May 1, 2023
(press release)
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The global joint pain injections market size was USD 4.79 billion in 2022. The market is projected to grow from USD 5.16 billion in 2023 to USD 9.20 billion by 2030, exhibiting a CAGR of 8.6% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Joint Pain Injections Market Size, Share & COVID-19 Impact Analysis, By Product (Corticosteroid Injections, Hyaluronic Acid Injections, Platelet Rich Plasma Injections, and Others), By Joint Type (Knee, Hip, Hand & Wrist, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2023-2030”. The rise in patients experiencing joint pain and its complications can be attributed to osteoarthritis and musculoskeletal illnesses' rising incidence in the general population. One of the main causes of the rising demand for intra-articular injections for the treatment of joint pain in both developed and developing nations is the patient population's growing awareness of the condition and available treatment choices. The advantageous reimbursement rules in wealthy countries are also to blame for the rising number of therapies. The demand for joint injections is rising in part due to increased knowledge of the advantages of intra-articular injections in the treatment of joint pain. Market's Development was Limited by Elective Procedures' Deferral under COVID-19 Due to the sharp reduction in product sales, the major market players reported a decline in revenues during the COVID-19 period. Less patient visits for treatment, fewer elective treatments, and the reallocation of healthcare resources for COVID-19 management were all factors in the sharp fall in revenue for the pain injections market. Another element that contributed to the market's decrease was the increased use of alternative therapies during the pandemic, including oral medications and others. Major players consequently predicted a sharp fall in growth in 2020. DUROLANE Therapies Improved Patients Osteoarthritis According to updated Clinical Practice Guidelines (CPG) from the American Academy of Orthopedic Surgeons (AAOS), certain knee osteoarthritis (OA) patients improved statistically with the use of high molecular weight cross-linked hyaluronic therapies such as DUROLANE. Increasing R&D Activity among Big Businesses and Pipeline Candidates to Support Product Demand The demand for pain injections in the market is anticipated to increase due to the rising prevalence of musculoskeletal illnesses, such as osteoarthritis, and the rising diagnostic rate among the general population. The market acceptance of these items is projected to be boosted by the main players' rising R&D efforts to expand their product portfolios and create unique products in response to the market's growing patient population needs. Another important factor that is anticipated to fuel market development is the increasing number of pipeline candidates by the market's major players. The market is expected to grow as a result of all the aforementioned factors as well as an increase in partnerships and collaborations between established companies and startups to create and sell cutting-edge treatments and products for a range of musculoskeletal disorders. However, joint pain injections market growth is expected to be constrained by a number of important factors, including the high cost of these injections and strict regulations for product approvals. To get a detailed report summary and research scope of this market, click here: https://www.fortunebusinessinsights.com/industry-reports/joint-pain-injections-market-100871 Competitive Landscape Strong Player Portfolio to Strengthen Market Position Injections used to treat joint pain are widely used worldwide; however, this industry is fragmented with several companies. The dominant companies in the market in 2022 included Sanofi, Bioventus Inc., Anika Therapeutics Inc., and others. The powerful distribution network, tactical alliances, and diverse intra-articular injections product portfolio of these players are credited with their supremacy. To acquire a competitive advantage over other market participants, the major corporations active in the space are creating novel products. Furthermore, it is predicted that these companies' growing emphasis on expanding the usability and adoption of their viscosupplementation products will support the join pain injections market share. Notable Industry Development: List of Key Players Profiled in the Report Further Report Findings Table of Segmentation ATTRIBUTE DETAILS Study Period 2019-2030 Base Year 2022 Estimated Year 2023 Forecast Period 2023-2030 Historical Period 2019-2021 Growth Rate CAGR of 8.6% from 2023-2030 Unit Value (USD billion) Segmentation By Product, Joint Type, Distribution Channel, and Region By Product By Joint Type By Distribution Channel By Geography
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