The Canada Viscosupplementation Market is expected to reach US$ 255.7 Mn by 2031, growing at a CAGR of 7.60% from 2024 to 2031.

BURLINGAME, CA 94010, UNITED STATES, August 20, 2024 /EINPresswire.com/ -- The latest market intelligence report published by CoherentMI with the title "Canada Viscosupplementation Market 2024, Growth Opportunities, and Forecast" provides actionable insights on the Pharmaceutical industry. The report provides demand analysis, industry insights, competitive intelligence, and customer database.

The Research report on Canada Viscosupplementation Market presents a complete judgment of the market through strategic insights on future trends, growth factors, supplier landscape, demand landscape, Y-o-Y growth rate, CAGR, pricing analysis. It also provides and a lot of business matrices including Porters Five Forces Analysis, PESTLE Analysis, Value Chain Analysis, 4 Ps’ Analysis, Market Attractiveness Analysis, BPS Analysis, Ecosystem Analysis.

Market Overview:

Viscosupplementation refers to the use of hyaluronic acid injections to lubricate damaged joints affected by osteoarthritis. These injections help replenish the loss of fluid in the joints, thereby reducing pain and improving mobility.

Rising Incidence of Knee Osteoarthritis in Canada is Driving the Market Growth

Osteoarthritis is one of the most common causes of disability among older Canadians. As per the Canadian Institutes of Health Information, over 6 million Canadians were living with Osteoarthritis in 2019. The incidence and prevalence of knee osteoarthritis is increasing in Canada due to aging population and rise in obesity rates. According to the Public Health Agency of Canada, it is estimated that 1 in 6 Canadian adults suffers from osteoarthritis. Due to the degenerative nature of the disease, the demand for minimally invasive treatment options like viscosupplementation is growing in the country. Viscosupplementation involves injecting hyaluronic acid into the knee joint of patients suffering from osteoarthritis to supplement the viscosity of the synovial fluid and provide lubrication and cushioning to the joints.

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*Note: Sample of the report provides details on the scope and coverage, table of contents, research methodology, and Sample Framework of the report. Actual report of 150+ is available for purchase to all the interested stakeholders.

High Treatment Cost Associated with Hyaluronic Acid Injections can Restrain the Market Growth

While hyaluronic acid injections are considered an effective minimally invasive treatment for knee osteoarthritis, they are not cheap. A single course of treatment involving 3-5 injections over 3-6 months can cost anywhere between $500-800 depending on the drug used and province. Not all private insurers cover the costs and provincial formularies have quotas on the number of reimbursable injections. This high upfront cost associated with viscosupplementation can prove to be a restraint for its widespread adoption, especially for people without insurance coverage or those falling outside provincial reimbursement quotas. Some may opt for cheaper alternatives like painkillers for financial reasons, limiting the penetration of viscosupplementation in Canada.

Rising Geriatric Population Provides Significant Market Opportunity

Canada has one of the highest elderly population growth rates globally. As per United Nations data, over 20% of Canadians will be ages 65 and older by 2030. Growing geriatric demographic poses both challenges as well as opportunities for the healthcare industry. Seniors have higher rate of chronic diseases like osteoarthritis due to body breakdown. With over 65% of knee replacements done for people age 65 and older, the demand for effective non-surgical treatment options for knee osteoarthritis from this population segment presents a huge market potential for viscosupplementation in Canada. If awareness increases and cost barriers are reduced, this aging population trend can significantly boost the uptake of hyaluronic acid injections in the country.

Detailed Segmentation and Classification of the report (Market Size and Forecast – 2031, Y-o-Y growth rate, and CAGR):

❖ By Dosage

» Single Injection
» Three Injection
» Five Injection

❖ By Arthritis Type

» Osteoarthritis
» Rheumatoid Arthritis

❖ By End User

» Hospitals
» Specialty Clinics
» Ambulatory Surgical Centers
» Others

❖ Following are the players analyzed in the report:

▪️ Anika Therapeutics Inc.
▪️ Ferring Pharmaceuticals
▪️ Bioventus
▪️ Mylan N.V.
▪️ Sanofi S.A.
▪️ Teva Pharmaceutical Industries Ltd
▪️ Johnson & Johnson.
▪️ F. Hoffmann-La Roche AG
▪️ Zimmer Biomet

Get access to the latest Edition of this Market Study (comprising 150+ pages): https://www.coherentmi.com/industry-reports/canada-viscosupplementation-market/buynow

The research provides answers to the following key questions:

1. What is the estimated growth rate of the market for the forecast period 2024-2031? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Canada Viscosupplementation market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Canada Viscosupplementation market?
4. What are the prominent market trends influencing the development of the Canada Viscosupplementation market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Canada Viscosupplementation market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

Key insights provided by the report that could help you take critical strategic decisions?

➞ Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
➞ Reports provide opportunities and threats faced by suppliers in the Canada Viscosupplementation industry around the world.
➞ The report shows regions and sectors with the fastest growth potential.
➞ A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
➞ The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
➞ This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.

Author of this marketing PR:

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About CoherentMI:

At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.

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