Viscosupplementation is Estimated to Witness High Growth Owing to Increasing Number of Knee Osteoarthritis Cases
Viscosupplementation is a minimally invasive treatment of osteoarthritis by supplementing healing of damaged cartilage between knee joints. It involves injecting viscosity building, highly purified injections directly into the knee joint to replenish the deficiency of synovial fluid. The injections act as cushions between joints and provide temporary relief from knee pain by reducing friction between bones. The global Viscosupplementation Market is estimated to be valued at US$ 3,146.7 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing number of knee osteoarthritis cases worldwide presents a major market opportunity for viscosupplementation. As per estimates, around 240 million people suffer from knee osteoarthritis globally. The rising geriatric population which is more prone to osteoarthritis, growing obesity rates leading to extra pressure on the knee joints, and improving access to knee replacement surgeries are some key factors fueling the disease incidence. As viscosupplementation provides a minimally invasive treatment option and experiences high success rates in diminishing joint inflammation and pain, its demand is projected to increase substantially with the rising osteoarthritis patient pool in the following years. The addressing of this patient population through continued awareness and availability of viscosupplementation products can further aid in tapping into this significant growth opportunity.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the viscosupplementation market is consolidates and requires large investments for R&D. However, some small firms can enter the market by targeting niche areas.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several alternatives for viscosupplement injections and buyers’ price sensitivity.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is high due to advances in technologies like stem cell therapy and development of alternative therapies.
Competitive rivalry: The competitive rivalry is high owing to increasing competition among key players and low product differentiation.
SWOT Analysis
Strengths: Growing aging population prone to osteoarthritis and high efficacy and safety profile of HA-based viscosupplements.
Weaknesses: High costs associated and temporary pain relief. Lack of long-term effectiveness data for chronic conditions.
Opportunities: Increasing adoption in developing regions and use in new indications like post-traumatic and post-operative osteoarthritis.
Threats: Reimbursement issues in developing nations and legal issues regarding patent expirations.
Key Takeaways
The global viscosupplementation market is expected to witness high growth over the forecast period of 2023 to 2030 owing to rising geriatric population globally and the associated rise in osteoarthritis cases.
Regionally, North America is expected to dominate the market supported by advanced healthcare facilities and growing spending on knee and hip surgeries. However, Asia Pacific is likely to grow at a higher rate due to increasing disposable income, rising medical tourism, and growing healthcare infrastructure.
Key players operating in the viscosupplementation market are Anika Therapeutics Inc., Seikagaku Corporation, Ferring Pharmaceuticals, Bioventus, Fidia Farmaceutici S.P.A., Mylan N.V., Sanofi S.A., OrthogenRx, Teva Pharmaceutical Industries Ltd, and Johnson & Johnson. Anika Therapeutics dominates with its leading HA-based viscosupplementation products. Ferring Pharmaceuticals is another prominent player owing to its strong global presence in orthopedics.
