Osteoarthritis Market Research Report, By Type (Hip Osteoarthritis, Spinal Osteoarthritis) By Diagnosis (Imaging, Joint Fluid Analysis) By Treatment (Medication, Surgery, Therapy) By End Users (Hospitals, Medical Institutes) – Global Forecast till 2023
Osteoarthritis Market – Overview
Osteoarthritis is a musculoskeletal condition which involves the thinning of cartilage in joints. It causes bones to rub together and create stiffness, impaired movement, and pain. Osteoarthritis is a major disability among the elderly population and is mostly associated a variety of modifiable and non-modifiable risk factors, age being the foremost one. Growing elderly population is proving to be vital for the growth of the Global Osteoarthritis Market.
As per the analysis of Market Research Future (MRFR), the Global Osteoarthritis Market is poised to capture a CAGR of 6.8% over the forecast period of 2017-2023.
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The incidence rate of osteoarthritis is increasing with the rise in global geriatric population, especially in developed countries. The trend is likely to continue with support from additional risk factors such as obesity, genetic predisposition, trauma, unhealthy lifestyle, bone density, and occupational injury.
Various drugs are available in the market which can help to alleviate the pain associated with osteoarthritis and improve function in patients. However, no therapy has been yet discovered which can reverse the progression of osteoarthritis. This has long been the subject of research for many researchers. Various studies are being conducted to come up with effective therapies which can curb the succession of the disease and reduce the economic burden of osteoarthritis.
Advancement in diagnostics methods purveyed by extensive R&D activities has resulted in timely and effective measure of the condition of the disease which is expected to further catapult the growth of the market. Rise in level of awareness among patients and improvement in reimbursement scenario are other factors substantiating the growth of the market.
On the other hand, high cost of medications is a major limiting factor to the growth of the market. Unavailability of treatment options in certain regions and side effects aligned with osteoarthritis treatment are also impeding factors. In addition, lack of valid biomarkers is a obstruction in the pharmaceutical development. Meanwhile, stem cell treatment is increasingly emerging as a promising therapy for the treatment of osteoarthritis which is likely to augment the growth of the market in the coming years.
Pfizer Inc. (U.S.), Regeneron (U.S.), Ampio Pharmaceuticals Inc. (U.S.), ABIOGEN PHARMA S.p.A (Europe), Abbott. (U.S.), Merck Sharp & Dohme Corp. (U.S.), Novartis AG (Europe), Eli Lilly and Company. (U.S.), TissueGene Inc. (U.S.), and others are the eminent players in the global osteoarthritis market.
March 2019 – Researchers from the Kennedy Institute of Rheumatology at the University of Oxford, and Jenner Institute have collaboratively developed a vaccine that could be used to treat chronic pain caused by osteoarthritis. The virus-like particle vaccine is capable of triggering the immune system to produce antibodies which would help to block naturally-occurring NGF and alleviate osteoarthritis pain.
The Global Osteoarthritis Market has been segmented based on type, diagnosis, treatment, and end user.
By type, the Global Osteoarthritis Market has been segmented into hip osteoarthritis, wrist osteoarthritis, spinal osteoarthritis, and others.
By diagnosis, the Global Osteoarthritis Market has been segmented into imaging, joint fluid analysis, and others. The imaging segment is sub segmented into X-rays, magnetic resonance imaging (MRI), and others.
By treatment, the Global Osteoarthritis Market has been segmented into medication, surgery, therapy, and others. The medication segment has been further segmented into analgesics and non-steroidal anti-inflammatory drugs, and others. The analgesics segment has been further segmented into acetaminophen, duloxetine, and others. The non-steroidal anti-inflammatory drugs sub-segment has been further segmented into aspirin, ibuprofen, naproxen sodium and naproxen, and others.
By end user, the Global Osteoarthritis Market has been segmented into hospitals & clinics, medical institutes, research organization, and others.
By region, the Global Osteoarthritis Market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA.)
The majority of the market share is held by the Americas. massive patient population, high healthcare expenditure, and a robust healthcare sector are factors supporting market growth. Besides, availability of advanced treatment options and favorable reimbursement scenario is also supporting the growth of the market.
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Europe is the second largest market for osteoarthritis. Increasing incidence rate of arthritis, well-developed healthcare sector, and availability of funds for R&D are factors projected to augment the growth of the market. The Europe osteoarthritis market has been segmented into Western Europe and Eastern Europe. Western Europe, led by the UK, Germany and France, accounts for the foremost share of the market while Eastern Europe is expanding at a relatively faster rate. The untapped markets of Eastern Europe hold huge growth potential.
APAC is poised to showcase the fastest growth over the forecast period. Presence of a broad base of patients suffering from arthritis coupled with surging healthcare expenditure in the emerging economies of the region such as China, India, and others presents scope for market expansion. In addition, favorable government policies and increasing awareness is also fostering the growth of the market.
The MEA market accounts for the minimum share of the global osteoarthritis market. Poor economic conditions and low healthcare expenditure in the African region is hampering the growth of the MEA market. However, the market is showcasing significant progress in the developed economies of the region such as Kuwait, Dubai, Qatar, and Saudi Arabia where healthcare expenditure is considerably high.
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