The Canada viscosupplementation market has witnessed robust demand over the past decade owing to the increasing incidence of osteoarthritis, which is among the leading causes of physical disability across the world. Injection of hyaluronic acid or its salts through viscosupplementation procedures aim to repair and supplement damaged hyaluronic acid in osteoarthritic joints. These injections deliver natural or synthetic lubricants that help cushion damaged joints and improve mobility. The Global 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.
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 rising geriatric population and subsequent increase in osteoarthritis cases across Canada is a major factor fueling market growth. For example, over 25% of Canadians are expected to be aged 65 years or older by 2036. Technological advancements in viscosupplement formulations such as single-injection and long-acting viscosupplements are further expanding the application scope and market size.
Market Trends
Increasing preferences for non-invasive treatments: The growing focus on non-invasive procedures for osteoarthritis management is projected to drive the adoption of viscosupplementation in Canada. The injection-based viscosupplement therapies enable avoidance of joint replacement surgeries, providing an impetus to market revenues.
Rising awareness through targeted marketing: Aggressive promotional campaigns by key players have raised awareness about viscosupplementation therapies and treatment alternatives for osteoarthritis. Investment in physician education is also positively impacting the market expansion.
Market Opportunities
Growing obesity rates in Canada: Obesity is a major risk factor for osteoarthritis, providing opportunities for viscosupplement players as overweight patient numbers continue rising. Over 20% of Canadian adults were obese in 2016.
Upswing in combination product approvals: Approval of innovative single-injection or multi-injection viscosupplements combined with other anti-inflammatory drugs can capture significant market share going forwards.
Impact of COVID-19 on Canada Viscosupplementation Market Growth
The COVID-19 pandemic negatively impacted the Canada viscosupplementation market in the initial months. Elective surgical procedures and non-emergency care declined sharply as healthcare resources were diverted towards treating COVID-19 patients. This led to a fall in demand for viscosupplementation injections. However, as restrictions eased from mid-2020, the market started recovering gradually. Telehealth solutions helped physicians continue consulting patients and recommending treatments. While in-person visits were restricted, this aided continued product demand to some extent. Manufacturers focused on ensuring product availability and maintaining supply chains. Going forward, as the pandemic is brought increasingly under control through vaccination, the market is projected to pick up pace and return to its pre-pandemic growth trajectory over the forecast period. However, ongoing risks of viral resurgences require strategies like maintaining inventory levels, diversifying supplier networks and prioritizing employee safety to counter future potential disruptions.
Geographical Regions with High Viscosupplementation Market Concentration in Canada
The province of Ontario accounts for the largest share of the Canada viscosupplementation market currently, in terms of value. This is attributed to rising geriatric population, increasing obesity levels and growing need to treat arthritis-related pain in the province effectively. Healthcare infrastructure and reimbursement scenario are also conducive for market growth. The Prairies region consisting of Alberta, Saskatchewan and Manitoba is witnessing rapid market expansion. High disease prevalence, expanding patient pool undergoing knee osteoarthritis treatment and favorable provincial drug plans are fueling above average market rise. Potential remains for further education initiatives to increase adoption.
Fastest Growing Geographical Region for Canada Viscosupplementation Market
The Canada viscosupplementation market is growing at the fastest pace in the Atlantic region consisting of New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island. This is due to aging population demanding innovative non-invasive solutions, efforts by government and companies to provide accessible care in rural areas and initiatives to broaden insurance coverage for such procedures. New product launches catering to evolving preferences also support market gains. While starting from a lower base, market value in the region is projected to more than double over the forecast period supported by ongoing healthcare infrastructure upgrades, expansion of key industry players’ distribution networks and promotion of viscosupplementation as a preferred treatment option.
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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
