Osteoarthritis Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: August 29, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 7.93 billion |
|
Revenue forecast in 2031 |
USD 16.81 billion |
|
Growth Rate |
CAGR of 8.7 % from 2022 to 2031 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2031 |
|
Segments covered |
Drug Type, Anatomy, Route of Administration, Distribution Channel |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global osteoarthritis therapeutics market was valued at US$ 7.93 in 2021 and is expected to register a revenue CAGR of 8.7 % during the forecast period.
Market Fundamentals
Osteoarthritis is a common chronic joint condition that primarily affects the middle-aged to the elder population. Osteoarthritis is also known as degenerative arthritis, degenerative joint disease, and wear-and-tear arthritis. This condition occurs when the protective cartilage present in the ends of the bones comes down. The main causes of osteoarthritis include joint damage, joint malfunctioning, sports injury, past injuries, obesity, and poor posture. Various forms of drugs can be used for the treatment including topical, oral, and injectables. Drugs that can help relieve pain caused by osteoarthritis, primarily are acetaminophen, non-steroidal anti-inflammatory drugs (NSAIDs), and duloxetine (Cymbalta).
[632864]
Market Dynamics
The major factors attributing to the revenue growth of the osteoarthritis therapeutics market include the rising geriatric population, the increasing prevalence of osteoarthritis, and the growing number of sports-related injuries. Moreover, the increasing demand for pain-relieving therapeutics and increasing research and development on discovering novel drugs are other factors playing a pivotal role in propelling the global osteoarthritis therapeutics market revenue. However, the risk of adverse reactions is one of the factors limiting the adoption of these drugs and hindering the osteoarthritis therapeutics market revenue to a certain extent.
Market Ecosystem
The global osteoarthritis therapeutics market has been analyzed from five perspectives: drug type, anatomy, route of administration, distribution channel, and region.
Osteoarthritis Therapeutics Market by Drug Type
Based on drug type, the global osteoarthritis therapeutics market has been segmented into viscosupplementation agents, analgesics, non-steroidal anti-inflammatory drugs, and corticosteroids.
The analgesics segment is further sub-segmented into duloxetine and acetaminophen.
The Non-steroidal anti-inflammatory drugs segment is sub-segmented into naproxen, aspirin, ibuprofen, diclofenac, and other NSAIDs.
The viscosupplementation agents segment accounts for the largest revenue share in the global osteoarthritis therapeutics market. The Viscosupplementation procedure helps relieve inflammation and stiffness in the bone, and this procedure can also be conducted in outpatient clinics. Factors such as the rising incidence of osteoarthritis, and the increasing use of these agents for relieving pain are propelling the global demand for analgesics.
Osteoarthritis Therapeutics Market by Anatomy
[345783]
Based on anatomy, the global osteoarthritis therapeutics market is segmented into knee osteoarthritis, hand osteoarthritis, hip osteoarthritis, and small joint osteoarthritis.
The knee osteoarthritis segment dominates the global market and is also expected to register rapid revenue growth during the forecast period. Factors such as the rising prevalence of knee-related injuries and an increasing number of sports-related injuries are driving market revenue growth. Furthermore, the geriatric population that is more susceptible to knee osteoarthritis is contributing to the segmental growth of this market.
Osteoarthritis Therapeutics Market by Route of Administration
Based on route administration, the global osteoarthritis market is segmented into a parenteral route, oral route, and topical route.
The parenteral route segment dominates the global osteoarthritis therapeutics market in terms of revenue. The largest revenue share of this segment is attributed to the fact that it is the easiest way to administer an exact dose.
Osteoarthritis Therapeutics Market by Distribution Channel
Based on the distribution channel, the global osteoarthritis therapeutics market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacy segment dominates the global market in terms of revenue share. The dominance of this segment can be attributed to the large volumes of patient footfall in hospitals for better treatment. Moreover, the ease of availability of drugs in hospital pharmacies is also playing a pivotal factor in driving the revenue growth of this segment.
Osteoarthritis Therapeutics Market by Region
Based on Region, the global osteoarthritis therapeutics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Europe dominates the global osteoarthritis therapeutics market in terms of revenue share. Factors driving the revenue growth of the market in this region include the rising geriatric population, high incidence of osteoarthritis, and rising sports-related injuries and road accidents. Moreover, changing lifestyle patterns and rising obesity among the population are some other factors propelling the revenue growth of the osteoarthritis therapeutics market in this region.
According to a report published by the World Health Organization (WHO) in 2022, osteoarthritis and lower back pain affect an estimated 10% of European adults over the age of fifty.
Asia Pacific is also expected to register significant revenue growth during the forecast period because of factors such as increasing cases of arthritis in the elderly population, increasing sedentary lifestyles, and increasing rates of obesity.
Competitive Landscape
Prominent players operating in the global osteoarthritis therapeutics market include:
Strategic Developments
The rising geriatric population, the increasing prevalence of osteoarthritis, and the growing number of sports-related injuries are the major factors driving the revenue growth of the global osteoarthritis therapeutics market.
Pfizer Inc., Johnson & Johnson Services, Inc., Sanofi, Bayer AG, and Abbott are among the key players operating in the global osteoarthritis therapeutics market.
The osteoarthritis therapeutics market is expected to register a revenue CAGR of 8.7% during the forecast period.
The global osteoarthritis therapeutics market was valued at US$ 7.93 in 2021
*Insights on financial performance is subject to availability of information in public domain