Osteoarthritis Therapeutics Market Size to Surpass US$ 16.81 Billion by 2030 - Growth Plus Reports
Pune, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the global osteoarthritis therapeutics market is expected to clock US$ 16.81 billion by 2030 and to grow at a CAGR of 8.7% during the forecast period. This exclusive information is published by Growth Plus Reports in its report titled “Osteoarthritis Therapeutics Market – Global Outlook & Forecast 2022-2030”
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Report Coverage | Details |
Market Size Value in | US$ 7.93 Billion in 2022 |
Market Size Value by | US$ 16.81 Billion by 2030 |
Growth rate | CAGR of 8.7 %from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2021 |
Historical data available | Yes |
Segments covered | Drug Type, Anatomy, Route of Administration, Distribution Channel |
Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Market Drivers
The rising geriatric population, the increasing prevalence of osteoarthritis, and the growing incidence of sports-related injuries are the factors driving the growth of the osteoarthritis therapeutics market. Furthermore, rising demand for pain-relieving therapeutics, as well as increased research and development of novel drugs, are important factors driving the global osteoarthritis therapeutics market. However, the risk of adverse reactions is one of the chief factors limiting the adoption of these drugs and, to some extent, impeding the osteoarthritis therapeutics market.
Osteoarthritis (OA) is the common form of arthritis found in adults. According to the statistics published by National Public Health Agenda for Osteoarthritis 2020, osteoarthritis affects 1 in 7 U.S. adults i.e., 32.5 million people. Osteoarthritis is associated with aging and is more common among people with other comorbidities such as heart disease, obesity, and diabetes. Hence global aging and large pool of geriatric population are mainy driving the global osteoarthritis therapeutics market. Moreover, the rising number of sports-related injuries and road accidents, the increasing awareness regarding the management of osteoarthritis by using various drugs, and the focus of market players on launching advanced products are some of the other factors fueling the growth of the osteoarthritis therapeutics market.
The global osteoarthritis therapeutics market has been analyzed from five perspectives: Drug Type, Anatomy, Route of Administration, Distribution Channel, and Region.
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Excerpts from ‘By Drug Type Segmentation’
Based on drug type, the global osteoarthritis therapeutics market has been segmented into:
Viscosupplementation Agents
Analgesics
Non-Steroidal Anti-Inflammatory Drugs
Corticosteroids
The analgesics segment is further bifurcated into duloxetine and acetaminophen. The nonsteroidal anti-inflammatory drugs are further categorized into naproxen, aspirin, ibuprofen, diclofenac, and other NSAIDs. Viscosupplementation agents segment held the largest share of the osteoarthritis therapeutics market in 2021. Viscosupplementation is an effective local osteoarthritis treatment. With the increasing incidence of osteoarthritis and the increased use of these agents for pain relief, this segment will continue to grow. Additionally, because this procedure relieves stiffness and inflammation in the bones, it will propel the market growth. Other segments such as analgesics are also anticipated to show a significant rise in the forecast period owing to factors such as these drugs are safe and simple. For surgical patients, they offer significant advantages over centrally acting opioid analgesics and central neuraxins blockade.
Excerpts from ‘By Region Segmentation’
Geographically, the global osteoarthritis therapeutics market has been segmented into
North America
Europe
Asia Pacific
Rest of the World
Europe held the largest share of the osteoarthritis therapeutics market. Numerous factors driving the growth of the osteoarthritis therapeutics market in this region include large pool of geriatric population, the high incidence rate of osteoarthritis, rising sports injuries, and road accidents. Moreover, high rate of knee osteoarthritis and rising obesity among the population are some of the other factors propelling the growth of the osteoarthritis therapeutics market in Europe. According to a report published in 2022 by the WHO (World Health Organization), the Spanish Sistema d'Informació per al Desenvolupament de l'Investigacion en Atenció Primària (SIDIAP) cohort used clinical and epidemiological data to study the risk of osteoarthritis in a sample of over 1.7 million adults. It reported that the incidence was based on sociodemographic data collected from medical surgeries. The prevalence of knee osteoarthritis was five times higher in subjects with a BMI of 35-40 kg/m2.m2 (grade II obesity) versus those of normal weight.
Excerpts from ‘Competitive Landscape’
The prominent players operating in the global osteoarthritis therapeutics market include Pfizer Inc., Johnson & Johnson Services Inc., Sanofi S.A., Bayer AG, Abbott Laboratories, Horizon Therapeutics plc., GlaxoSmithKline Plc., Zimmer Biomet Holdings Inc., Novartis AG, and Flexion Therapeutics Inc., among others.
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