Knee Hyaluronic Acid Injections Sales Increasing at 5% CAGR as Demand for Effective Arthritis Treatment Rises: FMI Report
According to a recent study by Future Market Insights (FMI), sales of knee hyaluronic acid injections are expected to top US$ 1.9 Bn in 2021, at a CAGR of around 5.0% during the forecast period (2021-2031).
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Rapidly growing ageing population and prevalence of obesity worldwide have led to significant rise in knee osteoarthritis cases. As per Centers for Disease Control and Prevention (CDC), osteoarthritis being the most common form of arthritis, has affected over 32.5 million US adults in 2019.
People suffering from arthritis have concerns regarding knee arthroplasty surgery and associated post-operational complications. High cost of treatment and longer hospital stays have further caused increased preference of minimally invasive surgical procedures which has minimum risks, low cost and lesser hospital stay. This is projected to increase the preference of the knee hyaluronic acid injections in order to avoid or delay knee surgical procedures.
Companies specializing in knee hyaluronic acid injections have been focusing on developing products with superior efficacy, lesser side effects and minimum patient discomfort. Knee hyaluronic acid injection product portfolio offering single, three and five injection knee hyaluronic injections along with combination injections maximizes the efficacy for upto 6 or more months in the treatment of knee osteoarthritis.
Presently, the ageing population around the world are more involved in their well-being while focusing on nutrition and self-care solutions with high quality yet affordable price. Increase in consumer spending, improved healthcare infrastructure, rising government and industry investments in research and developments is expected to stimulate market by early diagnosis, accessibility and patient affordability. All these factors are expected to create demand for knee hyaluronic acid injections market.
Key takeaways from Knee Hyaluronic Acid Injections Market study
- By product, three injection knee hyaluronic acid injections is the most lucrative segment in terms of revenue and anticipated to increase at a CAGR of more than 4% over 2021-2031.
- Among end users, ambulatory surgical centers and orthopedic clinics segment are collectively leading the market and expected to gain more than 50% of revenue share over the forecast period.
- North America will continue dominating the global knee hyaluronic acid injections market in terms of revenue in 2021, followed by Europe region.
- India is the dominant country in term of revenue for South Asia Knee Hyaluronic Acid Injections market accounting for over 70% of Market value share in 2021.
- Japan holds leading position in East Asia and is expected to account for nearly 50% of market share.
“Increasing number of geriatric population and rising consumer spending on osteoarthritis are expected to increase the growth of knee hyaluronic acid injections market during the forecast period,“ says a FMI analyst.
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Who is winning?
Some of the leading manufacturers of knee hyaluronic acid injections are focusing on new product development, clinical trials, speedy regulatory approvals, exclusive marketing and distribution licensing agreement strategies, thereby enhancing their market presence.
- In March 2016, Anika Therapeutics Inc., issued CE Mark approval and medical device status for its combination knee hyaluronic acid injections Cingal® for the treatment of pain associated with osteoarthritis of the knee. Cingal® is a third generation knee hyaluronic acid injections with proprietary cross-linked sodium hyaluronate and triamcinolone hexacetonide, a well-established, FDA-approved steroid to treat inflammation.
- In February 2018, Bioventus LLC extended its distribution agreement for SUPARTZ FX with Seikagaku Corporation to continue distributing SUPARTZ FX in the U. S. after the previous distribution agreement expired in May 2017. Under terms of this extension, Bioventus will continue to distribute SUPARTZ FX in the US through May 2028
- In December 2019, Fidia Farmaceutici S.p.A. introduced TRILURON (sodium hyaluronate) three injections knee hyaluronic acid injections in the US.
The key market players covered by FMI include Sanofi, Anika Therapeutics, Inc. (DePuy Synthes Inc.), SEIKAGAKU CORPORATION, Zimmer Biomet, BSA Institut Biochimique SA (Bioventus LLC), Fidia Farmaceutici S.p.A, Meiji Holdings Co., Ltd, (OrthogenRx), Ferring B.V, Viatris Inc., Hanmi Pharm.Co.,Ltd (Teva Pharmaceutical Industries Ltd.).
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global knee hyaluronic acid injections market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on knee hyaluronic acid injections segment based on Product (Single Injection knee hyaluronic acid injections, Three Injection knee hyaluronic acid injections, Five Injection knee hyaluronic acid injections, and Next Generation(Steroid Combination) Knee hyaluronic acid injections), End User (Hospitals, Ambulatory Surgical Centres, Orthopaedic Clinics, Retail Pharmacies and Online Sales) across seven major regions.