EUROPE VISCOSUPPLEMENTATION MARKET ANALYSIS

Europe Viscosupplementation MarketSize and Trends

The Europe viscosupplementation market is estimated to be valued at US$ 279.9 million in 2023 and is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030).

Figure 1. Europe Viscosupplementation Market Share (%), by Type, 2023

Market Trends: Increasing prevalence of osteoarthritis, rising geriatric population, increasing awareness about osteoarthritis, new product releases, and strategic efforts by prominent market competitors are favorably impacting the industry's growth. Viscosupplements available in the market have shown clinical efficacy and are proven to be the most effective treatment for knee osteoarthritis. For instance, Osteoarthritis is a chronic painful degenerative joint disease and is the leading cause of chronic disability. Furthermore, advancements in the development of hyaluronic acid-based therapies are some of the factors that are expected to drive the market.

Europe Viscosupplementation Market – Driver

Increasing prevalence of osteoarthritis

Increasing prevalence of osteoarthritis is expected to propel the growth of the Europe viscosupplementation market over the forecast period. For instance, according to an article published in the National Library of Medicine Journal in September 2022, reported the age-standardized point prevalence and annual incidence rates of rheumatoid arthritis were 446.6 and 24.9 in 2021, which increased by 12.4% and 9.9% from 2001, respectively.

Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand for drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the Europe Viscosupplementation market. For instance, according to an article published in 2021 on PubMed Central, "COVID-19 and osteoarthritis crosstalk: Emerging Association, Therapeutic Options and Challenges", explains that the management of osteoarthritis patients in the COVID-19 context is a difficult task in and of itself. Even though online consultations are advisable with patients who are having stable osteoarthritis.

Market Trends

Viscosupplementation is done on an outpatient basis, It has low recovery time

Viscosupplementation is done on an outpatient basis, It has low recovery time is expected to propel the growth of the Europe viscosupplementation market over the forecast period. Viscosupplementation is a convenient procedure for both elderly and young people as the procedure uses single-injection treatments, which helps improve patient compliance. For Instance, in July 2020, Amgen Inc. announced that the U.S. Food and Drug Administration (FDA) has approved the Repatha (evolocumab) Pushtronex system (on-body infusor with prefilled cartridge), a monthly single-dose administration option. The Pushtronex system is a hands-free device designed to provide 420 mg of Repatha in a single dose. It has a low recovery time, which makes it best fit for the patients who want to resume work as soon as possible.