In a recent published report, Kenneth Research has updated the market report for Viscosupplementation Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Viscosupplementation Market products.
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Kenneth Research has recently added a report titled Viscosupplementation Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The global Viscosupplementation market is anticipated to reach USD 6.6 billion by 2026 according to a new research published by Polaris Market Research. Based on the assessments circulated by the World Health Organization, the worldwide people of the age of 65 years or more is estimated to ascend from 7% from 2000 to 16% till 2050. Viscosupplementation is a minimally invasive procedure helps reducing the joint ache and increases the efficient condition of the osteoarthritic joint. Viscosupplementation involves the injection of a thick fluid known as hyaluronate into the knee.
Hyaluronic acid is an elastic substance which is naturally secreted by mesothelial cells present in the body joints. Osteoarthritis the most common type of arthritis which is characterized by degeneration of cartilage, tissues, and loss of function that cover the ends of the bones in a joint. A related outcome of the increase in the elderly population will be an addition in the occurrences of obesity and osteoarthritis. Alongside developing inclination for obtrusive surgeries, worldwide increment in the population has projected to drive the Viscosupplementation Market during the forecast period.
The Viscosupplementation Market is anticipated to witness a huge development over the forecast period owing to the growing frequency of osteoarthritis, wounds, gingivitis, and ulcers. Developing base of the geriatric patients is a rendering driver of the Viscosupplementation industry. In addition, increasing global occurrence of osteoarthritis leads to demand for Viscosupplementation. According to Centers for Disease Control and Prevention (CDC) 2015, over 30 million people in the U.S. suffered osteoarthritis and around 10% people over 55 years suffered knee pain.
On the basis of product type three injection dominated the market. It was narrowly followed by single injection. The prolonged presence in market justifies its dominance. Owing to the existence of highly neglected medical needs in developing economies, in the Latin America, awareness about the uses of insignificantly intrusive methods, and expanding income, the viscosupplementation Market is projected to develop at a productive rate during the upcoming decade. Single injection is expected to be the fastest developing product type. This is attributed to decreased clinical visits, lower adverse impacts and related discomfort.
Key Findings from the study suggest Asia Pacific Viscosupplementation market has the largest share and is presumed to keep up its position amid the forecast years. This position is mainly due to the existence of sizeable base of geriatric people, which is more vulnerable to ailments, for example, osteoarthritis and rheumatoid joint inflammation. Additionally, developing interest for negligibly obtrusive techniques is a huge influence adding to the substantial market of Asia Pacific.
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The leading players in the Viscosupplementation Market include Seikagaku Corporation, Lifecore Biomedical, LLC, Zimmer Holdings Inc, Bioventus, Ferring B.V., Sanofi, Anika Therapeutics, Inc., and LG Life Sciences Ltd.
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