Hyaluronic Acid Segment to Dominate Europe Joint Pain Injection Market during 2021-2028
According to The Insight Partners market research study on “Europe 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$ 1,035.54 million by 2028 from US$ 595.20 million in 2021. The market is estimated to grow at a CAGR of 8.2% from 2021 to 2028. The report provides trends prevailing in the Europe joint pain injection market along with the drivers and restraints pertaining to the market growth. High incidences of musculoskeletal disorders and hike in the number of sports injuries are major factors driving the growth of the Europe joint pain injection market. However, huge costs of joint repair therapies hinder the growth of Europe joint pain injection market.
Several European 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. Also, the pandemic has halted the adoption of new medical device policy and delayed clinical trials and disrupted processes. Two consecutive waves of coronavirus had devastating impact on economic activities in the Europe. Implementation of social distancing and lockdown policies led to closing of orthopedic hospitals and patient visits for elective orthopedic surgeries. This factor negatively impacted the adoption of joint pain injection. In addition, disrupted supply chains, extended lockdowns, and cancelling of orthopedic medical procedures have also negativity affected the growth of the joint pain injection market. The hospitals in the region are cancelling other surgical procedures to keep healthcare facilities free for COVID-19 patients. Moreover, increasing COVID-19 infection in healthcare workers is leading to shortage of staff. These factors are negatively impacting the growth of the joint pain injection market.
The market for Europe 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 Europe joint pain injection market. Based on joint type, the Europe joint pain injection market 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. In 2020, the hospitals pharmacies segment held the largest share in Europe joint pain injection market. Based on country, the Europe joint pain injection market is bifurcated into Germany, UK, France, Italy, Spain and rest of Europe. In 2020, Germany held the largest share in Europe joint pain injection market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe joint pain injection market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe 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 Europe 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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