The size of the Europe viscosupplementation market is forecasted to be worth USD 2.24 billion by 2028 from USD 1.49 billion in 2023, growing at a CAGR of 4.98% between 2023 to 2028.
The increasing demand for non-surgical treatments for osteoarthritis across the European region is primarily driving the European viscosupplementation market. Osteoarthritis (OA) is a disorder that results in inflammation of the cartilage and synovial membrane, causing stiffness, swelling, and joint pains. According to statista.com, an estimated 576 per 100,000 females and 419 per 100,000 males suffered from osteoarthritis in the European region in 2019. Owing to the high cost of the joint surgical procedure for joints, people prefer to have a hyaluronic acid injection to regenerate fluid in the joint for smooth movement. Additionally, due to the increasing fear of surgical procedures among people, they prefer non-surgical or minimal invasion surgeries, which have benefits such as less time for recovery and less hospital stay. Such factors are anticipated to favor the viscosupplementation market in the European region.
The increasing geriatric population in Europe is estimated to fuel the viscosupplementation market growth in Europe. The increasing age results in changes in the musculoskeletal system and affected joint movement, which results in osteoarthritis. Women are more likely to experience osteoarthritis post reaching 50 years of age than men due to a reduction in bone strength with pregnancies and being busy with household work. Knee joints in some older people were also affected due to earlier accidents and minor injuries. As a result, older people prefer Viscosupplementation treatment to have a quality life.
Furthermore, the growing adoption of recent advancements in the development of hyaluronic acid-based therapies is predicted to boost the growth rate of the European viscosupplementation market. With increasing R&D activities on hyaluronic acid, used for joint-based problems to relieve pain and swelling, manufacturers focus on developing different injections based on people's health conditions.
However, side effects of such injections, such as swelling, pain, redness, and irritation, are one of the major factors limiting the adoption and market growth in the European region slightly. In addition, high costs associated with the viscosupplementation treatment are anticipated to negatively impact regional market growth. Furthermore, the scarcity of skilled professionals for injection-based viscosupplementation treatment is expected to affect the European viscosupplementation market negatively. Furthermore, factors such as poor awareness levels regarding the usage of the injections as part of the treatment procedures as given at inappropriate locations may lead to severe satiation for the patients and lack of availability of the viscosupplementation injection in local medical stores and rural hospitals are impeding the growth of the European viscosupplementation market.
This market research report on the European viscosupplementation market has been segmented and sub-segmented into the following categories.
By Product:
Based on product, the three injection segment had the major share of the European viscosupplementation market in 2021.
By End-Use:
Based on end-user, the orthopedic clinics/Ambulatory Surgical Centers (ASCs) segment occupied the leading share of the European market in 2021.
By Country:
The European region accounted for a substantial share of the worldwide market in 2022 and is anticipated to hold a notable global market share during the forecast period. The growing awareness regarding the availability of viscosupplementation injections in the European region and an increasing number of product approvals primarily drive the growth of the European market. In addition, most hospitals have adopted viscosupplementation injections for patients suffering from joint problems at the primary stage instead of suggesting surgical treatment to the patients in the recent past. However, this injection must be taken regularly for more effective joint movement, which demands market growth.
The UK viscosupplementation market is projected to lead Europe during the forecast period owing to the increasing usage of viscosupplementation therapies for hip movements. In addition, the growing incidence of overweight and obese are expected to fuel the UK market growth. Due to being overweight and obese, most joints of most people become weak near the hip early in age, which makes it difficult for hip movements. Due to this, the adoption of viscosupplementation procedures is growing, and the market participants are focusing more on R&D to develop effective viscosupplementation injections for the hip. Such factors are anticipated to boost the viscosupplementation market in the UK during the forecast period.
Germany is another potential market for viscosupplementation in Europe and is predicted to witness a healthy CAGR in the coming years. The growth of the German market is majorly driven by the increasing manufacturing of viscosupplementation injections and the growing focus of German-based companies to offer cost-effective injections. In addition, increasing awareness programs to promote the usage of Viscosupplementation injection in the joint problem population by the healthcare organization is predicted to result in the growth of the German market.
KEY MARKET PLAYERS:
Sanofi S.A., Zimmer Biomet Holdings Inc., Bioventus LLC, Anika Therapeutics Inc., Fidia Farmaceutici S.p.A., Ferring B.V., Seikagaku Corporation, Chungai Pharmaceutical Co., Ltd., OrthogenRx Inc., and Mylan N.V. are some of the promising companies dominating the European viscosupplementation market.
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