Market Overview
The global osteoarthritis market size 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.
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 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.
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.
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