Global viscosuppplementation revenues are likely to reach USD 4 billion by the end of 2030, according to a new research by ESOMAR-certified firm Future Market Insights.
According to the study, a number of broader, and industry-specific factors will drive growth in this market, which has been relatively less impacted by the sluggishness induced by COVID-19.
As per the UN, by 2050, those aged 60 and above will account for over 20% of the global population. In other words, the UN says that by 2050 around 130 Mn people will contract osteoarthritis. These numbers point towards growth in the viscosupplementation market in the forecast period.
Covid-19 Pandemic: Viscosuppplementation Market Players Consolidating their Position
The ongoing Covid-19 pandemic has compelled the market players to take a consistent path for the next two quarters. As it would take some time for the healthcare vertical to look through new product launches; the players are looking at ways to smoothen the supply chain as manpower has taken a hit.
Continuous innovations are expected to propel the growth of viscosupplementation market” says the FMI analyst
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Key Takeaways of Viscosupplementation Market Study
- Three injection viscosuppplementation is expected to contribute for more than 55% of revenue share
- Knee osteoarthritis is expected to gain around one-third of market share during the forecast period
- North America is the highest revenue generating market due to scientific advancements and high adoption of viscosuppplementation
New Product Development to be the Torchbearer
The market players are into the innovation mode to strengthen their foothold in the viscosupplementation market. This competitive landscape is all set to create ripples all across the market. Some of the innovations are:
- Fidia Pharma USA Inc., in 2019, introduced a HA (Hyaluronic Acid) based intra-articular viscosupplement called “TRILURON” to treat knee osteoarthritis. The treatments cycle involves 3 injections at weekly intervals.
- Japan-based Seikagaku Corporation, in Mar 2019, launched an intra-articular single-injection viscosupplement called “HyLink” in Italy for treating knee osteoarthritis.
- Recently, Gel-One Hyaluronate was approved as one of the injectable gels to treat osteoarthritis of knee. The pre-market clinical study reported no pseudosepsis (severe acute inflammatory responses).
Want more insights?
Viscosupplementation market, a new study from Future Market Insights, opines on the viscosupplementation from 2015 – 2019 and presents demand projections from 2020 – 2030 on the basis of; product types (single injection viscosupplementation, three injection viscosupplementation, and five injection viscosupplementation), application (knee osteoarthritis, hip osteoarthritis, shoulder osteoarthritis, and others such as elbow and ankle joint osteoarthritis), and end user (hospitals, ambulatory surgical centers, orthopedic clinics, retail pharmacies, and online sales) across seven prominent regions.