Global Osteoarthritis Therapeutics Market
The GMI Research forecasts that the Osteoarthritis Therapeutics Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the presence of a large geriatric and target patient population and the improving healthcare infrastructure in several APAC countries.
Introduction of the Osteoarthritis Therapeutics Market
Osteoarthritis is a type of arthritis that occurs when flexible tissue at the ends of bones breaks down. The wearing down of the protective tissue at the cartilage occurs with time and worsens over time. Although osteoarthritis can damage joints, the disorder most commonly affects joints in the hands, knees, hips, and spine.
Key Players of the Global Osteoarthritis Therapeutics Market:
- Abbott Laboratories
- Hoffmann-La Roche Ltd.
- Bayer AG
- Novartis AG
- Sanofi
- GlaxoSmithKline Plc
- Anika Therapeutics Inc.
- Zimmer Biomet Holdings Inc.
- Johnson & Johnson
- Pfizer Inc.
Osteoarthritis Therapeutics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Osteoarthritis is accounted as the second most popular rheumatologic disease and the most common joint disease. Thus, this high prevalence rate among Asian countries like India, China, Japan is the major driver supplementing the growth of the global Osteoarthritis Therapeutics Market India has about 22% to 39% of the incidence rate, as reported by the NCBI, and is considered to be high by “National Center for Biotechnology Information.” According to a report published by WHO, over 130 million of the total population will suffer from the same disease, with around 40 million being seriously injured by the end of 2050, which is supplementing the market growth. Moreover, modernizations in therapeutics like new treatment targets for osteoarthritis-like knee cartilage degeneration founded by the University of Pennsylvania, which has strengthened the market growth., The adoption of pain treatments for the condition owing to the ease of administration and economical nature has encouraged replacements like orthopedic braces used as a non-invasive method for pain supervision.
Furthermore, amongst drug types, the consumption of corticosteroids has reduced. There is no proper indication that corticosteroid injections increase the risk of infection. There is a potential decrease in the immune response for up to a few weeks following the protocol. However, the threat of serious cardiovascular events associated with the use of NSAIDs in osteoarthritis treatment is hindering the market growth.
Type Segment Drivers
Based on the type, hip osteoarthritis is contemplated to hold a major share in the coming year. This is due to the accelerating geriatric population. According to WHO, by the end of 2050, the population aged 60 years is anticipated to touch 2 billion because of the surge in the percentage of average life expectancy.
End-Users Segment Drivers
Based on the end-users, hospitals are predicted to extend at a higher rate in the near future. This is mainly attributed to favorable government and regulatory bodies’ initiatives to develop and expand the healthcare infrastructures. German Health Minister, in 2020, announced US$ 3.53 billion for hospitals, which may impel the market growth.
Regional Drivers
Based on the regional coverage, North America is projected to witness a significant growth over the forecast period. This is primarily because of the prevalence of the leading players like Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc, Johnson & Johnson, Novartis AG. As per the American Osteopathic Association U.S. has the strongest healthcare systems across the globe.
Osteoarthritis Therapeutics Market Segmentation:
SEGMENTATION BY TYPE
- Hip Osteoarthritis
- Spinal Osteoarthritis
- Others
SEGMENTATION BY TREATMENT TYPE
- Medication
- Surgery
- Therapy
SEGMENTATION BY ROUTE OF ADMINISTRATION
- Oral
- Parenteral
- Others
SEGMENTATION BY END-USERS
- Hospitals
- Homecare
- Specialty Clinics
- Others
SEGMENTATION BY REGION:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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