Rising geriatric population more prone to bone related deformities to boost the osteoarthritis therapeutics market.

calendar_today 29 August, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global osteoarthritis therapeutics market was pegged at ~US$ 7.93 billion in 2021. The market is expected to witness a CAGR of ~8.7% from 2022 to 2031.

The rising old-age population, the increasing prevalence of osteoarthritis, changing lifestyle patterns, and the growing number of accidents and sports-related injuries are the major factors playing a pivotal role in driving the growth of the osteoarthritis therapeutics market. However, the risk of adverse reactions is a critical factor limiting the adoption of these drugs and hindering the osteoarthritis therapeutics market to a certain extent.

The prevalence of osteoarthritis rising globally and is most common among the geriatric population. According to the Centers for Disease Control and Prevention (CDC), in 2022 osteoarthritis is the most common form of arthritis, affecting 32.5 million US adults. 43% of people with osteoarthritis are 65 years or older and 88% of people with osteoarthritis are 45 years or older. The annual incidence of knee osteoarthritis is the highest between 55- and 64-years age. Therefore, the increasing prevalence of osteoarthritis coupled with the aging population is driving the demand for osteoarthritis drugs. 

Moreover, factors such as the rising popularity of various sports and the increasing incidence of sports-related injuries are also driving the growth of the osteoarthritis therapeutics market. Individuals who have sustained joint injuries in sports, such as macrotrauma may also be at risk of accelerated osteoarthritis development. Certain types of surgery for severe sports injuries, particularly to the knee, also appear to be associated with an increased risk.

According to the statistics from Stanford Children’s Health, in the U.S., around 30 million children and teens participate in some form of organized sports and more than 3.5 million children and adolescents ages 14 and younger get injured annually playing sports or participating in recreational activities. The higher incidence rate of sports-related injuries causing a broken bone, or a torn ligament can lead to a type of osteoarthritis known as post-traumatic arthritis which has led to an increasing need for medicines that can be used to treat these injuries. 

In order to meet the rising demand for these drugs, players in the osteoarthritis therapeutics market are focused on constantly developing and launching new drugs and receiving approvals from regulatory bodies. For instance, in April 2021, Organicell Regenerative Medicine, Inc. received the U.S. Food and Drug Administration (FDA) approval for their Investigational New Drug (IND) lead drug, Zofin, in the treatment of knee osteoarthritis. Companies in the market are also entering into partnerships or agreements for the distribution of these drugs in various regions. For instance, in September 2020, Eisai Co., Ltd., and Seikagaku Corporation entered into an agreement for the marketing alliance in South Korea for SI-613 (diclofenac conjugated sodium hyaluronate) used in osteoarthritis treatment. 

However, side effects of certain drugs have led to limited use of these drugs. These side effects include stomach upset, ulcers, gastrointestinal bleeding, rashes, drowsiness, constipation, and hives, among others. Studies have found that topical NSAID can also produce side effects due to systemic absorption into the bloodstream. Such reactions are limiting the market growth. 

Regionally, the global osteoarthritis therapeutics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe dominated the global market for osteoarthritis therapeutics. The rising geriatric population, high incidence of osteoarthritis, rising sports injuries and road accidents are driving the growth of the global osteoarthritis therapeutics market in Europe. Additional influencing factors include shifts in lifestyle and rising obesity among the general population. Asia Pacific is expected to grow at a higher CAGR during the forecast period. Factors contributing to the growth of the market in this region include the rising geriatric population and high incidence of osteoarthritis. Changing lifestyle patterns, rising obesity, and an increasing number of sports-related injuries are some additional factors boosting the growth of the osteoarthritis therapeutics market in Asia Pacific.  

Prominent players operating in the global osteoarthritis therapeutics market include Pfizer Inc., Johnson & Johnson Services, Inc., Sanofi, Bayer AG, Abbott, Horizon Therapeutics plc, GlaxoSmithKline Plc., Zimmer Biomet Holdings Inc., Novartis AG, and and Flexion Therapeutics Inc., among others.

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