Osteoarthritis is a long-term chronic disease which occurs due to deterioration of cartilaginous muscles in joints and increases pain and stiffness in bone joint in the body. Usual symptoms of arthritis are redness and swelling on the affected part whereas obesity, overweight, infections and old age are the main causes for osteoarthritis.
The demand for osteoarthritis treatment market is estimated to expand in near future owing to rapid growth in aging population and increased personal disposable income in growing economies across the globe. Rapid growth in healthcare sectors supported by spiked investments in research and development aims to provide affordable and effective osteoarthritis treatments. These factors are estimated to swell the demand for osteoarthritis medications and other treatment in near future.
Market size and forecast
The global osteoarthritis treatment market is projected to expand at a CAGR of 7.6% over the forecast period i.e. 2016-2023. The market of medications is expected to garner exponentially in terms of demand on account of cost-effectiveness and ease of availability.
Regionally, Asia-Pacific is expected to be the fastest growing and revenue generating market across the globe in near future. The market is driven by rapid increase in aging population in Asia-pacific regions such as Japan, China, etc. and increasing investment in healthcare sector in order to reduce the burden of diseases from aged population. Factors such as government initiatives and rise in personal disposable income in growing economies of Asia-Pacific region are expected to augment the demand for osteoarthritis treatment in near future.
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Likewise, North America accounted the highest market share in terms of revenue in overall market of osteoarthritis treatment across the globe. The market of North America region is expected to continue its dominance over the forecast period i.e. 2016-2023 on the back of introduction of favorable re-imbursement policies in the region, rising obese population coupled with higher risk of osteoarthritis and rising awareness towards the treatment of osteoarthritis. Further, increase in healthcare expenditure across the globe in developing and under-developed nations are changing the scenario of healthcare sector in order to provide better and effective treatment. Emerging economies are adopting advanced therapies and healthcare treatments to minimize the burden of diseases which is further cutting down the figure of health expenditure. Rising awareness towards osteoarthritis in developing nations and introduction of favorable re-imbursement policies by the government organizations across the globe are likely to shift the consumer to adopt treatment for osteoarthritis in near future.
Market Segmentation
Our in-depth analysis segmented the global osteoarthritis treatment market in the following segments:
By Medications: Acetaminophen, Non-steroidal Anti-Inflammatory
By Therapies: Non-Pharmacological Therapy, Pharmacological Therapy, Surgical Treatment
By End-User: Hospitals, Clinics, Household
Growth Drivers and challenges
The market of osteoarthritis treatment is driven on the back of factors such as increase in aging population that is predicted to trigger the prevalence of chronic diseases such as osteoarthritis and leading to physical inactivity, stiffness and pain in joints, growing awareness towards osteoarthritis therapies for better treatment and early adoption of healthcare treatments to maintain fitness.
Furthermore, increase in personal disposable income, growing preference of consumers towards early treatments and preventions, availability of cost-effective & advanced osteoarthritis treatment drugs and rising awareness towards osteoarthritis and their treatment across the globe are some of the key elements prompting the demand for osteoarthritis treatment over the forecast period i.e. 2016-2023.
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However, high cost of treatment, lack of awareness in under-developed nations, poor treatment of osteoarthritis, and lack of skilled healthcare physicians are some of the factors likely to hamper the market growth of osteoarthritis treatment market across the globe.
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