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Joint Pain Injections Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The joint pain injections market size is expected to see rapid growth in the next few years. It will grow to $8.8 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.” - The Business Research Company
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The ever-evolving healthcare sector brings us to the spotlight on an integral aspect of pain management the Joint Pain Injections Market. With the rising prevalence of arthritis and musculoskeletal disorders, the global market for joint pain injections has seen a significant surge, promising a healthy growth trend for the years to come.
What is the projected growth rate for the Joint Pain Injections Market?
There has been a steady increment in the joint pain injections market size in recent years. It has been observed that the market will grow from $5.19 billion in 2023 to $5.75 billion in 2024, representing a compound annual growth rate CAGR of 10.9%. A significant part of this growth can be attributed to the increased aging population, the persistent prevalence of arthritis, global health initiatives, the digitalization of healthcare, and enhancing awareness of chronic pain management.
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With an optimistic view towards the future, the joint pain injections market size is expected to continue this growth trajectory. Tracking at a CAGR of 11.2%, the market is projected to reach a whopping $8.8 billion by 2028. Expansion of telehealth services, personalized pain management, patient education and empowerment, sustainable healthcare practices, and nutritional support fuel this forecasted growth.
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What drives the growth of the Joint Pain Injections Market?
Arthritis and musculoskeletal disorders are one of the leading causes of disability globally. With low back pain being the single most common cause of impairment in a staggering 160 nations, patients are increasingly resorting to injections for pain relief and the management of inflammatory conditions. For instance, a WHO report published in February 2021 indicated that approximately 1.71 billion people worldwide are affected by musculoskeletal conditions, a number that continues to grow due to population growth and aging. Additionally, a 2021 report by Global RA Network highlighted that arthritis affects about 350 million people globally and is increasing rapidly.
Who are the key industry players in the Joint Pain Injections Market?
Major companies operating in the joint pain injections market include Seikagaku Corporation, Flexion Therapeutics Inc., Zimmer Biomet Holdings Inc., Sanofi S.A., Anika Therapeutics Inc., Abbvie Inc., Bioventus Inc., Eli Lilly and Company, Ferring Pharmaceuticals Inc., Pfizer Inc., Teva Pharmaceutical Industries Limited, Johnson & Johnson Services Ltd., Merck & Co. Inc., GlaxoSmithKline plc, Novartis AG, AstraZeneca plc, Roche Holding AG, Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH, Bayer AG, Astellas Pharma Inc., Daiichi Sankyo Company Limited, Eisai Co. Ltd., Ipsen SA, Mallinckrodt Pharmaceuticals Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Wockhardt Ltd., Zydus Lifesciences Limited and many more.
What are the emerging trends in the Joint Pain Injections Market?
The market landscape has seen a surge in new product development, with companies striving for innovation to meet consumer demand and strengthen their market position. For example, in September 2021, UK-based manufacturer Contura International Ltd. launched Arthrosamid, an innovative hydrogel injection for knee osteoarthritis. Using non-biodegradable hydrogel technology, Arthrosamid offers an alternative to existing treatments and addresses a clinical need for a potent, long-lasting, secure, and minimally intrusive method of treating knee osteoarthritis pain.
How is the Joint Pain Injections Market segmented?
The joint pain injections market is segmented as follows:
1 By Type Of Injection: Steroid Joint Injection, Hyaluronic Acid Injections, Platelet-Rich Plasma PRP Injections, Placental Tissue Matrix PTM Injections, Other Type Of Injections.
2 By Joint Type: Hip Joint, Knee And Ankle, Shoulder And Elbow, Facet Joints Of The Spine, Other Joint Types.
3 By Distribution channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies.
How is the Joint Pain Injections Market segmented geographically?
In 2023, North America was the largest region in the joint pain injections market. The regions covered in this report span across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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