If you were an athlete in your school days or an avid golfer or gardener, there’s a pretty good chance you’ve experienced joint pain regardless of your age. As you age, though, the odds of suffering through pain are even higher. About one-third of all Americans over the age of fifty have osteoarthritis (OA) of the knee, a condition in which the cartilage which cushions the joint wears down and leaves bone rubbing on bone.

Nearly two-thirds of those older than 65 will suffer from the condition, with those extra 15 years resulting in a lot of wear and tear on a joint. Overall, with more than 5% of the world’s population suffering from OA of the knee, it is the most common joint disease.

While joint replacements are becoming an increasingly common treatment for advance OA of the knee, it is rarely the first line of defense. Rather, treatment typically starts of over-the-counter pain relievers and advances to the injection of substances into the joint which act as a cushion between the bones.

Anika Therapeutics’ (NSDQ: ANIK) Orthovisc is based on hyaluronic acid, a gel-like substance found in the human body but which the company makes derives from non-animal sources. It is injected directly into the knee over a three-week period, essentially lubricating the joint and acting as a cushion between the bones, to relieve chronic knee pain and improve movement. It has proven hugely successful, helping to drive 10-year average revenue growth of more than 17% and earnings per share growth of 33%.

While Orthovisc may bring relief to patients in the long run, actually receiving an injection into the knee joint isn’t exactly a pleasant experience. In help ease that pain, Anika developed a single-injection version known as Monovisc, which has been marketed internationally since 2008, but was only approved by the US Food and Drug Administration this past February. Within two weeks, Anika and its marketing partner, DePuy Synthes Mitek Sports Medicine, announced the first commercial sale of Monovisc in the US.

Anika has had an uphill struggle with both Orthovisc and Monovisc, with a handful of other multiple-injection products on the market and the introduction of Genzyme’s single-injection Synvisc-One in the US in 2009. It has largely prevailed though, largely thanks to the fact that its products aren’t derived from animals. It’s gone so far as to beat out Sanofi (NYSE: SNY), which acquired Genzyme in 2011, in patent litigation relating to the product.

Not only is Anika gaining market share in the treatment of OA of the knee, it is working to expand the uses of both Orthovisc and Monovisc to other joints. It’s also using its hyaluronic acid-based technology to develop other products, including wound care devices which both coverage for the injury similar to a bandage which also encourages healing by providing a structure for new cells to grow around. The company currently holds about 50 patents on its technology.

That therapeutic success has been translating into consistent business success. Total revenue was up 24% year-over-year in the third quarter alone, reaching $22.1 million, with revenue from its orthobiologics (Orthovisc and Monovisc) up 47%. Revenue from its surgical and dermal operations, such as the wound care product I mention above, also showed moderate growth. Product gross margin jumped from 68% to 74% percent year-over-year, while earnings per share were up 21% from $0.33 to $0.40.

That growth is expected to continue, with analysts forecasting that full-year earnings should come in around $2.32 as compared to $1.38 last year. That estimate will likely prove conservative though, with Anika’s strong history of upside surprises. Overall, analysts are expecting earnings growth of 30% per annum over the next five years, blowing both the biotech sector and the S&P 500 out of the water.

Like so many other companies, Anika Therapeutics has demographics on its side as the baby boomers age. It also has several promising products in its pipeline and it leverages its expertise to branch out into new treatment areas. On top of that, it has no debt and about $92 million in cash on its balance sheet, with total working capital of $122.2 million, leaving it in the enviable position of being able to self-finance its research and development efforts.

If Anika can successfully execute on its goal of capturing 15% of the orthobiologics market by 18%, launching new productions and pushing further into international markets, it will prove to be a huge growth play that will pay off for years to come.

Given the rapid growth expected from the company, Anika Therapeutics is a terrific buy under $47.