According to the most recent insights from Future Market Insights survey, the knee hyaluronic acid injections market will generate US$2.09 billion in revenue in 2023. By 2033, sales of knee hyaluronic acid injections as a whole are projected to expand at a CAGR of 5% to reach US$ 3.40 billion.
With surging awareness, the demand for several healthcare management programs along with the availability of minimally invasive treatment options is on the rise. Coupled with this, the increasing investment in technological advancements and novel product lines is expected to improve sales in the market at an accelerated pace.
Incredible growth has been witnessed by the knee hyaluronic acid injection market and is expected to continue exhibiting a positive trajectory owing to an increasing preference for self-care and at-home healthcare practices for the aged population. The active engagement of various companies in strategizing business opportunities through acquisitions and partnerships in order to strengthen their portfolio is likely to boost the market in the coming years.
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The availability of various alternatives for high-quality knee osteoarthritis surgery with low-cost yet affordable options is driving current sales figures. Expansion and product launches in emerging markets are other key factors promoting market growth. Rapid commercialization of highly superior and efficacious knee hyaluronic acid injections for knee osteoarthritis and the shifting trend of preferring single-injection-based knee hyaluronic acid injections over repeated injection regimes has shown a positive pattern.
Key Takeaways
Surging health-related issues associated with aging and obesity including joint injury and knee osteoarthritis have been vital concerns. Being a degenerative musculoskeletal disorder, knee osteoarthritis can bring immense pain to patients as they grow old and can result in causing further disability if left untreated. Thus, the need for increased medical care and improved healthcare services has also grown.
According to the study conducted by NCBI, obesity is considered one of the major risk factors for osteoarthritis. It also revealed a prevalence of 22.9% of osteoarthritis in obesity surgery patients. Around 39.5 million U.S. adults were affected by osteoarthritis in 2019, as per Centers for Disease Control and Prevention (CDC) statistics.
An alternative to knee arthroplasty surgery, the prevalence of knee hyaluronic acid injections market is playing a huge role because the surgery is both expensive and has certain post-operation complications. The rapid development and commercialization of knee hyaluronic acid injections owing to the factors like superior efficacy, lesser side effects, and minimum patient discomfort give a great opportunity for this market, as the increasing number of osteoarthritic-affected patients will be seeking a safe procedure that is affordable yet effective.
Since there is a significant surge in the number of osteoarthritic patients globally, so is the demand for solutions that can relieve the patients of the pain caused by the disease. Knee hyaluronic acid injection, also called Viscosupplementation, is proving to be a successful procedure that helps in improving the lubrication in synovial fluid. Thereby relieving pain and providing a comfortable level of activity due to improved mobility.
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FDA approvals for Knee hyaluronic acid injections and ongoing trials for new novel products in this segment are anticipated to offer great opportunities for the market players in the near future. In addition to that, the key players in the market are actively participating in acquisitions, new product developments, and exclusive marketing agreements to expand their market presence.
Competitive Landscape
Prominent manufacturers of the knee hyaluronic acid injections market are primarily aiming to carry out strategic expansions through mergers and acquisitions along with an exclusive distribution to consolidate growth in a competitive market.
Key Companies Profiled:
- Sanofi
- Anika Therapeutics Inc. (DePuy Synthes Inc.)
- Seikagaku Corporation
- Zimmer Biomet
- Institut Biochimique SA (Bioventus LLC)
- Fidia Farmaceutici S.p.A
- Meiji Seika Pharma Co. Ltd. (OrthogenRx)
- Ferring B.V.
- Viatrus Inc.
- Hanmi Pharm Co. Ltd. (Teva Pharmaceuticals Industries ltd.)
- Chugai Pharmaceuticals Co. Ltd.
- Haohai Biological Technology
- Hunan Jingfeng Pharmaceutical Co. Ltd.
- SciViscion Biotech Inc. (MACO PHARMA S.A.S)
- BioPolymer GmbH & Co. KG
- TRB Chemedica International SA
- MDT Int’l S. A.
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Knee Hyaluronic Acid Injections Market by Category
Product:
- Single Injection Knee Hyaluronic Acid Injections
- Three Injection Knee Hyaluronic Acid Injections
- Five Injection Knee Hyaluronic Acid Injections
- Next Generation (Steroid Combination)
End User:
- Hospitals
- Ambulatory Surgical Centers
- Orthopaedics Clinics
- Retail Pharmacies
- Online Sales
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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