Canada Viscosupplementation Market Driven By Rising Osteoarthritis Prevalence

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The Canada viscosupplementation market features a variety of products involved in the treatment of osteoarthritis, a degenerative joint disease causing chronic joint pain. Viscosupplementation products aim to supplement the synovial fluid in knee joints, restoring its thickness and allowing for smoother movement. Commonly administered via injections directly into the knee joint, popular viscosupplementation products include hyaluronic acid derivatives such as Orthovisc, Synvisc, and Hyalgan.

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 growing prevalence of osteoarthritis in Canada is driving increased demand for viscosupplementation therapy. Additionally, expansion of the viscosupplementation market in other regions ...
... worldwide is contributing to the Canada market's growth through increased research and development.

Market Drivers

Rising rates of obesity have led to a growing prevalence of osteoarthritis in Canada over recent decades. Osteoarthritis causes cartilage breakdown in joint spaces, resulting in chronic pain and loss of mobility. Viscosupplementation offers a minimally invasive therapy to supplement synovial fluid and restore lubrication, providing relief for osteoarthritis patients. The Canada market for viscosupplementation is expected to continue growing through 2031 due to the aging population and ongoing obesity crisis increasing osteoarthritis diagnosis rates nationwide.

Current global geopolitical uncertainty is expected to impact the growth of Canada viscosupplementation market over the forecast period. High inflation rate due to supply chain issues and rising crude oil prices has weakened the Canada dollar against the US dollar in 2022. Economic slowdown in major trading partners like US and Europe due to high interest rate environment could impact healthcare spending and overall demand for viscosupplementation products in Canada.

However, aging population and increasing focus on non-invasive treatment options for osteoarthritis in Canada are expected to continue driving the market growth. Key players need to closely monitor currency fluctuations and focus on reducing dependence on imported raw materials and components to minimize impact of geopolitical risks on business operations and supply chain. Diversifying manufacturing footprint across different regions could help players mitigate these risks in long run.

The Canada viscosupplementation market is currently concentrated in Ontario and Quebec provinces in terms of value sales. Ontario province alone accounts for more than 35% market share due to presence of large patient population and higher healthcare expenditure per capita compared to other provinces. Quebec is the second largest market owing to growing public and private sector focus on non-surgical treatment of osteoarthritis. Western Canada region comprising British Columbia, Alberta and Manitoba is expected to be the fastest growing market during the forecast period supported by rising disposable income, growing aging population and increasing preference for viscosupplementation over joint replacement surgeries among middle-aged demographic.

Pacific Canada region including provinces of British Columbia, Yukon and Northwest Territories has emerged as a high growth market for viscosupplementation in recent years. Favorable government reimbursement policies for osteoarthritis treatment and initiatives to boost access to non-surgical options in remote areas have boosted adoption. Additionally, growing health awareness, lifestyle changes and economic growth in major cities like Vancouver are supporting the increasing demand. Players should focus on partnerships with regional hospitals, clinics and healthcare providers to strengthen market presence in Pacific Canada.

Get more insights on this topic: https://fortunetelleroracle.com/health-fitness/canada-viscosupplementation-market-is-expected-to-grow-due-to-growing-geriatric-population-888677

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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?

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