Global Osteoporosis Drugs Market is expected to grow at a CAGR of 2.76% during the forecast period from 2020-2027
A new research report published by Fior Markets with the title Osteoporosis Drugs Market by Route of Administration (Oral, Injectable), drug class, gender, Regions, and Global Forecast 2020-2027.
The global osteoporosis drugs market is projected to grow from USD 13.02 billion in 2019 to USD 16.25 billion by 2027, at a CAGR of 2.76% during the forecast period from 2020-2027. North America region led the market and valued at USD 5.78 billion in 2019. North America has a high prevalence of osteoporosis. For instance, as per the study by the National Osteoporosis Foundation (NOF) 2017, more than 54 million Americans have osteoporosis, and low bone mass– approximately one in four men and one in two women age 50 and older have the risk of bone fracture due to osteoporosis. Thus, with the increasing awareness among the people and rising government programs to control the disease, is driving the market growth in North America. On the flip side, the Asia Pacific region is estimated to grow at the highest CAGR of 4.65% over the forecast period. The rising aging population in countries such as Japan, China, and South Korea, boosting the growth of the market. In addition to this, many international pharmaceutical companies shifting their manufacturing bases in the Asia Pacific region, due to the low cost of manufacture and high availability of workforce, further fuelling the growth of the market.
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Key players in the global osteoporosis drugs market are Teva Pharmaceutical Industries, Ltd., Eli Lilly and Company, F. Hoffmann-La Roche, GlaxoSmithKline plc, Novartis International AG, Merck & Co. Inc., Radius Health, Inc., Amgen Inc, Pfizer Inc., Novo Nordisk A/S, Actavis plc, and among others. Key companies are mainly focusing on investing the research and development activities in developing innovative drugs to cure osteoporosis. In addition to this, companies are adopting attractive pricing strategies for the medicines so that patients from developing and underdeveloped countries can afford the drugs. In April 2019, Amgen Inc. announced that EVENITY (romosozumab-aqqg) for the treatment of osteoporosis in postmenopausal women at high risk for fracture, has been approved by the U.S. Food and Drug Administration (FDA).
The route of administration segment includes oral, injectable, and others. The injectable segment is anticipated to grow at the highest CAGR of 3.98% over the forecast period. It is one of the most precise methods to deliver the dosage of the drug in the body, and it is a well-controlled method to deliver the drug throughout the body. Drug class segments classified into bisphosphonates, selective estrogen inhibitors modulator (SERM), parathyroid hormone therapy, calcitonin, rank ligand inhibitors, generics, and others. Bisphosphonates accounted for the major market share of 32.26% in 2019. It is one of the most widely used and effective drug treatment in the osteoporosis condition. It reduces the breaking down of bones and helps to increase bone strength. The gender segment is classified into male and female. The female segment accounted for the major market share and valued at USD 8.06 billion in 2019. Estrogen hormone that protects bones in women decreases rapidly after menopause, which can cause bone loss and results in osteoporosis.
Increasing the incidence of osteoporosis across the globe, which causes the high healthcare burden, is one of the primary growth factors driving the demand for osteoporosis drugs. For instance, National Osteoporosis Foundation (NOF) predicts that by 2025 osteoporosis will be responsible for approximately three million fractures and USD 25.3 billion in costs annually in U.S. Thus, to combat the increasing prevalence, the demand for drugs is increasing steadily. Furthermore, rising awareness about osteoporosis, fueling the market growth. However, high prices of these drugs could hamper the market growth, as every patient cannot afford costly medicines.
About the report:
The global osteoporosis drugs market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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