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Europe Viscosupplementation Market Analysis | Coherent Market Insights

Read here the market research report on u201cEurope Viscosupplementation Marketu201d published by CMI team.

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Europe Viscosupplementation Market Analysis | Coherent Market Insights

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  1. Coherent Market InsightS Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. Europe Viscosupplementation Market Analysis (2020-2027) • Viscosupplementation is a procedure in which hyaluronic acid (HA) is injected into the knee joint for the treatment of osteoarthritis (OA) of the knee. HA is a naturally occurring glycosaminoglycan and an integral component of synovial fluid and cartilage matrix present in the joints. • Europe viscosupplementation market is estimated to account for US$ 241.8 Mn in terms of value and is expected to reach US$ 343.6 Mn by the end of 2027.

  3. Europe Viscosupplementation Market: Drivers • Increasing prevalence of OA is expected to propel growth of the Europe viscosupplementation market over the forecast period. For instance, according to the study, ‘Prevalence and development of hip and knee osteoarthritis according to American College of Rheumatology criteria in the CHECK cohort’, published in January 2019, in BMC Arthritis Research & Therapy, 63% of the participants in the Netherlands suffered from hip OA and 92% of participants with knee complaints were classified as having knee OA. • Moreover, increasing geriatric population is also expected to aid in growth of the market.

  4. s • For instance, according to Office of National Statistics, U.K. 2018, there are nearly 12 million people aged 65 and above in the U.K. of which 5.4 million people are aged over 75, 1.6 million are aged over 85, over 500,000 people are over 90, and 14,430 are centenarians. • Three injection cycle held dominant position in Europe viscosupplementation market in 2019, accounting for 59.5% share in terms of value, followed by five injection cycle, and single injection cycle, respectively

  5. Figure 1. Europe Viscosupplementation Market Share (%), by Value, by Type, 2019

  6. Europe Viscosupplementation Market: Restraints • Side effects of viscosupplementation are expected to hinder growth of the market. These side effects include, temporary injection-site pain, swelling, and bruising around the joint. • Moreover, European market is highly segmented with a lot of regional players entering the market. The competition in the region is especially huge in case of the five cycle injections. Europe is a mature market in terms of generic medical devices and as a result of the relative ease of obtaining a CE mark in Europe as compared to the U.S. FDA approval, the intensity of competition in the region has been observed to be immense. Such regional competition is expected to limit the market growth.

  7. Europe Viscosupplementation Market: Opportunities  • R&D related to viscosupplements is expected to offer lucrative growth opportunities for players in Europe viscosupplementation market. For instance, in May 2018, researchers from Humboldt-Universitätzu Berlin and Berlin Institute of Health, Germany, reported that HA can influence the cartilage metabolism via upregulation of Metalloproteinase inhibitor 3 in OA-like condition. • In Europe, there has been a rise in the number of osteoarthritis patients seeking alternate options to knee replacement in view of avoiding the side effects associated with NSAID and corticosteroids injections.

  8. s • This factor has changed the overall scenario in the pharmaceuticals industry, propelling the inclination of the players in the market towards the viscosupplementation-based therapy. • Europe viscosupplementation market was valued at US$ 230.4 Mn in 2019 and is forecast to reach a value of US$ 343.6 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027.

  9. Figure 2. Europe Viscosupplementation Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

  10. Market Trends/Key Takeaways • Viscosupplementation is done on an outpatient basis. It has low recovery time, which makes it best fit for the patients who want to resume work as soon as possible.Viscosupplementation is a convenient procedure for both elderly and young people as the procedure uses single-injection treatments, which helps improve patience compliance. • The European market for viscosupplementation products is fairly mature. In fact, at the global level, the market is now saturated with various categories of HA-based products with changes in their molecular weight. The new trend in this industry is the introduction of new combination products in the market. The product pipeline of major players involves the combination of HA and corticosteroid-based injections, which combine the pain relieving effect of corticosteroids with the long lasting effect of HA that lasts for nearly 6 months.

  11. Market Trends/Key Takeaways • Patients suffering from Covid-19 have reportedly demonstrated neurologic symptoms, which is expected to create conducive environment for growth of the market. For instance, in April 2020, researchers at the Union Hospital and Huazhong University of Science and Technology in Wuhan, China, reported that over a third of 214 confirmed COVID-19 cases in China had neurologic symptoms that included acute cerebrovascular events, impaired consciousness, and muscle injury. • Moreover, adoption of Artificial Intelligence (AI) in neurology is also expected to aid in growth of the market. For instance, according to the study ‘Artificial Intelligence Techniques for Automated Diagnosis of Neurological Disorders’, published in March 2020, in European Neurology, computer-aided diagnosis (CAD) system using AI and advanced signal processing techniques can assist clinicians in analyzing and interpreting physiological signals and images more effectively.

  12. Regulations     • Medical Device Type: • As per European guidelines, viscosupplementation products are classified as Class III type • Definition of Class III: A medical device incorporating medical substance as an integral part, where the action of the medical substance is ancillary • This class is categorized as high risk and premarket approval is required

  13. s • Parameters considered in Europe: • Standard for approval: Safety and technical performance • Evidences required: Limited data is sufficient, which includes literature review, laboratory testing, and small clinical trials • Approval granted by: Notified bodies including private organizations recognized by EFTA countries. Approval by any notified body authorizes and marketing of the product throughout EU. • Transparency of approval: Neither approval data nor evidence-based data is disclosed to public • Post approval requirements: Side effects are reported to notified bodies and not to any government body

  14. Europe Viscosupplementation Market: Key Developments • Major players in the market are focused on launching new products to expand their product portfolio. For instance, in December 2019, FidiaFarmaceuticiS.p.A. launched TRILURON (sodium hyaluronate), a HA-based intra-articular viscosupplement indicated for the treatment knee OA. • Major players in the market are focused on adopting various strategies to enhance their market share. For instance, in November 2019, Anika Therapeutics Inc. participated in the MEDICA 2019 International Trade Fair (Germany) and the International Cartilage Regeneration and Joint Preservation Society Focus Meeting (Austria).

  15. Request sample copy here • Request pdf brochure here • Request Customization here • Talk to Analyst • Buy Now • Reference: • https://www.coherentmarketinsights.com/market-insight/europe-viscosupplementation-market-3891

  16. About Us: • Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. • What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  17. Contact Us: • Mr. Shah • Coherent Market Insights Pvt. Ltd. • Address: 1001 4th ave, #3200 Seattle, WA 98154, U.S. • Phone: +1-206-701-6702 • Email :sales@coherentmarketinsights.com

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