Currently, North America dominates the global osteoarthritis market, followed by Europe. This is due to the rising prevalence of osteoarthritis diseases and growing geriatric population in these regions. In addition, increasing access to health care insurance, especially in the U.S., is also influencing the growth of the osteoarthritis market. Asia is expected to be the fastest growing market in the next five years. This is due to the rising health care infrastructure and increasing government initiatives for better health care facilities in this region. Moreover, a large patient population base is driving the growth of the osteoarthritis market in this region.
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Rising incidences of surgeries, increasing technological advancements, increasing number of pipeline drugs, and rising awareness about health care are some of the key factors driving the growth of the global osteoarthritis market. In addition, rising disposable income in developing countries is also fueling the growth of the global osteoarthritis market. However, stringent regulatory policies and less adoption of osteoarthritis treatment are restraining the growth of the global osteoarthritis market. In addition, side effects associated with osteoarthritis medications are also impeding the growth of this market.
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Emergence of new and cost effective medication options for the treatment of osteoarthritis could open up new opportunities for new players in the global osteoarthritis market. In addition, emerging markets, such as India and China, could also open new opportunities for new players. Increasing number of strategic alliances between various companies, rising number of product innovations, and increase in the number of clinical trials for pain reliving biologic drugs, such as anti-NGFs, are among the recent market trends in the global osteoarthritis market. The major companies operating in this market are Abbott Laboratories, Johnson & Johnson Limited, Novartis AG, Pfizer, Inc., and Eli Lilly and Company. Some of the other companies operating in this market are Ampio Pharmaceuticals, Abiogen Pharma, and BioDelivery Sciences International, Inc.
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