Osteoarthritis Drugs Market Will Hit at A CAGR of 8.2% and To Garner US$ 11.7 Billion by 2026, Says Coherent Market Insights (CMI)
Global Osteoarthritis Drugs Market – Effective Osteoarthritis Treatment
Osteoarthritis, also known as degenerative joint disease, is the most common form of arthritis. It can affect various joints in the body. However, the disease has major impact on the knees, neck, lower back, hips, and small joints of fingers.
The global osteoarthritis drugs market size was valued at US$ 5,895.1 million in 2017 and is expected to exhibit a CAGR of 8.2 % over the forecast period (2018 – 2026).
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Figure 1. Global Osteoarthritis Drugs Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2019)
Increasing incidences of rheumatoid arthritis is expected to propel growth of the osteoarthritis drugs market
Osteoarthritis is caused due to injury, obesity, and several other factors. It leads to severe joint pain and stiffness of the affected body part. The symptoms of osteoarthritis are swelling in joints, numbness in legs and arms, and decreased range of motion. High prevalence of rheumatoid arthritis is expected to drive the market growth. According to the Rheumatoid Arthritis. Org Facts, October 2018, around 1.3 million people in the U.S. and around 1% of world population is affected by rheumatoid arthritis, which is the third major form of osteoarthritis and gout.
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Moreover, increasing prevalence of obesity associated with deskbound lifestyle is expected to propel growth of the osteoarthritis drugs market over the forecast period. Obesity causes additional pressure on knees and hips, which in turn can affect the cushion joints to breakdown faster. According to the World Health Organization (WHO) factsheet February 2018, around 1.9 billion adults aged above 18 years were overweight, worldwide in 2016, of which around 650 million were obese.
However, availability of only symptomatic treatment rather than permanent cure of osteoarthritis is the major factor that is expected to hinder the market growth. Harmful effects of regular administration of nonsteroidal anti-inflammatory drugs (NSAID) in osteoarthritis treatment can cause cardiovascular events such as heart attack and stroke, which is further expected to restrain the market growth.
Figure 2. Global Osteoarthritis Drugs Market Share (%), by Route of Administration,
Source: Coherent Market Insights Analysis (2019)
Increasing geriatric population in North America is expected to bolster the market growth
North America holds dominant position in the global osteoarthritis drugs market, owing to increasing geriatric population that is prone to high risk of osteoarthritis. According to the Centers for Disease Control and Prevention (CDC) factsheet 2018, around 29.3% and 49.6% population aged 45 to 64 and above 65 years, respectively were diagnosed with arthritis from 2013 to 2015 in the U.S. Similarly, according to the National Centre for Biotechnology Information (NCBI), December 2016, around 14 million individuals were diagnosed with symptomatic knee osteoarthritis and around 2 million people below 45 years of age were diagnosed with symptomatic knee osteoarthritis, where 6 million cases were diagnosed in people aged 45 to 64 years and above 65 years in the U.S.
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Moreover, increasing institutional initiatives to collaborate with key players for research regarding osteoarthritis is expected to drive the market growth. For instance, the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), in collaboration with GlaxoSmithKline, Merck Sharp & Dohme Corp., Novartis, and Pfizer, initiated a nationwide research study known as Osteoarthritis Initiative: A Knee Health Study, to examine people with knee osteoarthritis or those prone to knee osteoarthritis.
Moreover, key players in the market are focused on receiving approvals for novel products that aid in treatment of osteoarthritis. For instance, in May 2018, Eli Lilly and Company received U.S. Food and Drug Administration (FDA) approval for Olumiant (baricitinib), a Janus kinase (JAK) inhibitor used in treatment of moderate to severe rheumatoid arthritis that has low response towards tumor necrosis factor inhibitor.
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Major players operating in the global osteoarthritis drugs market include Pfizer Inc., Abbott, Eli Lilly and Company, ABIOGEN PHARMA S.p.A, Horizon Pharma plc., Ferring B.V., Merck Sharp & Dohme Corp., Medivir, Bioventus, Inc., Sanofi, Flexion Therapeutics, Inc., Regeneron, and GlaxoSmithKline Plc.About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
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