The Global Osteoarthritis Market is poised to capture a CAGR of approximately 6.8% over the forecast period of 2017-2023, proclaims Market Research Future (MRFR) in a minutely analyzed research report.
The market is growing persistently on account of growing global geriatric population as it accounts for more disability among the elderly population than any other disease. Elderly patients have been reported to experience radiographic osteoarthritis which increases as patients age. Rising populace of obesity is also considered to be the driving factor in the growth of the global osteoarthritis market since obesity has also been identified as a risk factor for osteoarthritis. Obesity reduces the skeletal-weight-to-body-mass which results in compressive forces to joints. Although the treatment market for osteoarthritis is not robust, increased prevalence of the disease has resulted in increased R&D activities which are expected to bring new treatment options to the market.
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Moreover, raising awareness about the disease may induce demand for medications and boost market growth. Low access to healthcare and the side effects of the treatment procedures are the most significant hurdles to the growth of the global osteoarthritis market. Stem cells treatments have been demonstrated as a possible treatment for osteoarthritis which is expected to provide growth opportunities to the global osteoarthritis market.
Key Players for Global Osteoarthritis Market
- 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.
Industry Updates
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.
Segmental Analysis
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.
Regional Analysis of Global Osteoarthritis Market
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.
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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