The abrupt occurrence of the COVID-19 pandemic has imposed a positive impact on the global viscosupplementation market growth in 2020. Growing demand for viscosupplementation for treating osteoarthritis patients is boosting the growth of the market. Analysts have anticipated that market will observe incessant growth after the end of the COVID-19 disaster.
Scenario of the Market before and after COVID-19 Pandemic:
Research Dive has added a new report on the global viscosupplementation market to its repository. The report reveals the impact of COVID-19 pandemic on the growth of the market. Before the rise of the pandemic, the market was estimated to grow at a CAGR of 10.2% from 2019 to 2026. Nevertheless, the unexpected outburst of COVID-19 pandemic has boosted the growth of the market. Market professionals have projected that the market will grow at a CAGR of 10.6% and garner $5,866.2 million, after the end of COVID-19 pandemic. This is mainly due to the rising demand for viscosupplementation due to rising cases of osteoarthritis in elderly population.
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Present Scenario of the Market during COVID-19 Crisis:
Before the outbreak of the pandemic, the global viscosupplementation market was expected to hit $2,845.3 million in 2020. However, in the current circumstances, i.e. in 2020, the market size has stretched up to $2,903.3 million. The rise in the growth of the market is chiefly owing to the mounting demand for viscosupplementation for treating osteoarthritis patients. Amidst this crisis period, a significant rise in the number of osteoarthritis cases particularly in the elderly population has been witnessed. As per a publication by the United Nations (UN), by 2050, about 130 million people are likely to suffer from osteoarthritis worldwide.
Top Players of the Market:
Some of the major players active in the viscosupplementation market are Anika Therapeutics, Inc., OrthogenRx, Bioventus., Fidia Farmaceutici S.p.A., Aptissen, ecnofarma S.A., Zimmer Biomet, TRB Chemedica International SA, Stellar Pharmaceuticals Inc., and Dr. Reddy’s Laboratories Ltd. Additionally, the report outlines the business overview including financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis of all key players of the market.
As a response to COVID-19 catastrophe, market players are devising numerous business strategies, for instance, strategic agreements, technological inventions, and collaborations to survive their business. For example, OrthogenRx, Inc., a medical device manufacturing company has announced the initialization of patient programs called TriVisc Direct Purchase Program and TriVisc Patient Assistance Program, in May 2020.
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Outlook of the Market Post COVID-19 Pandemic:
As per market researchers, the global viscosupplementation market is expected to continue to grow at a significant growth rate after the end of the COVID-19 crisis. This is mainly due to an upsurge in the number of sports related joint injuries owing to growing adoption of sports in upcoming years. Additionally, growing technological advances and increasing investments in the viscosupplementation technology are estimated to unlock rewarding opportunities and boost the growth of the global viscosupplementation market after the end of the COVID-19 pandemic.
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