Viscosupplementation Market – Insights
Viscosupplementation is a minimally invasive procedure that involves injection of the hyaluronic acid injected into a knee joint to promote better joint development and lubrication. It also helps in reducing pain, irritation and helps in improving osteoarthritis condition. Hyaluronic acid (HA) or hyaluronate is a non-sulfated glycosaminoglycan that is distributed throughout the body in epithelial, connective tissues, and neural tissues. Increasing prevalence of osteoarthritis in people is expected to boost demand for the viscosupplementation products.
The global viscosupplementation market is estimated to be valued at US$ 2,524.8 Mn in 2019 and is expected to increase to US$ 4,738.8 Mn by 2027, witnessing a CAGR of 8.2% over the forecast period (2019-2027).
Figure 1. Global Viscosupplementation Market Share (%), By Treatment (2019 & 2027)
Source: Coherent Market Insights Analysis (2020)
Increasing product launches and regulatory approval of viscosupplementation products are expected to drive the global viscosupplementation market growth
Increasing demand for viscosupplementation products has encouraged manufacturers to focus on the development of innovative viscosupplementation products and launching them in the market. For instance, in March 2018, Bioventus, a provider of orthobiologic solutions, launched DUROLANE, which is a single-injection hyaluronic acid (HA) product used for joints-lubrication as treatment for pain associated with knee osteoarthritis (OA). Moreover, in October 2018, Bioventus received the Agência Nacional de Vigilância Sanitària (ANVISA) approval for marketing DUROLANE, in Brazil.
Furthermore, in February 2014, Anika Therapeutics, Inc. received marketing approval from the U.S. Food and Drug Administration (FDA), for its product MONOVISC, a single injection viscosupplement indicated for treatment of patients with osteoarthritis.
Rising prevalence of osteoarthritis and other joint pain conditions is driving demand for viscosupplementation products, which is expected to facilitate growth of the global viscosupplementation market during the forecast period
Hyaluronic acid injections are usually prescribed when patients suffering from osteoarthritis are not getting adequate relief from a simple analgesic or drug treatment. Hyaluronic acid injection is given in the knee to fulfill the need of hyaluronate (naturally produced by body) in synovial fluid for proper functioning and lubrication. Moreover increasing prevalence of knee osteoarthritis and hip osteoarthritis has led to an increase in demand for viscosupplementation products. For instance, according to the National Center for Biotechnology Information (NCBI), in 2014, osteoarthritis was the most common joint disorder in the U.S., and occurred more in women compared to men. For instance, prevalence of knee osteoarthritis (KOA) is around 10% in men and 13% in women aged 60 years or older.
Key players are focusing on building a strong distribution network through adoption of several inorganic strategies to enhance and expand their viscosupplementation product portfolio
Increasing demand and usage of viscosupplementation products has influenced major players to expand their product portfolio and strengthen their position in the market. This has led manufacturers to adopt inorganic growth strategies such as distribution agreement and collaborations. For instance, in November 2016, Seikagaku Corporation entered into an exclusive distribution agreement with Zimmer Biomet Holdings for its product VISCO-3, a hyaluronic acid-based viscosupplement product indicated for the treatment of knee osteoarthritis pain, in the U.S.
Moreover, Ferring Pharmaceuticals has a wide sales and distribution network, with distributors in more than 40 countries.
Global Viscosupplementation Market - Regional Analysis
Regional segmentation of the global viscosupplementation market includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to witness significant growth over the forecast period owing to increasing prevalence of osteoarthritis in the region. For instance, according to the Centers for Disease Control and Prevention’s (CDC) report, osteoarthritis affected more than 30 million U.S adults during 2018, and it has been estimated that 70 million people are likely to suffer from osteoarthritis by 2040.
Asia Pacific is also expected to witness growth in the global viscosupplementation market owing to increasing regulatory approvals of viscosupplementation products in the region. For instance, in July 2017, Anika Therapeutics, Inc. received approval for MONOVISC from regulatory authorities in India and Australia. MONOVISC is a single-injection viscosupplement for pain associated with osteoarthritis of all human synovial joints.
Figure 2: Global Viscosupplementation Market Value (US$ Mn) Analysis and Forecast & Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2020)
One of the major factors restraining the viscosupplementation market growth is higher cost of viscosupplementation products, which may not be affordable among lower income populations. For instance, according to the National Center for Biotechnology Information (NCBI), viscosupplementation injections such as Monovisc are priced at US$ 320 per injection, Durolane at US$ 409 per injection, and Synvisc-One at US$ 424 per injection, Cingal US$ 400 per injection and others.
Global Viscosupplementation Market - Key Players
Key players covered as a part of this 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.