The market for osteoarthritis therapeutics is expected to grow at a CAGR of around 7.7% from 2020 to 2027 and expected to reach the market value of around US$ 12.5 Bn by 2027.
Osteoarthritis (OR) is a form of arthritis that occurs when the protective cartilage that cushions the ends of bones wears down over time. Moreover, osteoarthritis can damage any joint but it mostly affects the joints including hands, knees, hips, and spine. The major cause of Osteoarthritis is old age, injury, or obesity. There are five stages of osteoarthritis in general including Stage 0, Stage 1 (Minor), Stage 2 (Mild), Stage 3 (Moderate), and Stage 4 (Severe). Some of the major symptoms of osteoarthritis include increased swelling and inflammation, increased pain, decreased range of motion, and joint instability.
The significant adoption of pain medications along with the increasing disposable income is driving the market growth. The increasing prevalence of osteoarthritis due to changing lifestyles and the increasing geriatric population is bolstering the market growth. The growing population susceptibility to osteoarthritis and the rising number of sports injuries across the globe is further bolstering the market value. Furthermore, personalized medicines for osteoarthritis and expected demand in emerging markets are the factors projected to create potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, the risk of adverse cardiovascular events associated with the use of NSAIDs in osteoarthritis treatment and commercialization of alternatives in the market are the factors likely to limit the growth to an extent over the forecast timeframe from 2020 to 2027.
Instance of Global Osteoarthritis Therapeutics Market
Prescription Drugs accounted for the maximum revenue share in the global osteoarthritis therapeutics market
Based on purchasing patterns, prescription drugs are the leading segment in the global osteoarthritis therapeutics market, and the segment is also anticipated to maintain its dominance over the forecast period from 2020 to 2027. Analgesics and non-steroidal anti-inflammatory drugs (NSAIDs) are prescribed for treating pain.
Europe is having potential revenue share in the Osteoarthritis Therapeutics Market
In 2019, Europe has registered a maximum share in terms of revenue on account of the presence of a huge geriatric and obese population base in the regional market. Germany, UK, France are the major contributors to the regional market value. The presence of major players in the region is additionally bolstering the regional market value. According to an article published by Oxford University Press, the most common type of arthritis, OA has affected more than 40 million people across Europe in 2014 and has a lifetime risk of 45% for knee OA and 25% for hip OA. Europe has a strongly aging population and prevalence of obesity which is supporting the regional market value. The Europe region is followed by North America in the Osteoarthritis Therapeutics Market. The major economies of the region including the US and Canada are the major contributors to the regional market value. Moreover, the Asia Pacific along with its developing economies is estimated to experience the fastest growth with maximum CAGR (%) during the forecast period.
Key Market Players
The players profiled in the report include Abbott Laboratories, Anika Therapeutics Inc., Bayer Aktiengesellschaft, Eli Lilly Company, Flexion Therapeutics Inc., GlaxoSmithKline Plc, Horizon Therapeutics Plc, Johnson & Johnson Inc., Novartis AG, Pfizer Inc., Sanofi S.A., and others.
Market By Drug Type
Nonsteroidal Anti-inflammatory Drugs
Market By Anatomy
Small Joint Osteoarthritis
Market By Route of Administration
Market By Purchasing Pattern
Market By Distribution Channel
Market By Geography
Middle East & Africa
The market for osteoarthritis therapeutics is expected to reach a market value of around US$ 12.5 Bn by 2027.
The osteoarthritis therapeutics market is expected to grow at a CAGR of around 7.7% from 2020 to 2027.
Prescription drugs is the leading segment by purchasing pattern in the osteoarthritis therapeutics market
The significant adoption of pain medications, increasing disposable income, increasing prevalence of osteoarthritis, changing lifestyle and increasing geriatric population, growing population susceptible to osteoarthritis, and rising number of sports injuries are some of the factors driving the market growth.
Abbott Laboratories, Anika Therapeutics Inc., Bayer Aktiengesellschaft, Eli Lilly Company, Flexion Therapeutics Inc., GlaxoSmithKline Plc, Horizon Therapeutics Plc, Johnson & Johnson Inc., Novartis AG, Pfizer Inc., and Sanofi S.A. are some of the prominent players in the osteoarthritis therapeutics market.
Europe held the highest market share in the osteoarthritis therapeutics market
Asia Pacific is expected to be the fastest growing market over the forecast period