Understanding Impact of COVID-19 on Viscosupplementation Market

According to the report, the global viscosupplementation market was valued at ~US$ 2.6 Bn in 2018 and is projected to expand at a CAGR of ~7% from 2019 to 2027. Viscosupplementation can be performed using three primary injection types: single injection, three injections, and five injections. Applications of viscosupplementation injection include knee osteoarthritis, hip osteoarthritis, and hand osteoarthritis. Growth of the global viscosupplementation market can be attributed to rise in prevalence of osteoarthritis among the geriatric population across the globe.
North America dominated the global viscosupplementation market in 2018 and the trend is anticipated to continue during the forecast period. Increase in awareness about new drugs for treatment and presence of major companies in the region are expected to drive the market in North America. Asia Pacific is likely to be a highly lucrative market for viscosupplementation during the forecast period.

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Rise in Prevalence of Osteoarthritis among Geriatric Population and Surge in Demand for Minimally Invasive Surgery to Drive Market
Rise in prevalence of osteoarthritis across the world is a major factor boosting the growth of the global viscosupplementation market. Increase in geriatric population and high prevalence of obesity are projected to contribute to the rise in prevalence of OA, placing a major burden on individuals, health systems, and social care systems across the world. According to the Arthritis Foundation, 130 million individuals across the globe are likely to be affected by osteoarthritis by 2050. Minimally invasive surgeries minimize blood loss, reduce hospital stay, offer quicker rehabilitation, and smaller incision.
Viscosupplement therapy exhibits nearly 86% success rate in alleviating pain associated with osteoarthritis.

Three Injections to Dominate Market
Based on product type, the global viscosupplementation market has been divided into single injection, three injections, and five injections. The three injections segment dominated the global viscosupplementation market in 2018 and the trend is likely to continue during the forecast period, owing to demand for three injections for better pain relief.
Knee Osteoarthritis to be Promising Segment
In terms of type, the global viscosupplementation market has been classified into knee osteoarthritis, hip osteoarthritis, hand osteoarthritis. The knee osteoarthritis segment dominated the global viscosupplementation market in 2018. The growth of the knee osteoarthritis segment can be attributed to rise in the number of knee OA
cases and increase in development of new drugs for pain management.

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Non-animal Segment to Grow at Rapid CAGR
In terms of source, the global viscosupplementation market has been bifurcated into animal and non-animal. The animal segment dominated the global viscosupplementation market in 2018. However, the non-animal segment is expected to expand at the fastest CAGR during the forecast period.

Retail Pharmacies to be Major Distribution Channel
Based on distribution channel, the global viscosupplementation market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment dominated the global viscosupplementation market in terms of revenue in 2018 and the trend is projected to continue during the forecast period. Increase in number of viscosupplement injections being dispensed through retail pharmacies and rise in number of retail pharmacies in developing countries make these pharmacies a major channel of distribution.

North America to Dominate Global Market

The global viscosupplementation market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global viscosupplementation market in 2018, followed by Europe. North America accounted for a major share of the global viscosupplementation market in 2018, owing to the introduction of new drugs, surge in demand for minimally invasive surgery, and high prevalence of osteoarthritis in countries such as the U.S. The viscosupplementation market in Asia Pacific is anticipated to expand at a higher CAGR from 2019 to 2027. The growth of the viscosupplementation market in the region can be attributed to high prevalence of osteoarthritis and increase in demand for its therapeutics.

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Competition Landscape

Sanofi, Anika Therapeutics, Inc., Zimmer Biomet, and Chugai Pharmaceutical Co., Ltd. are the leading players in the global viscosupplementation market and hold majority market share. The global viscosupplementation market is fragmented in terms of number of players. Key players in the global market include Sanofi, Anika Therapeutics, Inc., Seikagaku Corporation, Zimmer Biomet, Ferring B.V., LG Chem, Chugai Pharmaceutical Co., Ltd., and Bioventus, Inc.New product development through robust R&D activities and merger & acquisitions are the key strategies adopted by these players to operate their business in the global viscosupplementation market.

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