Worldwide viscosupplementation market is projected to accumulate around US $6.6 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Viscosupplementation is a minimally invasive procedure for decreasing joint ache. In the process, a thick fluid known as hyaluronate is injected into the affected knee to ease pain. Osteoarthritis, a common form of arthritis, is categorized by degeneration of tissues, cartilage, and loss of function that constitutes the ends of the bones of a joint. Viscosupplementation aids in increasing the efficient condition of the osteoarthritic joint, besides alleviating the joint ache.
As per the estimates by the World Health Organization, the number of people globally aged 65 years or more, is estimated to increase from 7 percent in 2000 to 16 percent by 2050. As a result of the worldwide increment in the elderly population, there will be a significant rise in the in the occurrence of osteoarthritis and obesity. As per the latest report, the increasing global population, along with the rising inclination towards obtrusive surgeries, would propel the viscosupplementation market over the forecast timeline.
On account of the surging frequency of osteoarthritis, gingivitis, ulcers, and wounds the market is set to amass commendable gains in the ensuing years. Based on the data compiled by the Centers for Disease Control & Prevention as of 2015, more than 30 million people in the United States were affected by osteoarthritis, while about 10 percent people, aged over 55 years, suffered from knee pain.
Depending on the product outlook, the global viscosupplementation market is fragmented into Single injection, Three injection, and Five injection. The report cites that the prolonged market presence of the three injection signifies its dominance in the market. The three injection product segment was closely followed by the single injection segment. As estimated by industry analysts, the single injection will be the fastest developing product, given lower discomfort, reduced adverse impacts, and decreased clinical visits.
The worldwide viscosupplementation market is geographically bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The North America market comprises the United States and Canada, whereas the Asia Pacific region covers India, China, Japan, and Australia. The European market is segmented into the United Kingdom, Germany, Italy, and France. The MEA region is sub-divided into the UAE and Saudi Arabia, and the Latin America encompasses Brazil and Mexico.
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As per the regional analysis, the report cites that the APAC viscosupplementation market presently holds the largest fragment and is likely to maintain its stance throughout the forecast timeframe. Growing interest in the negligibly obtrusive procedures and huge geriatric population base prone to rheumatoid and osteoarthritis are the leading drivers for the APAC market.
The presence of highly neglected medical needs in Latin America’s emerging economies, burgeoning income, and growing awareness about the uses of minimally intrusive methods are slated to promote market growth in the coming decade, cites the study.
The global viscosupplementation market includes leading participants such as Lifecore Biomedical, Seikagaku Corporation, Zimmer Holdings Inc., Sanofi, LG Life Sciences Ltd., Anika Therapeutics Inc., Ferring B.V., and Bioventus.
An exhaustive analysis of the global viscosupplementation market in view of the critical market drivers and the current market dynamics & future prospects has been included in the report. The report further elaborates various market restraints and opportunities that influence the scope of commercialization of this industry. Furthermore, the report involves a detailed industry analysis which takes into account Porter’s five forces – the degree of competition, bargaining power of buyer, threat of new entrant, bargaining power of supplier and threat of substitute.