Hyaluronic Acid Viscosupplementation Market: Introduction
- Knee osteoarthritis is a leading cause of disability among the population across the globe. It develops slowly, and the pain it causes worsens over time. Numerous treatment options are available to treat osteoarthritis. Viscosupplementation is one of the procedures for osteoarthritis. In this procedure, a gel-like fluid called hyaluronic acid is injected into the knee joint. Hyaluronic acid acts like a lubricant to enable bones to move smoothly over each other and as a shock absorber for joint loads. Key objectives of treating knee osteoarthritis with hyaluronic acid injections are to improve joint movement by increasing joint lubrication and reduced joint friction and inflammation, to slow osteoarthritis progression, and reduce pain.
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Key Drivers and Opportunities of Global Hyaluronic Acid Viscosupplementation Market
- Osteoarthritis is a degenerative diseases that frequently affects the weight-bearing joints of the body and hands. Poor eating habits, lack of exercise, and sedentary lifestyle lead to an increase in body fat and cholesterol and a rise in body weight. Obesity has become a common health issue among adults and the geriatric population. Increase in body weight exerts pressure on the lower extremity joints such as the knees. Excessive pressure on the joints leads to joint pain, damage, and orthopedic disorders. Thus, an increase in number of people with obesity is anticipated to drive the market.
- Osteoarthritis is common and the prevalence is high among the geriatric population. This complication intensifies with age, making most geriatric people susceptible to orthopedic diseases such as arthritis. Thus, a surge in the geriatric population is a key factor that is likely fuel the market.
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- A rise in life expectancy rate and advances in hyaluronic acid based therapy for osteoarthritis are driving the adoption and demand for hyaluronic acid viscosupplementation products. This, in turn, is projected to boost the market in the near future. For instance, hyaluronic acid is a relatively newer treatment and have a potential bright spot for helping osteoarthritis treatment management. Thus, it is widely utilized in the treatment of osteoarthritis.
- Rise in demand for cost-effective treatment and a surge in geriatric population offer significant opportunities in the market. Furthermore, improving health care infrastructure, rise in the emphasis on quality care, and rapid urbanization offer opportunities to product manufacturers to expand their geographic presence in the market. Tapping emerging markets and catering to the unmet needs of customers in emerging economics across the globe are likely to prompt market players to increase their customer base, which in turn is estimated to offer considerable opportunity in the market
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North America to Capture Major Share of Global Hyaluronic Acid Viscosupplementation Market
- North America is expected to account for a major share of the global hyaluronic acid viscosupplementation market due to the presence of key players, rise in the demand for advanced products, and a highly developed health care sector
- The hyaluronic acid viscosupplementation market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to a rise in awareness and prevalence of osteoarthritis. Moreover, an increase in number of people with age over 60 is anticipated to drive the market in the region.
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Key Players Operating in Global Hyaluronic Acid Viscosupplementation Market
The global hyaluronic acid viscosupplementation market is highly fragmented due to the presence of key players. A large number of manufacturers hold a major share in their respective regions. Demand for hyaluronic acid viscosupplementation products has increased in emerging as well as developed markets owing to a rise in prevalence of osteoarthritis. Industry players are adopting practices of appointing third-party distributors to expand market presence. This has led to a surge in the number of distributors and suppliers in emerging markets. For instance, in November 2016, SEIKAGAKU CORPORATION entered into exclusive distribution agreement with Zimmer Biomet Holdings in the U.S. for VISCO-3. Growth strategies adopted by leading players, such as product launch, approval, key merger & acquisition, distribution agreement, and collaboration, are likely to drive the global market. For instance, in March 2019, SEIKAGAKU CORPORATION announced today the launch of HyLink, in Italy. It is a single-injection viscosupplement for the treatment of knee osteoarthritis.
Major players operating in the global hyaluronic acid viscosupplementation market are:
- Anika Therapeutics, Inc.
- Ferring B.V.
- Zimmer Biomet
- Fidia Pharma USA Inc,
- LG Chem
- SEIKAGAKU CORPORATION
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