The research study covers the present scenario and growth prospects of the global viscosupplementation market for 2016-2020. To calculate the market size, the report uses the revenue generated from the sale of products in different regions.
Anika Therapeutics is an emerging vendor in the market and focuses on strengthening its position through new product approvals such as CINGAL viscosupplement in Europe and the US. In May 2016, the company announced the launch of CINGAL in Canada. The company partnered with Pharmascience for the commercialization of CINGAL in Canada. The company will also market its key products ORTHOVISC and MONOVISC through its partnership with Pharmascience. Through new product launches, the company aims to strengthen its position in the viscosupplementation market in North America.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global viscosupplementation market:
- Fast-growing geriatric population
- Popularity of minimally invasive procedures
- Growing demand from emerging nations
- Increasing prevalence of knee osteoarthritis
Fast-growing geriatric population
A rising concern worldwide is the fast-growing elderly population, especially in the major countries such as Japan, South Korea, China, Germany, and the US. The geriatric people in these countries are affected by a wide range of chronic diseases such as cancer, liver, osteoarthritis, and kidney diseases.
Amber Chourasia, a lead health and wellness analyst at Technavio, says, “Osteoarthritis is mainly caused in the geriatric population, and its prevalence increases with the increase in age. There is a significant change in the percentage of world population by age from 2010 to 2050, owing to the high birth rates during the early and middle of the 20th century.”
Popularity of minimally invasive procedures
Viscosupplementation is a minimally invasive procedure used for the treatment of osteoarthritis. Hyaluronic acid is injected into the stiff joints, especially knees, which reduces the friction between two bones and prevents further bone degradation. Viscosupplementation procedure is categorized into three product categories –– single-injection cycle, three-injection cycle, and five-injection cycle.
Growing demand from emerging nations
The rapid expansion of healthcare facilities can be seen in many developing economies such as China, India, South Africa, and Brazil, mainly due to the rise in the number of chronic diseases such as osteoarthritis among the elderly population. Governments in these countries are rapidly expanding and investing in healthcare facilities, which has affected the market positively.
Investments from private investors will also have a positive impact on the growth of the market, it will help in product extension for vendors. The distribution network for viscosupplementation is likely to be enhanced in these emerging nations due to high untapped market potential, which vendors are likely to utilize during the forecast period. The increasing migration of R&D facilities from Western countries to developing APAC nations due to lower capital and labor costs in the region, as well as a stable economy, will lead to a higher demand for these products in APAC.
Increasing prevalence of knee osteoarthritis
Knee osteoarthritis is a common disease and is one of the leading causes of disability among the geriatric population. With the increase in age of the general population, there is a growing incidence of knee osteoarthritis. People with obesity, diabetes, hypertension, renal failure, cardiovascular diseases, gastrointestinal bleeding, depression, and trauma in joints due to repetitive movements are subject to high risk due to knee osteoarthritis. According to an NCBI report on osteoarthritis, in 2015, approximately 13% of women and 10% of men above 60 years of age had symptomatic osteoarthritis globally. In the same year, about 10% people over 55 years demonstrated persistent episodes of knee pain.
- Ferring Pharmaceuticals
- Fidia Farmaceutici
- Anika Therapeutics
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