Europe Viscosupplementation Market, By Type (Single Injection, Cycle Three Injection Cycle, Five Injection Cycle), By End User (Hospitals, ASCs, Clinics), By Country (Western Europe (Germany, UK, France, Italy, Spain, Nordic Countries, Rest of Western Europe), Eastern Europe (Russia, Rest of Eastern Europe)), 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting inorganic growth strategies such as partnership which will drive the Europe viscosupplementation market. For instance, on March 03, 2023, Lifecore Biomedical, Inc., a contract manufacturing organization (CDMO), has entered into a term sheet to expand its existing CDMO relationship with one of its long-term commercial Hyaluronic Acid and CDMO customers, including obtaining certain up-front cash payments and capital reimbursement obligations from the customer and entering an agreement to amend the current contract manufacturing agreement (CMA) with the customer to extend and expand the relationship.
Europe Viscosupplementation Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated te illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of equipment from one place to another.
For instance, For instance, ion Janaury 2020, Fidia Farmaceutici S.p.A., a key player in the manufacturing of hyaluronic acid-derived products, introduced the TRILURON product. The product is a viscosupplement which is manufactured for the treatment of osteoarthritis pain of the knee. To gain the loyalty and trust of customers, key manufacturers are preparing for the post-impact of COVID-emergency. These strategic product innovations may offer lucrative market opportunities for viscosupplementation treatment after the COVID-19 pandemic.
Europe Viscosupplementation Market: Key Developments
In January, 2020, OrthogenRx, Inc., a medical device company focused on the development and commercialization of treatments for musculoskeletal conditions including osteoarthritis (OA), has announced the launch of TriVisc (sodium hyaluronate) for the treatment of patients with osteoarthritic (OA) knee pain who have failed to get adequate relief from simple painkillers or from exercise and physical therapy. TriVisc is a solution of highly purified hyaluronic acid (sodium hyaluronate; HA) and helps supplement the viscous properties of the fluid in the knee joint. TriVisc is administered by a healthcare professional in 3 injections in the knee given at weekly intervals. In clinical studies TriVisc has been shown to provide patients with months of pain relief and can be repeated if the pain returns.
In January 2021, Teva Pharmaceutical Industries Ltd., a multinational pharmaceutical company with headquarters in Tel Aviv, Israel. and Cephalon Inc., a biopharmaceutical company in U.S., announced that they received approval from the European Commission to proceed with Teva’s acquisition of Cephalon.
In March 2021, The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund), and Virchow Biotech Private Limited (part of the Virchow Group), a vaccine and pharmaceutical producers in India, announced the agreement to produce in the country up to 200 million doses per year of Sputnik V, the world's first registered vaccine against coronavirus.
Browse 34 Market Data Tables and 26 Figures spread through 176 Pages and in-depth TOC on “Europe Viscosupplementation Market”- Forecast to 2030, Europe Viscosupplementation Market, By Type (Single Injection, Cycle Three Injection Cycle, Five Injection Cycle), By End User (Hospitals, ASCs, Clinics), By Country (Western Europe (Germany, UK, France, Italy, Spain, Nordic Countries, Rest of Western Europe), Eastern Europe (Russia, Rest of Eastern Europe))
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/europe-viscosupplementation-market-3891
Key Takeaways of the Europe Viscosupplementation Market :
- The Europe viscosupplementation market is expected to exhibit a CAGR of 3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the Europe viscosupplementation market. The spread of Viscosupplementation injection has been driven by high public awareness in developed economies such as the Europe.
- Among Type, the single injection cycle is expected to hold a dominant position in the Europe viscosupplementation market during the forecast period and this is attributed to the prompt treatment for fast recovery. For instance, in August 2020, Genzyme Corp., has filed with the European authority to expand the Conformité Européenne CE mark for Synvisc (hylan G-F 20) to include treatment of pain due to osteoarthritis (OA) of the ankle and shoulder. Approval of a new label will provide opportunity to broaden the use of Synvisc beyond its current European-approved use in the knee and hip to the two additional joints.
- Major players operating in the Europe viscosupplementation market include Sanofi S.A., Anika Therapeutics, Inc., Seikagaku, Zimmer Biomet Holdings Inc., Meda AB (Mylan), Fidia Farmaceutici S.p.A., Bioventus LLC, Ferring B.V, Lifecore Biomedical, OrthogenRx, Inc. (a subsidiary of AVNS), APTISSEN, Johnson & Johnson Services, Inc., Viatris Inc., IBSA Institut Biochimique SA, Ortobrand International, TRB CHEMEDICA SA, Teva Pharmaceutical Industries Ltd., Lifecore (a subsidiary of Landec Corporation), VIRCHOW BIOTECH, Zuventus HealthCare Ltd. (a subsidiary of Emcure Pharmaceuticals), and LG Life Sciences.
