Valley Cottage, NY, March 25, 2017 --(PR.com
)-- The single injection viscosupplementation segment is anticipated to record the highest CAGR during the projected period.
The single injection viscosupplementation segment in the Russia viscosupplementation market is expected to expand at the fastest and highest CAGR of 6.0% over the forecast period, due to relatively less competition across the product type segments. The three injection viscosupplementation product type segment was estimated to account for more than 69.4% share of the Russia viscosupplementation market in 2016, which is projected to increase to over 68.8% by the end of 2026. In Russia, three injection viscosupplementation is likely to be the highly preferred treatment of choice for osteoarthritis over the projected period and this is the precise reason that by the end of 2026, the three injection viscosupplementation product type segment is estimated to reach a market valuation in excess of US$ 23.5Mn. The three injection viscosupplementation product type segment is projected to be the most attractive segment in the Russia viscosupplementation market.
Rising obesity and ageing population expected to drive the growth of the three injection viscosupplementation segment in Russia
Viscosupplemets are hyaluronic acid doses that are injected in the knee joints for the treatment of osteoarthritis (OA). The rising obesity rate, coupled with a rapidly increasing geriatric population in Russia is giving rise to an increasing number of cases of knee osteoarthritis. This factor is driving the growth of the single injection viscosupplementation segment in the Russia viscosupplementation market. The increasing ageing population is another factor that is creating robust development in the Russia viscosupplementation market. Prevalence of osteoarthritis in the adult population in Russia is approximately 13%. Knee osteoarthritis is causing disability in the ageing population in Russia and this is the precise reason for the rise in demand for three injection viscosupplementation. Three injection viscosupplementation is a cost-effective procedure that reduces the cost burden of knee osteoarthritis patients. Several drugs for three injection viscosupplementation are in the pipeline and this is further creating a positive impact on this segment. Better patient compliance and reduction in the number of hospital visits is expected to drive the market growth of the three injection viscosupplementation segment over the forecast period.
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Non-consideration of reimbursement by insurance companies in Russia is likely to be a hindrance to the growth in demand for three injection viscosupplementation
The cost of single injection viscosupplementation is lesser than three injection viscosupplementation. Besides, these three injections are available through online portals or can be procured directly from the pharmacists as well. However, several insurance companies and authorities do not consider these in the reimbursement list of products. Physicians have noted that the formulation of updated treatment guidelines by Osteoarthritis Research Society International (OARSI) for knee osteoarthritis has been restricting the overall outlook on viscosupplementation prescription. This is expected to lead to increased insurance denials for three injection viscosupplementation. Three injection viscosupplementation is a lengthy procedure wherein patients suffering from osteoarthritis need to take three injections within the span of a certain time period. Owing to these restraints, single injections are expected to gain more popularity in Russia in the years to come.
Market share of companies operating in the Russia viscosupplementation market
The Russia viscosupplementation market is highly fragmented. Key players such as Hyaltech, Croma-Pharma GmbH and TRB Chemedica contribute around 65% of the market share. Hyaltech alone grabs more than 40% market share.
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