Future Market Insights (FMI), a distinguished market intelligence firm, presents an optimistic outlook for the future of Russia’s Viscosupplementation Industry, forecasting an impressive valuation surpassing US$ 84.86 million by the year 2032. This significant projection is unveiled in FMI’s latest report, titled “Russia Viscosupplementation Industry: Analysis and Opportunity Assessment, 2022-2032,” highlighting a steadfast Compound Annual Growth Rate (CAGR) of 6.2%.
The exhaustive study, spanning from 2016 to 2026, provides valuable insights into the evolution of the sector. In 2016, the market was dominated by three-injection viscosupplementation products, contributing a noteworthy 70% to the total revenues in Russia’s viscosupplementation market.
According to the report, the Russia Viscosupplementation Industry exhibited robust growth, with revenues exceeding RUB 1.13 billion (equivalent to US$ 19 million) in 2016. Subsequent years maintained a commendable 5.8% CAGR, with projections foreseeing an industry value of RUB 2.02 billion (equivalent to US$ 34 million) by the end of 2026.
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Russia’s healthcare infrastructure will continue witnessing a significant rise in several orthopaedic patients as several bone & joint-related disorders are likely to be caused by people’s eating & drink habits, their proactive lifestyles and the country’s harsh weather conditions. The rising occurrence of joint-related ailments such as knee osteoarthritis in Russia is a result of people performing physical labour in severely cold weather conditions. This has necessitated the adoption of viscosupplementation as an ideal medical procedure for injecting lubricating fluid in bone joints during surgeries. An in-depth analysis of the Global Russia Viscosupplementation Industry, conducted by Future Market Insights, projects that demand for three-injection viscosupplementation will gain traction over the next decade.
The report also establishes projections regarding the end-use of viscosupplementation in Russia. Hospitals across the country will account for just above RUB 1.24 billion (US$ 21 million) in revenues by the end of the projection period. Within this, the demand for viscosupplementation will remain considerably higher in hospitals with a capacity of more than 500 beds. End-use of viscosupplementation in Russia’s ambulatory surgical centres (ASCs) will remain nascent, while revenues accounted by orthopaedic clinics are expected to surpass RUB 595 million (US$ 10 million) through 2026.
Top Players in the Russia Viscosupplementation Industry
The top three established players in Russia’s Viscosupplementation market include Hyaltech, Croma-Pharma GmbH and TRB Chemedica. The market is fragmented with small players holding substantial market share. While Hyaltech, Croma-Pharma GmbH and TRB Chemedica collectively dominate with more than half of the country’s viscosupplementation revenues.
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International players such as Sanofi, Ferring Pharmaceuticals and Fidia Farmaceutici Spa have low share as compared to the other players, Anika Therapeutics has recently launched their viscosupplementation product in the Russia Viscosupplementation Industry
The Russia Viscosupplementation Industry is divided into two segments based on product type and end use:
By Product Type
- Single Injection Viscosupplementation
- Three Injection Viscosupplementation
- Five Injection Viscosupplementation
By End Use
- Hospitals
- 500+ Bedded
- 250-500 Bedded
- Less Than 250 Bedded
- Ambulatory Surgical Centres
- Orthopaedic Clinics
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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