Knee Hyaluronic Acid Injections Market are expected to reach US$ 3.0 Billion by 2031
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).
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.
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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.
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.
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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