Joint Pain Injections Market Study: An Emerging Hint of Opportunity | Allergan Plc., Pfizer Inc., Sanofi, Anika Therapeutics, Inc.
Transparency Market Research (TMR) has published a new report titled, “Joint Pain Injections Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global joint pain injections market is expected to exceed a value of US$ 3 Bn by the end of 2018. The global market is anticipated to surpass US$ 6 Bn by 2026 and expand at a high single digit CAGR from 2018 to 2026. Rise in number of geriatric patients, increase in awareness regarding joint disorders, and high unmet medical needs are expected to augment the global market from 2018 to 2026. The joint pain injections market is projected to expand, owing to an increase in the prevalence of joint pain among the population, demand for better treatments, and development of healthcare infrastructure in various countries across the globe.
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Increasing prevalence of arthritis and other bone-related disorders
According to facts published by Arthritis Foundation, arthritis is the leading cause of disability among adults in the U.S. Approximately 54 million adults and 300,000 babies and children in the U.S. suffer from arthritis or any rheumatic condition. More than 78 million people in the U.S. are likely to suffer from doctor-diagnosed arthritis by 2040. Furthermore, osteoarthritis is the most common type of arthritis and affects approximately 31 million people in the U.S. Increasing prevalence of arthritis further boosts the demand for disease modifying treatments, which in turn is anticipated to propel the joint pain injections market during forecast period.
Increase in prevalence of obesity leading to joint pain
Obesity is considered a risk factor for various joint disorders, especially related to knee, such as knee pain and knee osteoarthritis. According to the fact sheet published by World Health Organization (WHO), worldwide obesity has tripled since 1975. In 2016. 1.9 billion people were overweight and among them, more than 650 million adults were obese. Moreover, approximately 41 million children under the age of 5 were obese in 2016. According to the 2015-2016 National Health and Nutrition Examination Survey (NHANES), more than one in four children of Hispanic origin ages 2 to 19 had obesity, and approximately 47% of adults suffered from obesity. Increasing patient pool in developing countries as well as developed countries is estimated to propel healthcare spending for joint pain treatments in these countries and consequently, drive the joint pain injections market.
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High unmet needs in patients with joint pain
Arthritis is the most common cause of joint pain and a major cause of disability and impaired mobility among the population. Currently available treatment options are insufficient, as they primarily focus on symptom relief and pain mitigation. There are no drugs available that can cure, reverse, or halt disease progression such as osteoarthritis. Moreover, some patients are unable to find relief with available treatments and continue to suffer in pain; therefore, there are large unmet needs in patients with joint pain. This provides opportunity for advance treatment options in the joint pain injections market.
Hyaluronic acid injections segment dominates the global market due to increasing acceptance for the treatment of osteoarthritis
In terms of injection type, hyaluronic acid injections is a highly attractive segment of the global joint pain injections market, followed by corticosteroid injections and others segments. This is attributable to the effectiveness of hyaluronic acid injections in the treatment of knee osteoarthritis, where other treatments are contraindicated. According to rapid response report published by CADTH, viscosupplementation with hyaluronic acid in adults with knee osteoarthritis is superior to intra-articular placebo and other conventional medications, such as non-steroidal anti-inflammatory drugs (NSAIDs), in terms of improving knee pain and function with minimum adverse effects.
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North America dominates the global market owing to high acceptance of viscosupplementation in the region
North America dominates the global joint pain injections market due to a large patient pool, increase in the geriatric population, increased obesity, and high acceptance of advanced treatments for the joint pain relief in the region. The region is estimated to maintain its dominance during the forecast period. Viscosupplementation with hyaluronic acid products is approved by US FDA for the treatment of knee osteoarthritis. Moreover, rising healthcare expenditure and increasing investments are key factors that are anticipated to boost the joint pain injections market in the next few years. The joint pain injections market in Asia Pacific is projected to expand at a notable CAGR due to increasing about join disorders in developing countries and rising research initiatives and manufacturing of hyaluronic acid products in Japan.
Investments by key players is driving the global joint pain injections market
Major players operating in the joint pain injections market include Allergan Plc., Pfizer Inc., Sanofi, Anika Therapeutics, Inc., Ferring B.V., Bioventus, Flexion Therapeutics, Inc., Zimmer Biomet Holdings, Inc., SEIKAGAKU CORPORATION, and Chugai Pharmaceutical Co., Ltd.
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