The Canada viscosupplementation market offers hyaluronic acid-based products that are injected into the knee joint to supplement faulty synovial fluid in cases of osteoarthritis. These injections provide lubrication and cushioning within the knee joint and help reduce pain associated with knee osteoarthritis. The market has witnessed increased adoption owing to the rising geriatric population, who are more prone to osteoarthritis.
Canada viscosupplementation market is estimated to be valued at US$ 150.8 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024-2031.
Viscosupplementation is emerging as a preferred non-surgical treatment option for knee osteoarthritis compared to other therapies owing to its minimal invasiveness and effectiveness in reducing pain.
Key Takeaways
Key players operating in the Canada viscosupplementation market are Anika Therapeutics Inc., Ferring Pharmaceuticals, Bioventus, Mylan N.V., Sanofi S.A., Teva Pharmaceutical Industries Ltd, Johnson & Johnson., F. Hoffmann-La Roche AG, and Zimmer Biomet. The market players are focusing on new product launches and geographical expansion to strengthen their presence.
The rising geriatric population suffering from osteoarthritis presents significant growth opportunities for players in the Canada viscosupplementation market. According to the World Health Organization, Canada had one of the highest percentages of the population above age 65 in the world. The aging population is more prone to joint disorders like osteoarthritis.
Canada serves as an attractive market for global players to expand due to high per capita income and availability of public and private insurance coverage for viscosupplementation procedures. The government is focused on reducing waiting lists for knee replacement surgeries, which is driving the adoption of viscosupplementation as an effective non-surgical alternative treatment.
Market drivers: The growing geriatric population prone to osteoarthritis is a key driver. The number of Canadians aged 65 and older is projected to double between 2021 and 2041, creating high demand. Public insurance coverages defraying viscosupplementation costs also encourages market growth.
Market restraints: Short term effects and need for repetitive injections could limit market potential. Initial costs and limited long term data on viscosupplementation effectiveness also restrain full market adoption. However, new product formulations addressing limitations could help overcome restraints.
Segment Analysis
The Canada viscosupplementation market is segmented into three-injection, five-injection and others. The three-injection segment holds the highest market share as it is the most preferred choice for majority of patients suffering from osteoarthritis of knee. This is because three-injection viscosupplements are more cost effective as compared to five-injection counterparts and provides relief from knee pain for around 6 months.
Global Analysis
North America region dominates the Canada viscosupplementation market. This is due to high incidence of knee osteoarthritis in the region. As per recent studies, nearly 30 million Americans are suffering from knee osteoarthritis. Moreover, rising geriatric population, growing obesity rates and increasing awareness about viscosupplementation treatment for knee osteoarthritis are some other factors boosting the market growth in this region. Within North America, United States holds the largest share due to high healthcare spending and presence of key players. However, Canada market is expected to witness faster growth during the forecast period owing to growing access to advanced treatment options and rising medical tourism industry in the country.
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What Are The Key Data Covered In This Canada Viscosupplementation Market Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Canada Viscosupplementation Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Canada Viscosupplementation Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Canada Viscosupplementation Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Canada Viscosupplementation Market vendors
FAQ’s
Q.1 What are the main factors influencing the Canada Viscosupplementation Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Canada Viscosupplementation Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Canada Viscosupplementation Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
