Market Introduction
The Asia Pacific joint pain injection market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Hyaluronic acid injections offered by companies are usually administered for treating sports injuries, as they aid in pain relief, reduce inflammation, and improve joint function. Corticosteroids are also used to treat sports-related injuries. The growing pharmaceutical and biopharmaceutical production and rising research and development in the country have leveraged the joint pain injection market's growth. The other indirect leading factors, such as increasing incidences of chronic diseases and growing geriatric population, contribute to the market's growth. The growing partnerships with various international companies have also resulted in increasing innovations that are offering growth opportunities for the market. Also, penetration of international companies in Japan is likely to favor the growth of the market. For instance, an American biotechnology company, Genzyme Corp’s Synvisc, used to treat osteoarthritis of the knee, has been approved in Japan.
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.
Market Overview and Dynamics
The joint pain injection market in Asia Pacific is expected to grow from US$ 401.96 million in 2021 to US$ 675.90 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The healthcare industry in the region has been witnessing rapid transformation during the years. Also, various factors promoting the growth of healthcare industry include, rising prevalence of orthopedic diseases, ageing population, increasing income and affordability, leading to higher demand and utilization of healthcare services. Asia Pacific has various growth opportunities due to rising medical tourism that demand technologically advanced medical technologies, consistently growing demand for orthopedic therapies. Furthermore, various international market players are shifting their manufacturing plants to India, which is expected to drive market growth significantly during the forecast period.
Key Market Segments
Based on drugs, the hyaluronic acid segment accounted for the largest share of the Asia Pacific joint pain injection market in 2020. Based on joint type, the knee segment accounted for the largest share of the Asia Pacific joint pain injection market in 2020. Based on distribution channel, the hospital pharmacies segment accounted for the largest share of the Asia Pacific joint pain injection market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific joint pain injection market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Chugai Pharmaceutical Co., Ltd.; Bioventus Inc.; Fidia Pharma USA Inc.; Seikagaku Corporation; Ferring B.V.; Sanofi; Anika Therapeutics, Inc. and Teva Pharmaceutical Industries Ltd..
Reasons to buy report
Asia Pacific Joint Pain Injection Market Segmentation
Asia Pacific Joint Pain Injection Market -By Drugs
Asia Pacific Joint Pain Injection Market -By Joint Type
Asia Pacific Joint Pain Injection Market -By Distribution Channel
Asia Pacific Joint Pain Injection Market – By Country
Asia Pacific Joint Pain Injection Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 401.96 Million |
| Market Size by 2028 | US$ 675.90 Million |
| CAGR (2021 - 2028) | 7.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Drugs
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Joint Pain Injection Market is valued at US$ 401.96 Million in 2021, it is projected to reach US$ 675.90 Million by 2028.
As per our report Asia Pacific Joint Pain Injection Market, the market size is valued at US$ 401.96 Million in 2021, projecting it to reach US$ 675.90 Million by 2028. This translates to a CAGR of approximately 7.7% during the forecast period.
The Asia Pacific Joint Pain Injection Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Joint Pain Injection Market report:
The Asia Pacific Joint Pain Injection Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Joint Pain Injection Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Joint Pain Injection Market value chain can benefit from the information contained in a comprehensive market report.
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