The global market research firm Future Market Insights (FMI) paints a promising picture of the future of the Russian viscosupplementation industry. Their latest report, “Global Russia Viscosupplementation Industry: Analysis and Opportunity Assessment, 2022-2032,” forecasts a remarkable market valuation exceeding US$84.86 million by 2032. This projected growth reflects a steady Compound Annual Growth Rate (CAGR) of 6.2%.
Shifting Preferences in Osteoarthritis Treatment
The report also sheds light on the evolving trends within the Russian viscosupplementation market. In 2016, three-injection viscosupplementation products dominated the market, contributing to a significant 70% of total revenue. This suggests a prior preference for longer-lasting treatment options. However, the overall market is expected to adapt and cater to evolving preferences.
Market Growth Poised for Acceleration
FMI’s analysis highlights the Russian viscosupplementation market’s strong foundation. According to the report, the market surpassed RUB 1.13 billion (equivalent to US$19 million) in revenue in 2016. This positive trend is expected to continue, with a projected CAGR of 5.8% leading the market to reach an estimated value of RUB 2.02 billion (equivalent to US$34 million) by the end of 2026.
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Russia’s healthcare infrastructure will continue witnessing a significant rise in orthopaedic patients as several bone & joint-related disorders are likely to be caused by people’s eating & drink habits, their proactive lifestyles and the country’s harsh weather conditions. The rising occurrence of joint-related ailments such as knee osteoarthritis in Russia is a result of people performing physical labour in severely cold weather conditions. This has necessitated the adoption of viscosupplementation as an ideal medical procedure for injecting lubricating fluid in bone joints during surgeries. An in-depth analysis of the Global Russia Viscosupplementation Industry, conducted by Future Market Insights, projects that demand for three-injection viscosupplementation will gain traction over the next decade.
The report also establishes projections regarding the end-use of viscosupplementation in Russia. Hospitals across the country will account for just above RUB 1.24 billion (US$ 21 million) in revenues by the end of the projection period. Within this, the demand for viscosupplementation will remain considerably higher in hospitals with a capacity of more than 500 beds. End-use of viscosupplementation in Russia’s ambulatory surgical centres (ASCs) will remain nascent, while revenues accounted by orthopaedic clinics are expected to surpass RUB 595 million (US$ 10 million) through 2026.
Top Players in the Global Russia Viscosupplementation Industry
The top three established players in Russia’s Viscosupplementation market include Hyaltech, Croma-Pharma GmbH and TRB Chemedica. The market is fragmented with small players holding substantial market share. While Hyaltech, Croma-Pharma GmbH and TRB Chemedica collectively dominate with more than half of the country’s viscosupplementation revenues.
International players such as Sanofi, Ferring Pharmaceuticals and Fidia Farmaceutici Spa have a low share as compared to the other players, Anika Therapeutics has recently launched their viscosupplementation product in the Global Russia Viscosupplementation Industry
The market is divided into two segments based on product type and end use:
By Product Type
- Single Injection Viscosupplementation
- Three Injection Viscosupplementation
- Five Injection Viscosupplementation
By End Use
- Hospitals
- 500+ Bedded
- 250-500 Bedded
- Less Than 250 Bedded
- Ambulatory Surgical Centres
- Orthopaedic Clinics
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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