Osteoarthritis Drug Market To Witness Growth At 8.1% CAGR Between 2019 And 2025 – ZMR
As per the ZMR analysis, in 2018, the valuation of the global osteoarthritis drug market was around USD 5,987 million and is projected to reach about USD 10,327 million by 2025, growing at about 8.1% CAGR between 2019 and 2025.
Osteoarthritis is most ordinary long-lasting (chronic) joint condition. It is also known as degenerative arthritis, degenerative joint disease, and wear-and-tear arthritis. A convergence of two bones is referred as joint. These bones’ ends are sheltered with protective tissue known as cartilage. However, this cartilage tears down in osteoarthritis, making the bones in that joint to rub against each other. This can result in stiffness, pain, and other symptoms. Severe osteoarthritis patients have complete or extensive cartilage loss in one or more joints. Severe symptoms can be related to the bone-on-bone friction. Osteoarthritis is seen mostly in elderly individuals, even though it can be seen in adults of any age.
Exponential growth is being witnessed by the global osteoarthritis drug market owing to the swift rise in the obese & elderly population and the connected rise in the incidence of osteoarthritis disease. Further, the rising alertness about risk related to osteoarthritis among the people and the growing government programs to curb the disease are few other reasons anticipated to boost the global osteoarthritis drugs market growth during the forecast period. Also, the rising expenditure by key players for R&D and technological advancements activities is projected to bring up new avenues for market players in the years to come. In addition, the rising government spending on healthcare sector with the aim of offering better affordability for several treatment and diagnostic services that in turn is anticipated to drive the global osteoarthritis drug market growth. Nonetheless, the chance of adverse cardiovascular events related to the usage of NSAIDs in treating osteoarthritis is projected to obstruct the market growth to some extent.
The global osteoarthritis drug market is categorized based on anatomy, drug class, distribution channel, and route of administration. The global osteoarthritis drug market, based on drug class, is diversified into viscosupplementation agents, NSAIDs, corticosteroids, and others. In 2018, the viscosupplementation agents segment marked the biggest market share owing to the growing prevalence and incidence of knee osteoarthritis. Based on distribution channel, the market is divided into retail pharmacies, online pharmacies, and hospital pharmacies. Among these, the major share in the market is anticipated to be captured by hospital pharmacies segment in the years to come. Based on route of administration, the global market is classified into parenteral, topical, and oral. Among these, the global market is projected to be dominated by the parenteral segment during the forecast period. The market, on the basis of anatomy, is categorized into hand, hip, knee, and small-joint. In 2018, the knee osteoarthritis segment held the biggest share in the market and is anticipated to account for the highest CAGR in the near future owing to huge patients pool experiencing knee osteoarthritis.
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Regionally, the global osteoarthritis drugs market is projected to be dominated by North America during the forecast period. This regional growth can be credited to the strong healthcare infrastructure, existence of key players, and favorable reimbursement policies in this region. Further, the rising merger & acquisition activities among international and regional players are anticipated to drive the market growth in this region. Likely, Asia Pacific market is also projected to register rapid expansion during the forecast period on account of the rising government spending on pharmaceutical sector and existence of major player functioning in emerging nations like China and India.
Few of the key players operating in the global osteoarthritis drug market consists of Horizon Pharma plc, Pfizer Inc., Bioventus, Inc., Ferring B.V., Flexion Therapeutics, Inc., Sanofi, Anika Therapeutics, Inc., Alkem Laboratories, Zimmer Biomet Holdings, Inc., and Chugai Pharmaceutical Co., Limited, among others.
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- CDN Newswire