Soaring Incidence of Osteoarthritis Fuels Demand for Knee Hyaluronic Acid Injections: FMI
The increasing prevalence of osteoarthritis is a major cause of concern among the aging population across the world. As per the statistics of the Centers for Disease Control and Prevention (CDC), nearly 32 Mn people in the US are living with osteoarthritis and the number continues to grow year on year.
Knee Hyaluronic Acid Injections Market
A recent market study published by Future Market Insights (FMI) on the knee hyaluronic aci...
The pain and stiffness of joints caused by the disease impact the overall quality of life, thus asserting to seek treatments that provide comfort and relief. On this premise, the viscosupplementation treatment, which uses hyaluronic acid injections, has emerged as an effective methodology to reduce knee pain. Backed by fruitful results, the treatment has gained tremendous prominence among patients, and this is likely to drive the demand for knee hyaluronic acid injections for the years to come.
On similar lines, the expanding base of the geriatric population worldwide is anticipated to offer a long-term revenue opportunity to the players in the market. According to the United Nations, 20% of the world's population will be aged over 60 by 2050, and 130 Mn people are expected to suffer from osteoarthritis. The continual increase of the geriatric population is a gargantuan opportunity since aging has been identified as the primary cause of osteoarthritis.
Likewise, injecting hyaluronic acid into knees has proven efficient in strengthening bone joints by maintaining the lubrication between them, thereby making it ideal for viscosupplementation. On a similar note, rising awareness among patients regarding the viscosupplementation and an increasing number of government initiatives to curb the incidence of old age disability will continue to positively influence market growth.
Having analyzed and scrutinized all the aforementioned facets in its new market study, Future Market Insights (FMI) projects that the global knee hyaluronic acid injections market will grow in value at a CAGR of 4.6% between 2020 and 2030. Some of the key takeaways from the report include:
- The global knee hyaluronic acid injections market is projected to surge past valuation of US$ 2,897 Mn by the end of 2030
- By product, three-injection viscosupplementation is expected to hold the majority of market share, accounting for over 50% of market value
- Based on end-use, ambulatory surgical centers and orthopedic clinics are forecasted to cumulatively account for more than 3/5th of the total share
- By region, North America is anticipated to prevail as the largest regional market, accounting for more than 2/5th of global value
- Europe is poised to remain the second most lucrative region, holding more than 1/5th of the market share
"Players operating in the market are leveraging the continual demand for viscosupplementation among the aging population and are directing their efforts towards the development of advanced and innovative products," says the FMI report.
COVID-19 Impact on Knee Hyaluronic Acid Injections Market
The COVID-19 pandemic has led to stark changes in the priorities of healthcare institutions across the world. As the number of infections continues to explode day by day, hospitals have deprioritized elective and non-emergency treatments, thus leading to a downfall in osteoarthritis treatments. Adapting to the current situation, patients are resorting to home-care treatments and intake of hyaluronic acid in the form of pills. This is expected to negatively impact the growth trajectory of the global knee hyaluronic acid injections market, but a recovery is in sight as medical priorities begin to realign in Europe and East Asia.
Who is Winning?
Key players in the market are focusing on launching new products, procuring approvals, and building partnerships to distribute their products on a wider scale. On these lines:
- Japan-based Seikagaku Corporation entered an exclusive agreement with Zimmer Biomet Holdings, Inc. to distribute its knee hyaluronic acid injection named VISCO-3 in the US.
- In June 2019, Anika Therapeutics, Inc. exhibited its innovation named Hyalofast, designed to repair cartilages at International Cartilage Regeneration and Joint Preservation Society (ICRS)
FMI’s report includes profiles of some of the most prominent names in the market including Seikagaku Corporation (Zimmer Biomet Inc.), Sanofi S. A., Fidia, Farmaceutici S.p.A., Anika Therapeutics Inc. (DePuy Synthes Inc.), Institut, and Biochimique SA (Bioventis LLC) among others.
To Know More About Knee Hyaluronic Acid Injections Market
A new market research report published by Future Market Insights (FMI) on the global knee hyaluronic acid injections market offers an executive-level blueprint of the market. It offers insights into demand trends and provides an analysis of opportunities over the forecast period, 2020-2030. The report examines the market through four different segments – product, indication, end-use, and region. The report also provides an extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.
About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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