Viscosupplementation Devices- Market Insights, Competitive Landscape and Market Forecast–2027
Viscosupplementation Devices Market By Product Type (Single Injection, Three Injections, and Five Injections), By End-User (Hospitals, Orthopaedic Clinics, and Others), By Geography is projected to grow at a static CAGR forecast till 2027 due to the growing prevalence of osteoarthritis across the globe and rising demand for non-surgical treatment options for osteoarthritis.
The global Viscosupplementation Devices Market was valued at USD 4.08 billion in 2021, growing at a CAGR of 7.94% during the forecast period from 2022 to 2027, to reach USD 6.43 billion by 2027. The rise in demand for Viscosupplementation Devices is primarily attributed to the rising prevalence of osteoarthritis coupled with the growing old age population, growing demand for non-surgical treatment, increasing advancements in the development of hyaluronic acid-based therapies, and well-defined reimbursement policy for viscosupplements, among others.
Viscosupplementation Devices Market Dynamics:
Viscosupplementation devices are gaining momomnetum in the recent years. According to WHO, Osteoarthritis (OA) is a long-term chronic disease characterized by the deterioration of the cartilage in joints which results in bones rubbing together and creating stiffness, pain, and impaired movement. The disease most commonly affects the joints in the knees, hands, feet, and spine and is relatively common in the shoulder and hip joints.
Among all the types of osteoarthritis, knee osteoarthritis is the most prevalent among the old age population. For instance, as per the study published in Elsevier 2020, Global, regional prevalence, incidence and risk factors of knee osteoarthritis in population-based studies, by Cui A. et al., the pooled global prevalence of knee OA was 16.0% (in individuals aged 15 and over) and was 22.9% among individuals aged 40 and over. Correspondingly, there were around 654.1 million individuals (40 years and older) with knee OA in 2020 worldwide.
Moreover, according to the Australian Institute of Health and Welfare 2020 report, between the years 2017 to 2018, one in eleven Australians have osteoarthritis which makes approximately 2.2 million people in the nation. Therefore, rising osteoarthritis among the population is likely to surge the global viscosupplementation devices market as these devices help reduce pain and swelling in the arthritic/osteoarthritic joint (most commonly, the knee).
Recently in 2019, Fidia Farmaceutici S.p.A. received Food & Drug Administration (FDA) regulatory approval for TRILURON™, a single-use syringe, prefilled with sodium hyaluronate to provide relief to the pain associated with osteoarthritis for up to six months. Thus, growing product approvals is also projected to boost the global market for the viscosupplementation market.
Certain factors such as the high cost associated with the hyaluronic acid therapy and lack of efficiency of the viscosupplementation devices are expected to pose a challenge to the viscosupplementation devices market growth.
Viscosupplementation Devices Market Segment Analysis:
Viscosupplementation Devices Market By Product Type (Single Injection, Three Injections, and Five Injections), By End-User (Hospitals, Orthopaedic Clinics, and Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the Viscosupplementation Devices product segment, the single injection is expected to emerge as a foremost segment during the forecasted period. This is because single injection viscosupplementation products are relatively newer and are also cost-effective in comparison to already existing 3-5 injection viscosupplementation products. For instance, as per the study Knee Viscosupplementation: Cost-Effectiveness Analysis between Stabilized Hyaluronic Acid in a Single Injection versus Five Injections of Standard Hyaluronic Acid published in the year 2017 by Estades-Rubio F.J. et al., a statistically significant improvement was observed for patients treated with single stabilized hyaluronic acid injection versus those who received standard hyaluronic acid in five injections. Also, the study supports the use of single injection products in the treatment of knee OA and found a slight improvement in the economic impact on the healthcare system.
Furthermore, rising investments by key players for improving the product portfolio to develop advanced products and to maintain market position is also a driving factor for the segmental growth of the viscosupplementation devices market. For instance, in March 2019, Seikagaku launched HyLink®, an intra-articular single-injection viscosupplement for the treatment of knee osteoarthritis in Italy.
North America is expected to dominate the overall Viscosupplementation Devices Market:
North America is expected to dominate the overall Viscosupplementation Devices market. This domination is owing to the favorable reimbursement scenario, advanced healthcare infrastructure, and developed research & development facilities in the region. For instance, In the United States, Orthovisc, Supartz Hyalgan, Synvisc, and other viscosupplementation products are approved by the FDA as Class III medical devices for the treatment of knee pain caused by osteoarthritis and are reimbursed by Medicaid, Medicare and other state health care programs.
Further, the rising prevalence of joint associated disorders such as arthritis and osteoarthritis among the population in the US is also anticipated to fuel the viscosupplementation market in the region. According to the Center for Disease Control and Prevention (CDC) 2018, report about 43.5% (23.7 million) of the 54.4 million adults were living with arthritis and with the aging of the US population, the prevalence of arthritis is expected to increase in the coming decades. In addition, the report also states that by the year 2040, an estimated 78.4 million (25.9% of the projected total adult population) adults aged 18 years and older will suffer from arthritis.
Also, as per the 2020 report of the Canadian Chronic Disease Surveillance System, approximately 3.9 million (13.6%) Canadians aged 20 years and older live with diagnosed osteoarthritis and 219,000 (8.7 per 1,000 persons per year) were newly diagnosed in 2016–2017.
Therefore, the rising patient population in the region will increase the demand for such devices and will also fuel the market for viscosupplementation devices in the region.
In addition, recent strategic commercialization activities among the key manufacturers in the region to expand and penetrate the viscosupplementation market also contribute to the growth of the Viscosupplementation Devices in the region. For instance, in May 2019, Lupin Limited and Aptissen S.A. entered into a definitive distribution agreement under which Aptissen has granted Lupin the exclusive rights to market, distribute, and sell the current Aptissen products in Canada. This includes immediate rights to distribute Synolis VA for the treatment of Osteoarthritis.
Further, the Asia-Pacific region has the future potential growth for the Global Viscosupplementation Devices. This is due to the rising geriatric population in the region. According to the Organisation for Economic Cooperation and Development (OECD), across lower-middle and low-income Asia-Pacific countries, the share of the population aged 80 years and over is expected to triple between 2020 and 2050. The rising old age population is more susceptible to musculoskeletal disorders such as arthritis, osteoarthritis, and others. Thus, the expanding aging population could contribute to the viscosupplementation market growth in the region. Furthermore, the presence of well-established market players such as Seikagaku Corporation, LG Chem., among others, and rising regulatory approval to the viscosupplementation devices in the region, rising disposable income, improving healthcare facilities in the region are the factors expected to grow the market in the region.
Viscosupplementation Devices Market Key Players:
Some of the key market players operating in the Viscosupplementation Devices market include Anika Therapeutics, Inc., SEIKAGAKU CORPORATION, Sanofi, Zimmer Biomet, Smith & Nephew, Ferring B.V., Lifecore Biomedical, LLC, LG Chem, Fidia Farmaceutici S.p.A, OrthogenRx, Bioventus, DePuy Synthes (Johnson & Johnson), Vivacy, APTISSEN, KiOmed Pharma, BioPolymer GmbH & Co KG, ALBOMED® GmbH and others.
Recent Developmental Activities in the Viscosupplementation Devices Market:
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