The Latin America Viscosupplementation market is forecasted to grow at a steady CAGR of 10.39% from 2023 to 2028 and the market size is expected to be USD 630 million in 2028 and USD 380 million by 2023.
The increasing adoption of minimal invasion surgeries among the population of Latin American countries who are suffering from osteoarthritis is majorly driving the viscosupplementation market growth in Latin America. An estimated one in every people from OA in Brazil. Obesity is one of the major causes behind the diagnosis of osteoarthritis. Factors such as growing adoption of lifestyle changes such as increasing consumption of unhealthy diets and lack of physical activity are majorly leading to the overweight or obese. People with obesity mainly suffer from joint disease near the hip and knee, which results in difficulty in movement. The main symptoms of osteoarthritis are joint pain, stiffness, work limitation, and others. Due to fear of surgeries and cuts for joint disorders, most people prefer injection-based treatment, leading to demand for viscosupplementation treatment, resulting in the growth of the Latin American viscosupplementation market.
In addition, the growing aging population is further fuelling the viscosupplementation market growth in Latin America. Increasing age and changes in food habits are the major cause of osteoarthritis among many aged people. Women are more likely to have osteoarthritis compared to men. This disorder is seen mainly after the age of 50. Patients suffer from complexity in walking and movements. As a result, as an alternative to surgery, many older populations prefer to have Viscosupplementation therapy, which favors regional market growth. Additionally, people who cannot afford hospital treatment can take injections in clinics and houses by a healthcare provider.
Furthermore, the development of hyaluronic acid-based drugs for various joint pain by different combinations supports regional market growth. Researchers are focusing on developing cost-effective drugs that can be affordable by the people, which helps the market growth. Factors such as growing R&D centers for increasing the clinical trials on hyaluronic-based drugs for more effective use are anticipated to boost the market’s growth rate in Latin America. In addition, the governments of Latin American countries have increased investments in manufacturing products due to the growing demand for hyaluronic-based viscosupplementation injections. Key market players are focusing on producing prefilled syringes, reducing the error of overdose drugs for patients. Increasing reimbursement policies and increasing manufacturing faculties are the other reasons that demand market growth.
The limited availability of viscosupplementation injections in some of the underdeveloped and developing places of the Latin American region is majorly hampering regional market growth. In addition, high costs and side effects associated with the usage of viscosupplementation, such as swelling, pain, redness, and others, further hamper regional market growth. Furthermore, the scarcity of more skilled professionals to inject them into the patient's body at a particular place is another factor hindering the market growth.
This market research report on the Latin American viscosupplementation market has been segmented into the following categories.
By Product:
By End-Use:
By Country:
Geographically, the Latin American region held a moderate share of the worldwide market in 2022 and is expected to grow at a steady CAGR during the forecast period.
During the forecast period, the Brazilian market is anticipated to hold a major share of the Latin American market owing to the growing adoption of viscosupplementation-based injections and increasing awareness. In addition, several hospitals are increasing the adoption of hyaluronic acid-based injections for joint pains leading to market growth. These hospitals know that people should take regular Viscosupplementation treatment for joint problems for better results. Furthermore, the growing approvals for several regional products propel the Brazilian market growth. For instance, in Brazil, an injection named DUROLANE, made of a hyaluronic acid product, has been manufactured recently by Bioventus. This injection is used for joint lubrication and reduces the pain associated with knee and hip osteoarthritis.
The Mexican is expected to showcase a healthy CAGR during the forecast period owing to the increasing availability of hyaluronic acid injection online. In addition, the government has taken several measures in approving the online pharmacy to sell the Viscosupplementation injection for joint pains.
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 companies operating in the Latin American Viscosupplementation market.
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