Report : Asia Pacific Joint Pain Injection Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Drugs (Hyaluronic Acid, Corticosteroid, and Others), Joint Type (Knee, Foot and Ankle, Shoulder and Elbow, Hip, and Others), and Distribution Channel (Retail Pharmacies, Hospitals Pharmacies, and Others)
The Knee Segment to Dominate Asia Pacific Joint Pain Injection Market during 2021-2028
According to a new market research study on “Asia Pacific Joint Pain Injection Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Drugs, Joint Type, Distribution Channel and Country,” is expected to reach US$ 675.90 million by 2028 from US$ 401.96 million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific joint pain injection market along with the drivers and restraints pertaining to the market growth. Rise in the prevalence of musculoskeletal disorders and an upsurge in the number of sports injuries are major factors driving the growth of the Asia Pacific joint pain injection market. However, high costs associated with joint repair therapies hinder the growth of Asia Pacific joint pain injection market.
Several Asia Pacific countries witnessed an unprecedented rise in the number of COVID-19 cases, which led to the discontinuation of several business operations and manufacturing activities of various healthcare products, including joint pain injections, which negatively impacted the joint pain injection market during the early months of 2020. Staff quarantine, supply-chain failures, and reductions in demand have generated serious complications for companies. Also, there has been a significant drop in in-patient and out-patient for private hospital chains. In an effort to relieve healthcare systems, many clinics have been postponing non-critical surgeries. To avoid overburdening hospitals, already struggling to deal with the rising pandemic pressure, doctors are delaying surgeries till the Covid-19 peak is past. Moreover, medical device companies are starting to forecast large sales declines in their Chinese markets because people are staying at home. Many big medical device companies such as Stryker, CartiHeal Inc., and Smith & Nephew have predicated the decline in sales in china. Hospitals across China, Hong Kong and Taiwan have been deferring orthopedic surgeries, to prevent the spread of the virus in the region. Almost no elective surgeries were performed in China in February. Such drop in number of elective surgeries is estimated to deter the Asia Pacific joint pain injection market by 2028.
The market for Asia Pacific joint pain injection is segmented into drugs, joint type, distribution channel and country. Based on drugs, the market is segmented into hyaluronic acid, corticosteroid, and others. In 2020, the hyaluronic acid segment held the largest share in Asia Pacific joint pain injection market. Based on joint type, the Asia Pacific joint pain injection is divided into knee, foot & ankle, shoulder & elbow, hips, and others. The knee segment is expected to be the fastest growing segment over the forecast period. Based on distribution channel, the market is segmented into retail pharmacies, hospitals pharmacies, and others. The hospital pharmacies segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific joint pain injection market is bifurcated into China, Japan, India, South Korea, Australia and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific joint pain injection market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific joint pain injection market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for joint pain injection.
Chugai Pharmaceutical Co., Ltd.; Bioventus Inc.; Fidia Pharma USA Inc.; Seikagaku Corporation; Ferring B.V.; Sanofi; Anika Therapeutics, Inc. and Teva Pharmaceutical Industries Ltd. are some of the leading companies in the Asia Pacific joint pain injection market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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