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. 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.
Competitive Landscape
The key players in the global osteoarthritis market include Regeneron (U.S.), Novartis AG (Europe), TissueGene Inc. (U.S.), Eli Lilly and Company. (U.S.), Pfizer Inc. (U.S.), Abbott. (U.S.), Ampio Pharmaceuticals Inc. (U.S.), ABIOGEN PHARMA S.p.A (Europe), and Merck Sharp & Dohme Corp. (U.S.).
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Segmentation
The global osteoarthritis market has been segmented based on type, diagnosis, treatment, and end users. By type, the osteoarthritis market has been segmented into hip osteoarthritis, wrist osteoarthritis, spinal osteoarthritis, and others.
By diagnosis, the 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 osteoarthritis 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 analgesic sub-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 users, the osteoarthritis segment has been hospitals & clinics, medical institutes, research organization, and others.
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Regional Analysis
The global osteoarthritis market spans across the regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas hold the dominant position in the global osteoarthritis market. A robust healthcare sector, huge osteoarthritis patient pool, and high healthcare expenditure support the growth of the Americas market.
Europe has commanded the second position in the global osteoarthritis market. Availability of funds for research and development activities coupled with government support, high healthcare expenditure and growing prevalence of osteoarthritis in the region propels the growth of the Europe market.
Asia Pacific follows Europe in the global osteoarthritis market. The presence of a huge patient population, rising healthcare investments in the developing economies, and the untapped markets of the region provide a lucrative opportunity for market expansion. Moreover, favorable government policies aid market growth and will help Asia Pacific to emerge as the fastest growing market for osteoarthritis.
The Middle East & Africa holds the least share in the global osteoarthritis market. Poor economic condition and low penetration of healthcare limit the growth of the market, especially in the Africa region and the majority of the market share is held by the Middle East market. The healthcare sector is well-developed in the Gulf countries which helps the Middle East market progress.
Industry Updates
In August 2018, the FDA launched new draft guidance for Osteoarthritis Treatments. The new set of rules will guide drug and medical device manufacturers to develop treatments for osteoarthritis.
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