I struggled with this years ago when I was in my 20's. I used to run back then and my knees rebelled. I had pain in different areas of my knees (mainly on the outside aspect though).
I was out for a run one day and my left leg suddenly went numb. Scary.
That was the end of my running and the beginning of cycling. I've been pain-free on my bike, thank goodness.
It did take years for my knees to heal. I limped and couldn't straighten them without causing pain.
I went to physical therapy, did the exercises, and complied with the recommendations, but the only thing that resulted in improvement was rest. The therapist is the one who told me I had IT band problems.
I hope that treatment options are more promising these days.
Barb