The viscosupplementation market is estimated to be valued at US$ 3404.73 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

·         Strength: Viscosupplementation has minimal side effects compared to other pain treatments such as steroids. It provides relief from knee pain for at least 6 months. It helps delay knee replacement surgery and improve mobility.

·         Weakness: Treatment typically requires multiple injections which increases the overall cost of treatment. The injections need to be administered by a trained healthcare professional making it inconvenient for some patients.

·         Opportunity: Rising geriatric population globally increasing the patient pool for knee osteoarthritis. Growing awareness regarding the benefits of viscosupplementation compared to other treatments.

·         Threats: Reimbursement policies vary across regions limiting market growth in some areas. Alternative treatment options like Hyaluronic acid injections pose competition.

Key Takeaways:

The Global Viscosupplementation Market Growth is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of knee osteoarthritis. As per estimates, over 250 million people suffer from knee osteoarthritis globally causing severe pain and disability.

Regional analysis: North America dominates the global market currently owing to rising obesity rates and an overall active ageing population vulnerable to joint disorders in the region. Asia Pacific is projected to witness highest CAGR owing to rapidly growing geriatric population, rising healthcare awareness and improving access to treatments in countries like China and India.

Key players: 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. These companies are focusing on new product launches and geographical expansion to strengthen their market position.

 

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