The Latin America Viscosupplementation market size is forecasted to grow steadily during the forecast period.
In recent decades, the Latin American health community or governments have increasingly prioritized treating various chronic diseases, even in low- and middle-income countries. As a result, the demand for appropriate treatments and cures has increased dramatically to address the global burden of osteoarthritis, leading to an increase in the use and uptake of viscosupplementation. In addition, other factors, such as smoking and a poor diet, are the cause of osteoarthritis in the younger generation.
The Latin American viscosupplementation market is largely driven by increasing patient awareness of new treatments for osteoarthritis. The increasing prevalence and incidence of osteoarthritis are accelerating the growth of the market. The increase in the obese population in the world and the increase in the geriatric population are also important factors for the market's growth. Growing awareness of the benefits of minimally invasive osteoarthritis surgical procedures is one of the key factors driving the growth of the Viscosupplementation Market.
In recent years, with the shift to value-based care, hospitals and healthcare systems face extreme competition from outpatient service sites, especially those offering in-office procedures and outpatient surgery. Gaining popularity worldwide, ambulatory care facilities offer cost-effective and operational efficiencies, facilitating patient access, highly competitive pricing, and increased opportunities for physician participation in the market. Hence, due to all the factors mentioned above, the studied market is expected to increase in the future.
The lack of safety and efficacy associated with viscosupplementation products poses significant challenges for the Latin American viscosupplementation market. Complex regulatory processes and clinical trials for developing viscosupplementation products can slow down the market as it takes a long time to get a product approved by regulatory bodies. In addition, reimbursement policies associated with treatment vary from country to country, and so this can also pose challenges for the market.
COVID-19 Impact on the Latin America Viscosupplementation market:
The Latin American viscosupplementation market is expected to experience massive market growth after the COVID-19 pandemic. Furthermore, with the growing popularity of organized sports, sports injury incidents have also increased. For example, according to a recent publication from the Department of Health and Human Services, approximately 2.5 million sports injuries occur each year. Hence, the considerable increase in sports injury incidents is expected to increase the demand for orthopedic treatments, ultimately providing significant growth opportunities for the global viscosupplementation market in the coming years.
In addition, to strengthen the presence in the Latin American market, various emerging and well-established companies operating in the viscosupplementation market are adopting several business strategies such as strategic collaborations and product development. Furthermore, to gain the trust and loyalty of customers, industry players are opting for such strategies to grow after the pandemic period.
This market research report on the Latin American viscosupplementation market has been segmented and sub-segmented into the following categories.
Geographically, the Latin America Viscosupplementation market is expected to experience strong growth during the forecast period 2020-2028, owing to the increase in healthcare spending. Additionally, low manufacturing costs in Mexico and Chile have led to an increase in production facilities, attracting pharmaceutical and biotech giants to the Latin American region from around the world.
The increasing incidence of rheumatoid arthritis is also expected to drive the market growth in the Brazil region during the forecast period. For example, according to the Institute for Health Metrics and Evaluation, the number of rheumatoid arthritis cases increased from 83,200 in 2009 to 93,365 in 2019 in Brazil alone. Therefore, considering the number of cases in other major countries in the Latin American region, the healthcare business related to the treatment of rheumatoid arthritis will drive the market growth for the upcoming years.
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.