Viscosupplementation Market Statistics, Business Overview and Forecast to 2023
Overview:
The global viscosupplementation market is on a track to score well with a CAGR of 8.96%, which would help the market in attaining a valuation of USD 5,243.19 million between 2018 and 2023.Market Research Future (MRFR) discusses the market and considers the time frame as the forecast period. Viscosupplementationcan be defined as a process that requires physicians to inject a lubricating fluid-like hyaluronic acid (HA) injection or hyaluronan injection into a joint as an attempt to treat symptoms various forms of osteoarthritis like knee, hip, shoulder, ankle, and spine arthritis. Increasing demand for minimally-invasive surgeries can make sure that the market gains a better growth rate and fetches good revenues.
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Among other features, initiatives taken by various investors, rising cases of obesity, diabetes, hypertension, renal failure, gastrointestinal bleeding, cardiovascular diseases, depression, disability in the geriatric population can trigger a hike in the growth rate of the Viscosupplementation Market Share. Women are more prone to this disease. Other things like lifestyle changes can also impact market growth. Various cases like smoking, poor nutrition, injuries, and others can influence market growth as well.
Segmentation
The global Viscosupplementation Market includes segments like hyaluronic acid type, procedure type, application, and end-user to facilitate an easy understanding of the market. This method provides a closer look at the market that can ensure better growth in the coming years.
By hyaluronic acid type, the global market report for the viscosupplementation market includes stabilized hyaluronic acid and standard hyaluronic acid. The stabilized hyaluronic acid segment has the largest market share as its impurity level is close to zero.
By procedure type, the market report on theviscosupplementation marketcomprises three-injection procedure, single-injection procedure, and five-injection procedure. The three-injection procedure segment has a better opportunity to maintain its robust growth as it is lower in price when compared with the single-injection procedures and takes lesstime than the five-injection procedure. Its CAGR could cross a valuation of USD 2602.58 million during the forecast period.
By application, the market report covering the viscosupplementation market includes knee arthritis and hip osteoarthritis. The knee arthritis segment has a better market share than hip osteoarthritis.
By end user, the market report can be segmented into hospitals & clinics and ambulatory surgical centers. The hospitals & clinics segment has a larger share owing to people preferring this setup for their treatment.
Regional Analysis
The Americas stood at the top in 2017 and has the opportunity to score the highest CAGR in the coming years. The demand for knee replacement surgeries with increasing thrust from the minimally-invasive procedures can trigger the growth of viscosupplementation procedures.
The Asia-Pacific region has the second-largest market share and can score well-past USD 447.24 million valuations by 2023 with a CAGR of 10.48% during the forecast period. The region would witness contributions made by countries like China, India, and others. These are countries with high expenditure capacity and huge patient pool. In Europe, the growth would be the most in the UK, where increased awareness regarding the procedure would trigger better growth.
Competitive Landscape:
Several players are trying to impact theviscosupplementation market by launching their strategies that often include mergers, acquisitions, product innovation, and others. MRFR in its expert analysis of the global market included companies that have initiated changes in the market with an aim to impact its growth. These companies are Hoffmann-La Roche, Sanofi, Allergan, Anika Therapeutics Inc., Bioventus, Regen Lab SA, Zimmer Biomet, Smith & Nephew Plc, Ferring B.V., FidiaFarmaceutici S.P.A., and others.
In December 2019, Sanofi announced that they are going to implement various artificial intelligence-driven production models to cut the time consumed during various productions. This would see the inclusion of collaborative robots or cobots, which would definitely increase the efficiency of the market.