New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Viscosupplementation Global Market Report 2023" - https://www.reportlinker.com/p06464226/?utm_source=GNW
A., Smith & Nephew Plc., Teva Pharmaceutical Industries Ltd., Merck KGaA, Flexion Therapeutics Inc., Regen Lab SA, OrthogenRx Inc., and Fidia Farmaceutici S.P.A.
The global viscosupplementation market is expected to grow from $3.37 billion in 2022 to $3.73 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The viscosupplementation market is expected to reach $5.36 billion in 2027 at a CAGR of 9.5%.
The viscosupplementation market consists of revenues earned by entities by providing viscosupplementation therapy services such as plasma-rich platelet (PRP) injections and stem cell injections that are used in osteoarthritis (OA) treatment procedures.The market value includes the value of related goods sold by the service provider or included within the service offering.
The viscosupplementation market also includes sales of hyaluronans and hylan injection preparations to provide viscosupplementation therapy services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Viscosupplementation refers to a process where hyaluronic acid, a fluid that resembles gel, is injected straight into the joint. Synovial fluid around joints naturally contains hyaluronic acid, which helps lessen friction while moving.
North America was the largest region in the ciscosupplementation market in 2022. The regions covered in the viscosupplementation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of viscosupplementation are single-injection viscosupplementation, three-injection viscosupplementation and five-injection viscosupplementation.Single injection viscosupplementation refers to an injection shot of hyaluronic acid that is given directly in the diarthrodial joints of an individual’s knees and used to restore the rheological properties of the synovial fluid that in turn produces an anti-inflammatory and analgesic effect.
The standard hyaluronic acid and stabilized hyaluronic acid are prepared by sources including avian and non-avian origins. They are used to treat various osteoarthritides, such as knee osteoarthritis, hip osteoarthritis, and hand osteoarthritis and are used by various ens users such as hospitals, ambulatory surgical centers, and others.
The rise in the prevalence of osteoarthritis is expected to propel the growth of the viscosupplementation market going forward.Osteoarthritis refers to a degenerative joint disease, also known as a common form of arthritis, in which the joints start to break down, mostly in the hips, knees, and hands.
Viscosupplementation treatment helps to reduce pain and facilitate smooth bone movement by injecting hyaluronic acid straight into the bone joints which enables a reduction in pain and improves the bone’s functionality. For instance, according to the Centers for Disease Control and Prevention (CDC), a US-based public health service organization, in the USA, 78.4 million adults aged 18 years and older are projected to have arthritis by 2040.. Therefore, the rise in the prevalence of osteoarthritis is driving the growth of the viscosupplementation market going forward.
Technological advancements are the key trends gaining popularity in the viscosupplementation market.Companies operating in the viscosupplementation market are adopting new technologies to sustain their position in the market.
In August 2021, Seikagaku Corporation, a Japanese pharmaceutical company, introduced HyLink®, a novel viscosupplement administered via intra-articular single injection, aimed at addressing knee osteoarthritis.HyLink® is being integrated with cross-linking technology.
This cross-linking technology is used to make the cross-linked hyaluronate hydrogel that remains for a long time in the joint cavity and is the main ingredient in HyLink®, which makes it a long-lasting treatment.
In December 2021, Avanos Medical Inc., a US-based medical technology company acquired OrthogenRx Inc. for $160 million. This acquisition broadened, diversified, and enriched Avanos Medical Inc.’s chronic pain product portfolio by providing treatment options for knee osteoarthritis patients. The acquisition was aimed to strengthen relationships with healthcare providers for treating musculoskeletal pain across the globe. OrthogenRx Inc. is a US-based medical device company specializing in viscosupplementation therapies used for treating knee osteoarthritis.
The countries covered in the viscosupplementation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The viscosupplementation market research report is one of a series of new reports that provides viscosupplementation market statistics, including viscosupplementation industry global market size, regional shares, competitors with a viscosupplementation market share, detailed viscosupplementation market segments, market trends, and opportunities, and any further data you may need to thrive in the viscosupplementation industry. This viscosupplementation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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