Number of pages: 100 | Report Format: PDF | Published date: 29 August, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global osteoarthritis therapeutics market was pegged at US$ 7.93 in 2021 and is expected to witness a 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. There are various forms of drugs that 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).
Market Dynamics
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The major factors attributing to the 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. However, the risk of adverse reactions is one of the factors limiting the adoption of these drugs and hindering the osteoarthritis therapeutics market 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 bifurcated into duloxetine and acetaminophen. Non-steroidal anti-inflammatory drugs segment is categorized into naproxen, aspirin, ibuprofen, diclofenac, and other NSAIDs. The viscosupplementation agents segment has the largest share of the osteoarthritis therapeutics market. 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 growth in global demand for analgesics.
Osteoarthritis Therapeutics Market by Anatomy
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Based on anatomy, the global osteoarthritis therapeutics market has been segmented into knee osteoarthritis, hand osteoarthritis, hip osteoarthritis, and small joint osteoarthritis. The knee osteoarthritis segment has dominated the global market and is also anticipated to witness rapid 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 growth. Furthermore, geriatric population that is more susceptible to knee osteoarthritis is driving segmental growth.
Osteoarthritis Therapeutics Market by Route of Administration
Based on route administration, the global osteoarthritis market has been segmented into a parenteral route, oral route, and topical route. The parenteral route segment has dominated the global osteoarthritis therapeutics market. Factors attributing to the largest stake of this segment is attributed to it being the best way to deliver a precise dose quickly in a well-controlled manner, and rapid action of parenteral mode of administration is the major factor attributing the largest share of this segment.
Osteoarthritis Therapeutics Market by Distribution Channel
Hospital pharmacies, retail pharmacies, and online pharmacies are the major distribution channels in the global osteoarthritis market. The hospital pharmacies segment has dominated the global market. Large volumes of patient footfall is fueling the growth of this segment. Moreover, the ease of availability of drugs in hospital pharmacies is also playing a pivotal factor in driving the growth of this segment.
Osteoarthritis Therapeutics Market by Region
Regionally, the global osteoarthritis therapeutics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The global market for osteoarthritis therapeutics is dominated by Europe. Factors driving the growth of the global osteoarthritis therapeutics 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 the rising obesity among the population are some other factors propelling the growth of the osteoarthritis therapeutics market in this region. In, addition 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. Similarly, the longitudinal multinational European Project on Osteoarthritis, states that the prevalence of osteoarthritis in adults over the age of 65 is 30%, with more than half of these experiencing progressive loss of functionality prior to the onset of osteoarthritis. Asia Pacific is also contributing to the growth of the global osteoarthritis therapeutics market because of factors such as increasing cases of arthritis in the elderly population, glowing sedentary lifestyle, and increasing rates of obesity.
Competitive Landscape
Prominent players operating in the global osteoarthritis therapeutics market include
Strategic Developments
|
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 major factors attributing to the growth of the osteoarthritis therapeutics market include the rising geriatric population, increasing prevalence of osteoarthritis, 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.
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.
Osteoarthritis therapeutics market is expected to witness a CAGR of 8.7 % during the forecast period.
The global osteoarthritis therapeutics market was pegged at US$ 7.93 in 2021
Some of the key development observed by osteoarthritis therapeutics market are In April 2021, Eupraxia Pharmaceuticals collaborated with NBCD A/S ("NBCD"), a contract research organization dedicated to clinical drug development and research in osteoarthritis, to conduct Eupraxia's EP-104IAR Phase 2 clinical trial. In January 2021, Unichem Laboratories received approval from the U.S. regulator for their Celecoxib capsules for the treatment of osteoarthritis, rheumatoid arthritis, and acute pain. In December 2020, Moebius Medical, an Israel-based company received the U.S. Food and Drug Administration (FDA) clearance for their Investigational New Drug (IND) application to initiate a global multi-center Phase IIb clinical trial of MM-II, a novel candidate for the treatment of pain in knee osteoarthritis.
*Insights on financial performance is subject to availability of information in public domain
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