucrative opportunities for the global market throughout the review period. Leading players operating in viscosupplementation markets are concentrating highly on strategic steps such as product development, scientific advances, and capacity expansion of organizations to acquire a massive share in the global market. For instance, in November 2019, Anika Therapeutics, a pioneer in hyaluronic acid (HA) therapeutic products for tissue protection has made an announcement that they will showcase CINGAL, the first commercially-available combination viscosupplement, at the 2019 Fortius International Sports Injury Conference (FISIC). These key factors may further be projected to boost the growth of the global viscosupplementation market in the review period.
Side effects associated with viscosupplementation such as swelling, redness, and fluid accumulation in the injected knee is expected to decrease the demand for viscosupplementation in the global market during the analysis period. Moreover, the lack of product penetration in the lower-income nations is also expected to restrain the growth of the global viscosupplementation market. Moreover, in the last several months of 2019, the outbreak of coronavirus (COVID-19) pandemic created an unexpected global health emergency. The majority of the developed, as well as developing nations, have implemented a complete lockdown in order to curb the negative impact of COVID-19 spread. Also, the lockdown has led to a disruption in business and operational processes such as manufacturing and logistics.
Contrary to this, the significant players of the global surgical power market are concentrating on multiple business-effective strategies such as strategic alliances, technological innovations, and showcasing the product portfolio amid the coronavirus outbreak. For instance, in May 2020, OrthogenRx, Inc. a leading medical device organization announced the patient programs namely TriVisc Patient Assistance Program and TriVisc Direct Purchase Program. The triVisc is a viscosupplement that is derived from a bacterial fermentation process. These initiatives taken by companies are further expected to fuel the growth of the market over the analysis period.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
According to the latest published report of Research Dive, it is estimated that the global market viscosupplementation market shall witness massive market growth after the COVID-19 pandemic. With the increasing popularity of organized sports, the incidents of sports injuries also have been increased. For instance, as per the recent publication of the U.S. Department of Health and Human Services, it is estimated that around 8.6 million sports injuries occur annually. Therefore, the tremendously increasing sports injury incidents are expected to raise the demand for orthopedic treatments, which will ultimately offer significant growth opportunities for the global viscosupplementation market in the coming years.
Furthermore, to strengthen the presence in the global marketplace, several emerging as well established companies operating in the viscosupplementation market are adopting multiple business strategies such as strategic collaborations and product development. For instance, in December 2019, Fidia, a global leader in research and production of hyaluronic acid-based products introduced the 3-injection regimen TRILURON. It is an intra-articular viscosupplement invented for the treatment of osteoarthritis pain of the knee. To gain the trust and loyalty of customers, industry players are opting for such strategies to grow after the pandemic period.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Viscosupplementation Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity