Market Overview
The global osteoarthritis market share is projected
to reach a exhibiting CAGR of approximately 9.1% over the forecast
period of 2023-2032, proclaims Market Research Future (MRFR) in a minutely
analyzed research report. The market is growing persistently on account of the
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.
Regional Analysis
The global osteoarthritis market insights 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.
Competitive
Landscape
The global osteoarthritis market players 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.).
Segmentation
The global osteoarthritis market outlook 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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