Viscosupplementation Market To Witness A Significant Growth Of USD 9.14 Billion By 2030


 San Francisco, 31 Jan 2024: The Report Viscosupplementation Market Size, Share & Trends Analysis Report By Product (Single Injection, Three Injection, Five Injection), By End-use (Hospitals, Orthopedic Clinics/ASCs), By Region (Asia Pacific, Europe), And Segment Forecasts, 2023 - 2030

The global viscosupplementation market size is expected to reach USD 9.14 billion by 2030 and is expected to grow at a CAGR of 9.58% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is driven by several key factors, including a rise in the elderly population, an increase in osteoarthritis cases among older individuals, and substantial investments in research and development. According to the CDC, approximately 25% of adults in the United States currently experience some type of arthritis, and this number is expected to reach 78 million by 2040. As a result, the demand for viscosupplementation is predicted to surge in the coming years.

Furthermore, the market growth is being propelled by the increasing adoption of key strategies, such as acquisition, agreement, collaboration, and partnership, by companies. For instance, in December 2021, Avanos Medical, a medical technology company, acquired OrthogenRx, Inc., a trailblazer in viscosupplementation therapy for knee osteoarthritis treatment. The acquisition amounted to approximately USD 160 billion. Avanos utilizes FDA-approved products, such as TriVisc and GenVisc850, to provide effective solutions in this field. Moreover, favorable reimbursement policies with respect to the geriatric population are expected to act as an opportunity for market growth.

Over the past few years, there has been a remarkable increase in the number of orthopedic surgeons in developing nations like South Korea, Russia, and China. This trend indicates significant growth potential in the Asia Pacific region, which boasts a large patient population and untapped opportunities when compared to the United States. Consequently, the introduction of new products by market players in Asian countries is anticipated to drive further growth in the market.

Access Research Report of Viscosupplementation Market @ https://www.grandviewresearch.com/industry-analysis/viscosupplementation-market

Viscosupplementation Market Report Highlights

  • The three-injection product segment dominated the market with a share of over 43.1% in 2022 and is expected to continue its dominance throughout the forecast period
  • The single-injection product is relatively new in the market with many medtech companies undertaking clinical trials for the approval of their single and three injection services
  • The orthopedic clinics/ASCs end-use segment held the largest share in 2022 due to ease of facilities and administrations, and technological upgradations. Their facilities, which provide outpatient services, remain more feasible for the geriatric population. The segment is expected to continue its dominance throughout the forecast period
  • Asia Pacific dominated the market and accounted for the largest revenue share of 45.57% in 2022 due to its large geriatric population
  • Europe is anticipated to register the fastest CAGR of around 10.7% over the forecast period due to medical advancements and the presence of untapped opportunities. The region is also forecasted to witness a growth in its geriatric population, resulting in more cases of osteoarthritis

Viscosupplementation Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 4.81 billion

Revenue forecast in 2030

USD 9.14 billion

Growth rate

CAGR of 9.58% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players in Viscosupplementation Market

  • DePuy Synthes
  • Fidia Farmaceutici S.p.A
  • Sanofi
  • Smith & Nephew PLC
  • Anika Therapeutics, Inc.
  • Seikagaku Corp.
  • Zimmer Biomet
  • Ferring Pharmaceuticals B.V.
  • Lifecore Biomedical
  • LG Life Sciences Ltd.
  • Hoffmann-La Roche Ltd.

Access Press Release of Viscosupplementation Market @ https://www.grandviewresearch.com/press-release/global-viscosupplementation-market

 

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