by Viscosupplementation refers to a treatment that involves injecting hyaluronic acid into the knee joint of patients suffering from osteoarthritis. It helps supplement the natural viscosity of the synovial fluid and protect the cartilage from damage. The Canada viscosupplementation market is primarily driven by the growing geriatric population susceptible to osteoarthritis and the rising awareness about minimally invasive treatment options. 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 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 key opportunities in the market include rising healthcare expenditure and growing demand for single-injection therapies. North America dominates the global viscosupplementation market owing to the increasing prevalence of osteoarthritis in the region.
Market Drivers
The rising prevalence of obesity is one of the major drivers of the Canada viscosupplementation market. Obese individuals are more prone to develop osteoarthritis due to excessive pressure on the joints. According to statistics, over 30% of Canadian adults are obese. This has significantly contributed to the growing incidence of osteoarthritis, thereby propelling the demand for viscosupplementation therapies.
PEST Analysis
Political: The Canadian healthcare system is governed by the Canada Health Act of 1984 which ensures universal coverage for medically necessary healthcare, including viscosupplementation procedures. However, ongoing funding and coverage decisions for new medical technologies by provincial governments impact market adoption.
Economic: Canada has a prosperous and highly developed market economy. However, economic fluctuations can impact healthcare budgets and coverage decisions. Rising income levels generally contribute to increased patient acceptance and demand for advanced medical treatments like viscosupplementation.
Social: An aging population coupled with growing awareness about new treatment options for arthritis is driving patients to seek less invasive procedures like viscosupplementation injections. Social acceptance of new therapies helps market growth.
Technological: Advancements in viscosupplement formulations now allow for longer lasting effects from a single injection which improves patient compliance compared to multi-dose therapies. New drug delivery technologies will further promote patient convenience and market uptake.
Geographical regions of concentration in terms of value: The Canadian viscosupplementation market is dominated by the provinces of Ontario and Quebec which together account for over 60% of the country’s total population and healthcare expenditure. Universal public coverage and high population densities in major urban areas make these regions significant markets.
Fastest growing region: The Western provinces of Alberta, Saskatchewan and British Columbia have experienced strong economic and population growth in recent years. Rising incomes and aging demographics in these regions are significant drivers of increased viscosupplementation procedures. Continued expansion of covered public healthcare services is expected to propel the highest growth rates across Canada from these Western provinces over the forecast period.
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?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Priya Pandey
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