NEW YORK, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The global joint pain injections market is anticipated to grow at a CAGR of around 8.2% during the forecast period 2021 to 2028 and to reach around US$ 10.3 Bn by 2028.
North America accounted for revenue of US$ 2.7 Bn in 2020 dominating the global joint pain injections market this is due to the rise in number of patients suffering from arthritis. Arthritis is affecting every age group population from adults and children. Disability due to arthritis is a growing concern among doctors and healthcare practitioners.
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According to US Arthritis Foundation, the affected cases by arthritis or rheumatic disease were ~54 million in adults and 300,000 in babies & children also arthritis is a major cause of disability among adults. According to their estimation, more than 78 million people would be experiencing arthritis by 2040. Osteoarthritis is the most common arthritis that affects people. In the US about 31 million people are affected by osteoarthritis. According to the survey, the prevalence of symptomatic knee osteoarthritis (OA) is approximately 10% in men and 13% in women. In 2010, more than 719,000 total knee arthroplasties were performed in the US. Such high prevalence is increasing concern among the government. The government of developed country such as US is focused on enhancing the healthcare delivery system. Implementation of smart medical devices in order to facilitate patient care and high spending on the healthcare sector for R&D activities is gaining traction. Availability of advanced healthcare infrastructure for R&D and increasing investment by major players for the development of new drugs/solutions is expected to impact the market growth. Bioventus, a global enterprise specialized in ortheobiologies received approval from US FDA for its knee osteoarthritis pain injection "Durolane” in 2017. The product is a single-injection hyaluronic acid product that has been a proven OA knee pain reliever for patients for more than 15 years.
The market in Asia Pacific is expected to witness faster growth in the target market over the forecast period due to the rise in geriatric population in the region with old age problems. Geriatric population in the region is increasing rapidly ultimately rise in old age problems related to knee and joint pains. China's population in 2020 stood at 1.4118 billion out of which 264 million people are above 60 and more than 191 million people are above 65. Government of China, India, and Australia is spending high on the development of healthcare sector. Their approach towards enhancing the hospital infrastructure in order to deliver enhanced care is gaining importance. The government of India announced a US$ 9.9 billion outlay for the health sector and aims to increase healthcare spending to three percent of the gross domestic product by 2022. The government of emerging economies is providing constructive business policies to the enterprises. Through tax exemption and 100% FDI they are encouraging organizations to shift manufacturing plant to developing countries further supporting the growth of joint pain injections market in this region.
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Knee pain is normal in all ages and is related to the knee bone structure. Any fractures or prolonged medical problems contribute to knee pain. With age, knee pain gets worse; the overuse of knee joints due to physical exercise or athletics is linked with knee injury in the youth population. It is caused by osteoarthritis and rheumatoid arthritis in the elderly population due to the wear and falls in the knee joint. Additionally, broken meniscus, tendinitis, pseudo gout, bursitis, a heavy body weight and others exacerbate knee pain. The government of developed and developing countries is focused on providing affordable healthcare to the patients. Enterprises in collaboration with the public players are focused on increasing the awareness related to enhanced treatment among consumers. Rising awareness is expected to increase demand for joint paint solutions which is expected to augment the growth of global joint pain injections market. Bioventus, a global leader in ortheobiologies in 2019, launched “OAKneePainRelief.com's”. The launch was focused on bringing together knowledge on knee arthritis (OA) for both patients and healthcare providers (HCP's). This initiative is expected to increase awareness among consumers and enhance the company's customer base. Increasing product development activities by major players and focus on new product launches in order to increase the business is expected to boost the joint pain injections market growth. In 2020, Bioventus, a drug delivery company received approval from US FDA for its 300 mg single dose pre-filled pen for Dupixent (dupilumab). The product is approved for all patients’ aged 12 years and older suffering from chronic rhinosinisitis. The product launch is expected to enhance the company's product portfolio. In addition, increasing strategic partnership and agreements in order to enhance the business is expected to support the growth of target market.
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Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal care in 2018, signed a strategic partnership agreement with Apple Inc. with the focus to improve knee and hip replacement patient experience through Apple Watch and iPhone. This partnership is expected to help the company enhance the business and increase the revenue share.
In 2019, Sanofi, a biotechnology company acquired the outstanding stocks of Synthorx, Inc. in cash and a total equity value of about $2.5 billion. This acquisition is expected to help the company enhance its product portfolio and increase its revenue share.
Factors such as high cost associated with the treatment and stringent government regulations related to product approval are expected to hamper the growth of global joint pain injections market. Over 1 million total joint arthroplasties, at a cost of US$ 18.8 Bn, were performed in the United States in 2012. In 2010, each total knee arthroplasty revision surgery was associated with total costs of US$ 49,360. Drug approval regulator bodies are strongly monitoring the product trials before approval in order to avoid product recalls. In addition, side effect of the injection is expected to challenge the growth of target market. Local bleeding from broken blood vessels in the skin or muscle, shrinkage (atrophy) and lightening of the color (depigmentation) of the skin at the injection site, the introduction of bacterial infection into the body (such as a joint infection), soreness at the injection site, aggravation of inflammation in the area injected due to the reactions to the corticosteroid medication. However, increasing investment by major players for R&D activities, high healthcare spending by the government of developing countries and introduction of enhanced solutions are factors expected to create new opportunities for major players operating in the joint pain injections market over the forecast period.
The global joint pain injections market is segmented into type, joint type, and distribution channel. The type segment is bifurcated into hyaluronic acid injections, corticosteroid injections, and others. Among type the corticosteroid injections generated revenue of US$ 2.5 Bn in 2020. Corticosteroid injections are also known as cortisone shots, are injected in a certain area of the body to alleviate pain and inflammation. The joints, for example the knees, elbows, thighs, neck, shoulder, back, or hand, have the most common injections. Cortisone shots can also support small joints in the hands or feet. Corticosteroids are the first line of medication (injections) in case of chronic joint pains and can be injected into any joint, unlike hyaluronic acid. This factor would result in the domination of corticosteroid injections in the market. The global demand for steroid injections is motivated by higher unmet demands, a rise in the incidence of bone and joint disease, government prevention campaigns for joint condition, an uptick in obese people as a consequence of poor health habits, and supportive insurance insurers. The joint type segment is divided into knee and ankle, shoulder and elbow, hip joint, and facet joints of the spine.
Players operating in the global joint pain injections market are Allergan Plc., Pfizer Inc., Sanofi, Ferring B.V., Flexion Therapeutics, Inc., Bioventus, Zimmer Biomet Holdings, Inc., Sanofi, Anika Therapeutics, Inc., SEIKAGAKU CORPORATION, and Chugai Pharmaceutical Co., Ltd. The global market is highly competitive due to the presence of large number of payers operating in the market. Players are focused on enhancing the business through strategic acquisitions and increase the market this is expected to intensify the market competition.
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