May 23, 2024

Joint Pain Injections Market is Poised to Witness High Growth Due to Recent Technological Advancements in Pain Management Therapies

The joint pain injections market has witnessed significant growth in the recent years owing to increasing geriatric population and rising prevalence of joint disorders such as arthritis. Joint pain injections are used to treat joint pain associated with conditions such as osteoarthritis, rheumatoid arthritis, and others. These injections help diminish joint pain and inflammation by delivering analgesics and steroids directly into the affected joints. The products available in this market include hyaluronic acid injections, corticosteroid injections, and platelet-rich plasma injections which provide temporary or long-term pain relief.

The Global joint pain injections market is estimated to be valued at US$ 9.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.

Recent technological advancements in pain management therapies such as development of advanced injection delivery systems and viscosupplements are expected to drive the demand for joint pain injections during the forecast period.

Key Takeaways
Key players operating in the Joint Pain Injections Market Growth  are Pfizer, Inc., Ferring Pharmaceuticals Inc., PACIRA BIOSCIENCES, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., AbbVie Inc., Sanofi, Anika Therapeutics, Inc., Bioventus, Dr. Reddy’s Laboratories Ltd., Zimmer Biomet, Ferring B.V., SEIKAGAKU CORPORATION, and Ono Pharmaceutical Co., Ltd.

The key opportunities in the joint pain injections market include rising prevalence of osteoarthritis globally due to increasing obese population and growing demand for non-narcotic pain treatments.

Recent technological advancements like development of intra-articular injection delivery systems with advanced designs and extended-release viscosupplement formulations are expected to drive the demand for joint pain injections.

Market Drivers
The key drivers fueling the growth of joint pain injections market are rising geriatric population globally, increasing incidences of joint disorders like osteoarthritis and rheumatoid arthritis, and favorable reimbursement policies for various pain management therapies in developed regions. According to WHO, the global geriatric population is anticipated to reach 2 billion by 2050 from 900 million in 2015. The aging population is more prone to developing joint disorders due to degenerated joints and bones which in turn is increasing the demand for pain relief therapies like joint injections.

Current challenges in Joint Pain Injections Market:

The joint pain injections market faces challenges like increasing generic drug competition, stringent regulatory framework, and risks associated with injections. Many blockbuster drugs of major players are expected to face patent cliff in the coming years, boosting the sales of generic versions. Additionally, the regulations around marketing and clinical trials of drugs have been tightened over the years. As joint injections carry risks of infections, bleeding, and nerve injury, their safety remains a concern. Addressing these challenges through innovative products and ensuring safety would be crucial for sustaining growth in this market.

SWOT Analysis
Strength: Wide range of products available for knee, hip, shoulder, hand and other joints. Growing prevalence of arthritis and orthopedic conditions increases the patient pool.
Weakness: Risks associated with injection procedures can limit uptake. Dependence on few blockbuster drugs poses revenue concentration risks.
Opportunity: Emergence of biosimilars and pipeline molecules offers scope for market expansion. Rising healthcare spending in developing nations boosts market potential.
Threats: Stringent regulations raise compliance costs. Patent expiries of major drugs enable generic competition. Reimbursement uncertainties pose commercialization challenges.

Geographical regions of concentration:
North America holds the largest share in the joint pain injections market, supported by rising obesity rates and increased healthcare spending. The presence of key manufacturers in the US and Canada further boosts market value.

Fastest growing region:
Asia Pacific region is poised to witness the highest growth during the forecast period due to growing patient pool, rising healthcare infrastructure, and increasing investment by global manufacturers looking to tap into emerging economies in the region. Countries like China, India, Japan, and South Korea are expected to drive the future growth trajectory of APAC joint pain injections market.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it