Orthopedic Biomaterial Market Size

Orthopedic Biomaterial Market Growth Projections and Opportunities

Viscosupplementation is a medical procedure where a lubricating fluid, such as hyaluronic acid injection, is injected into joints to treat arthritis symptoms in different areas like the knees, hips, shoulders, ankles, and spine. The growth of the viscosupplementation market is mainly because more people are experiencing knee osteoarthritis, and there's a rising preference for less invasive procedures, especially among the older population. However, strict government regulations and increased insurance denials for viscosupplementation might slow down market growth.
The global viscosupplementation market is expected to reach USD 5,243.19 million by 2023, growing from USD 3,137.79 million in 2017, with an expected yearly growth rate of 8.96%. In 2017, the Americas led the market with 43.46% share, followed by Asia-Pacific (43.07%) and Europe (10.48%). The Americas held the largest share due to a shift towards less invasive procedures for knee osteoarthritis, a well-established healthcare infrastructure, and a sudden increase in demand for viscosupplementation products. Asia-Pacific is likely to experience profitable growth, driven by a growing elderly population and increasing awareness about single-injection treatment in countries like China, India, Japan, and Australia. Europe is expected to follow due to the flourishing medical technology industry and a rising awareness of effective treatments for knee osteoarthritis.
The market has been segmented based on hyaluronic acid type, procedure type, application, end user, and region. Stabilized hyaluronic acid accounted for the largest share in 2017, making up 74.01% of the market, and is expected to grow at a CAGR of 9.29%. This is because these products are highly purified, animal-free, and have minimal risks of impurities. In terms of procedure type, the three-injection procedure dominated, making up 49.51% of the market in 2017. This is because these products are cost-effective and have a shorter treatment regimen compared to five-injection procedures. Regarding application, the hip osteoarthritis segment is expected to grow at a higher CAGR of 9.94% due to the increasing number of hip osteoarthritis cases globally. In terms of end user, hospitals & clinics held the largest share in 2017, with 59.72% market share and USD 1,873.84 million market value, mainly due to the growing number of specialty hospitals and clinics in developing countries.