The expanding aging population is a major driving factor driving the viscosupplementation market. Age is an important risk factor for osteoarthritis, and epidemiological studies demonstrate a rise in the prevalence of osteoarthritis with growing age. According to the Center for Disease Control and Prevention, the prevalence of osteoarthritis was found to be the highest in populations aged between 65 and 75 years. Viscosupplementation emerges as a prior and cost-effective treatment option to delay total knee replacement surgery, which is another major factor propelling the growth of the viscosupplementation market. Cost-analysis studies have shown that viscosupplementation delays the need to perform knee replacement by 2.6 years.
Reimbursement cutbacks are among the major factors that are expected to hamper the growth of the viscosupplementation market. American Academy of Orthopaedic Surgeons (AAOS) revised the long-standing clinical practice guideline for hyaluronic acid injection in May 2013, after which AAOS cannot recommend hyaluronic acid injection for patients with symptomatic knee osteoarthritis. Due to the AAOS response, most of the reimbursement payers continue deny reimbursements for hyaluronic acid injections. Moreover, the failure of clinical studies and the unavailability of U.S. Food and Drug Administration (FDA)-approved hyaluronic acid injections for joints other than the knees are expected to restrain the growth of the viscosupplementation market.
Market in China to Demonstrate Significant Growth
The global viscosupplementation market has been studied based on the product type and end user. Based on the product type, the viscosupplementation market has been segmented into three-injection viscosupplementation, single-injection viscosupplementation, and five-injection viscosupplementation. The three-injection viscosupplementation segment is expected to hold the maximum market share in the global viscosupplementation market.
Based on end user, the viscosupplementation market has been segmented into hospitals, orthopedic clinics, and ambulatory surgery centers. In terms of revenue, the hospital segment of the viscosupplementation market dominated the global viscosupplementation market in 2018.
North America is expected to dominate the global viscosupplementation market. Although developed countries dominate the market, emerging markets represent higher growth opportunities for the viscosupplementation market. For instance, China is expected to witness the highest growth rate in the viscosupplementation market over the forecast period. Factors, such as rising healthcare facilities and disposable income, are expected to significantly boost the demand for viscosupplementation in the near future.
Manufacturers to Strategize on New Product Launches
Manufacturers in the viscosupplementation market follow different strategies to grow their businesses as well as to penetrate the viscosupplementation market. Viscosupplementation market players are focusing on distribution and marketing agreements to enhance their market presence. For example, market players such as Anika Therapeutic, Bioventus LLC, Seikagaku Corporation, and Zimmer Biomet Holdings Inc. are focusing on distribution agreements for global market expansion. For instance, DePuy Mitek Inc. has been distributing Anika Therapeutic’s Orthovisc and Monovisc viscosupplementation products for a long period. In addition, in 2018, Seikagaku Corporation extended its distribution agreement with Bioventus for the distribution of its five injections hyaluronic acid product Supartz FX in the United States.
Manufacturers are focusing on the launch of new products in the U.S. market. Moreover, they are making efforts to receive approval for their hyaluronic acid-based products for the treatment of other types of joints, apart from the knees, in the U.S. market. Anika Therapeutics is focusing on receiving FDA approval for its Cingal, hyaluronic acid, and corticosteroid combination injection.
Some of the key players operating in viscosupplementation market are Anika Therapeutics, Sanofi S.A., Zimmer Biomet, Bioventus, Ferring B.V., Seikagaku Corporation, Chugai Pharmaceutical Co. Ltd., and Mylan N.V.