The viscosupplementation market is estimated to be valued at USD 3.84 Bn in 2024, growing at a CAGR of 7.8% over the forecast period (2024 – 2031). Increasing incidence of osteoarthritis across the globe is one of the key drivers for the market growth. Furthermore, ongoing developments in viscosupplement formulations with improved efficacy are also expected to boost market revenues during the forecast period.
Market Dynamics:
The growth of the viscosupplementation market is primarily driven by the increasing incidence of osteoarthritis globally and developments in viscosupplements formulations. According to Centers for Disease Control and Prevention, around 30 million American adults suffer from osteoarthritis, making it one of the leading causes of disability in the country. With rising obesity rates and aging population, the burden of osteoarthritis is expected to rise substantially over the coming years. This growing prevalence of osteoarthritis indicates the high demand for effective treatment options like viscosupplementation therapy. Additionally, ongoing research and developments have led to introduction of new hyaluronic acid-based viscosupplements with improved efficacy, longer duration of action, and minimal side effects. These patient-centric advances help address unmet needs and are expected to support market growth during the forecast period.
Rising Prevalence of Osteoarthritis
Osteoarthritis is one of the most common forms of arthritis, affecting millions of people worldwide. It usually affects the hands, knees, hips and spine. The degenerative nature of the disease means that it only worsens with time. As populations across the world continue to age, the prevalence of osteoarthritis is expected to increase substantially in the coming decades. According to estimates, over 250 million people globally currently suffer from osteoarthritis. This high and growing patient base is a major market driver for viscosupplementation as it offers a treatment option for pain management in osteoarthritis patients. The rising disease prevalence has fueled the demand for viscosupplementation therapies.
Increasing Failure of Conservative Treatment Options
Conservative treatment options for osteoarthritis such as pain medication and physical therapy are often inadequate in providing long term relief from pain and discomfort. As the disease progresses, conservative options fail to effectively manage symptoms. This has created an influx of patients seeking invasive solutions like viscosupplementation injections. Numerous clinical trials have proven the efficacy of viscosupplements, particularly in patients where other options have not worked. The increasing failure rate of first line treatments like Non-steroidal anti-inflammatory drugs and corticosteroids has boosted the growth of viscosupplementation as a preferable alternative treatment.
High Cost of Therapies
Viscosupplementation therapies are expensive procedures. Not only are the viscosupplement drugs themselves costly but the administration through injections by a medical practitioner also drives up the overall cost. A single course of treatment typically requires multiple injections over a period, further adding to the expense for patients. Limited or lack of insurance coverage for such procedures in many countries also discourages their use. This high monetary burden associated with viscosupplementation poses a major restraint to broader market acceptance and growth.
Preference for Alternatives like Corticosteroid Injections
While viscosupplementation has proven useful for osteoarthritis, some doctors and patients still prefer cheaper solutions like corticosteroid injections. Corticosteroids provide short term relief and are more affordable but come with risks of flare-ups and other side effects if used frequently. This continuing preference for lower cost alternatives like corticosteroids over viscosupplementation in certain regions acts as a market restraint. Changing such entrenched preferences requires extensive education about the relative benefits and risks that viscosupplementation offers in the long run.
Untapped Growth Potential in Developing Markets
Most of the current viscosupplementation market is concentrated in developed countries with strong healthcare infrastructure and higher economic ability of patients to afford costly treatments. However, developing regions with huge osteoarthritis patient populations still offer major untapped growth opportunities. As local healthcare facilities and insurance coverage improves in emerging markets, there will be rising ability to adopt and access advanced viscosupplementation therapies. Companies have an opportunity to expand to developing country markets and capitalize on their future growth potential.
Development of Novel Drug Delivery Systems
Research continues into innovative drug delivery mechanisms that could make viscosupplementation more effective and convenient. Areas being explored include long acting viscosupplement formulations requiring less frequent injection schedules as well as other non-invasive delivery methods. Successful innovation in such areas would help address current restraints like negative patient perceptions around multiple injections. It would open up new market opportunities through improved treatment solutions. Concerted R&D investments oriented towards novel drug delivery hold potential to further expand the market for viscosupplementation globally.
Link: https://www.coherentmarketinsights.com/market-insight/viscosupplementation-market-197
Key Development
- In September 2021, Bioventus Inc., a leading innovator in promoting effective healing, announced that the American Academy of Orthopaedic Surgeons (AAOS) has released updated clinical practice guidelines (CPG), underscoring the significant improvements shown in certain cases of knee osteoarthritis (OA) with high molecular weight cross-linked hyaluronic therapies like Bioventus' DUROLANE.
- In August 2021, Seikagaku Corporation, a pharmaceutical company, in collaboration with TCM Biotech International Corp., a biotechnology company, has launched HyLink in Taiwan. HyLink is a single-injection viscosupplement tailored for the intra-articular treatment of knee osteoarthritis. It incorporates a cross-linked hyaluronate hydrogel, formulated using Seikagaku Corporation's unique crosslinking technique, as its main ingredient.
Key Players: Anika Therapeutics Inc., Seikagaku Corporation, Ferring Pharmaceuticals, Bioventus, Fidia Farmaceutici S.P.A., Mylan N.V., Sanofi S.A., OrthogenRx, Teva Pharmaceutical Industries Ltd, Johnson & Johnson., F. Hoffmann-La Roche AG, Zimmer Biomet, Aptissen, Wellchem Pharmaceuticals Pte Ltd., Juniper Biologics, and Ono Pharmaceutical Co., Ltd.
