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Joint Pain Injections Market Forecast 2024: Global Insights and Trends
Joint Pain Injections Market Forecast
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According to The Business Research Company's, The joint pain injections market size has grown rapidly in recent years. It will grow from $5.19 billion in 2023 to $5.75 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increased aging population, arthritis prevalence, global health initiatives, healthcare digitalization, increasing awareness of chronic pain management.
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 growth in the forecast period can be attributed to expansion of telehealth services, personalized pain management, patient education and empowerment, sustainable healthcare practices, nutritional support. Major trends in the forecast period include regenerative medicine, personalized pain management, innovative injection materials, rehabilitation technologies, artificial intelligence ai-enhanced injections.
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Market Drivers and Trends:
The rise in the prevalence of arthritis and musculoskeletal disorders will propel the growth of the joint pain injections market. Musculoskeletal disorders are the biggest cause of disability worldwide, with low back pain being the single most common cause of impairment in 160 nations. Patients are taking injections for pain relief and inflammatory condition. For instance, in February 2021, according to the report published by WHO, approximately 1.71 billion people in the world are affected by musculoskeletal conditions and the number of people with musculoskeletal disorders is continuously growing due to population growth and aging. Similarly, in 2021, according to the report by Global RA Network, arthritis affects about 350 million people worldwide and increasing rapidly. Therefore, the rising prevalence of arthritis and musculoskeletal disorder drives the joint pain injections market.
New product development is a key trend gaining popularity in the joint pain injections market. Major companies operating in the join pain injections sector are focused on new product innovations to meet consumer demand and strengthen their position. In September 2021, Contura International Ltd., a UK-based manufacturer of innovative therapeutic hydrogels, launched Arthrosamid. Arthrosamid is an innovative hydrogel injection for knee osteoarthritis that uses non-biodegradable hydrogel technology, offers an alternative to existing treatments, satisfies a clinical need for a potent, long-lasting, secure, and minimally intrusive method of treating knee osteoarthritis pain (OA).
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Major Key Players of the Market:
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, Takeda Pharmaceutical Company Limited, 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
Joint Pain Injections Market 2024 Key Insights:
• 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%.
• Elevated Prevalence Of Arthritis And Musculoskeletal Disorders Drives Growth In The Joint Pain Injections Market
• Contura International Ltd. Revolutionizes Knee Osteoarthritis Treatment With Arthrosamid
• North America was the largest region in the joint pain injections market in 2023
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