Osteoarthritis is leads to the breakage of the joint cartilage and is one of the most common forms of arthritis. Osteoarthritis can cause immense pain, swelling, and a limited motion in affected joints. Usually, hands, knees, hips and the spine are highly probable to be affected by osteoarthritis. As per the report by Market Research Future (MRFR), the global osteoarthritis market is expected to ascend at a 6.8% CAGR through the forecast period.
Some factors, as mentioned in the latest report by Market Research Future (MRFR) contributing to the ascension of the global osteoarthritis market include a rising prevalence of the geriatric population across the globe. Further, unhealthy lifestyle has led to a proliferation in the number of overweight individuals, magnifying the risk of osteoarthritis among consumers. An improvement in detection techniques has led to a rise in detection rates, driving the global osteoarthritis market. Other than that, improved accessibility to healthcare facilities has also contributed to the global osteoarthritis market growth by 2023.
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Key Players for Global Osteoarthritis Market
The report has mentioned various players in the global osteoarthritis market including Abbott. (U.S.), Novartis AG (Europe), Pfizer Inc. (U.S.), Eli Lilly and Company (U.S.), ABIOGEN PHARMA S.p.A (Europe), Merck Sharp & Dohme Corp. (U.S.), TissueGene Inc. (U.S.), Ampio Pharmaceuticals Inc. (U.S.), Regeneron (U.S.).
June 2019: A treatment developed by biomedical engineers in the Cornell University uses a synthetic version of a joint lubricant to bind the surface of cartilage in joints. It acts as a cushion during heavy activities such as running. This treatment is currently in canine clinical trials and will be eventually used in humans.
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 is studied for various segments based on type, diagnosis, treatment, end-users, and region. Based on type, the global osteoarthritis market is segmented into hip osteoarthritis, wrist osteoarthritis, and spinal osteoarthritis. Based on end-user, the osteoarthritis market is segmented into research organization, medical institutes, and hospitals & clinics.
Based on diagnosis, the global osteoarthritis market is segmented into imaging, and joint fluid analysis. Among these segments, the imaging segment is further sub-segmented into X-rays, and magnetic resonance imaging (MRI).
Based on treatment, the osteoarthritis market is segmented into medication, surgery, and therapy. The medication segment is further sub-segmented into non-steroidal anti-inflammatory drugs and analgenics. The analgenics segment is further segmented into acetaminophen and duloxetine. The non-steroidal anti-inflammatory drugs segment is further sub-segmented into ibuprofen, aspirin, naproxen, and naproxen sodium.
Regional Analysis of Global Osteoarthritis Market
The global osteoarthritis market is segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. Among these segments, the Americas are expected to spearhead the global osteoarthritis market over the forecast period. This market domination can be owed to a well-developed healthcare sector and a massive patient population residing in the region. Additionally, changing lifestyle and an increasing healthcare expenditure have also contributed to the ascension of the regional osteoarthritis market. In 2015, a report by the Centre for Disease Control and Prevention, 17.8% of US’s total GDP accounted for the country’s healthcare expenditure, which came to USD 3.2 trillion.
Europe, on the other hand is anticipated to follow the Americas and owe for the second largest osteoarthritis market during the forecast period. Such market growth can be attributed to the rising availability of funds for research and a huge patient population for osteoarthritis. Further, increasing healthcare expenditure in the region, along with a well-developed healthcare sector and government support for R&D projects are boosting growth in the regional osteoarthritis market over the review period. Western Europe is anticipated to hold the largest share in the regional osteoarthritis market with Germany, France, and the UK at the forefront. However, Eastern Europe is estimated to grow at a relatively faster rate owing to expansion opportunities for various market players.
Asia Pacific is anticipated to grow at the fastest rate during the forecast period, owing to the presence of a massive patient population and the presence of significant developing countries such as China and India. Further, humongous growth opportunities for various international and regional market players are expected to drive the market.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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