Osteoarthritis Drugs Market: Osteoarthritis Drugs Market: Growing Elderly Population a Major Driver of the Market
Global Osteoarthritis Drugs Market- Snapshot
The global osteoarthritis drugs market is expected to reach a market value of about US$ 11,226.1 Mn by the end of 2026, expanding at a high single digit CAGR during the forecast period. Rise in R&D expenditure, increased prevalence of osteoarthritis across the globe, increased geriatric population, rise in awareness regarding degenerative bone diseases in developing countries, and rich pipeline of innovative treatment options are some factors that are expected to boost the global osteoarthritis drugs market during the forecast period. Moreover, increasing research and development activities in disease modifying drugs and surge in investment by key players in the clinical studies of advanced treatment options are expected to propel the global osteoarthritis drugs market during the forecast period. However, the high cost of advanced treatments and severe side-effects associated with certain injectable treatments are expected to hamper the osteoarthritis drugs market.
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The global osteoarthritis drugs market has been segmented based on drug class, route of administration, and distribution channel. In terms of drug class, the global market has been classified into corticosteroids, NSAIDs & others, and viscosupplementation agents. The viscosupplementation agents segment dominates the global osteoarthritis drugs market, in terms of value, owing to its high cost. This segment is also expected to expand at a significant CAGR owing to its effectiveness in the treatment of knee osteoarthritis, increasing acceptance of viscosupplementation for the treatment of chronic pain associated with osteoarthritis, and long duration of pain relief provided by the treatment. Based on route of administration, the global osteoarthritis drugs market has been divided into oral, parenteral, and topical. The parenteral segment held a major share of the market in 2017. It is expected to maintain its leading position, in terms of market share, during the forecast period.
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In terms of distribution channel, the global osteoarthritis drugs market has been segregated into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held a major share of the market in 2017, followed by retail pharmacies. The hospital pharmacies segment is expected to maintain its market share during forecast period due to acceptance of advanced treatment options requiring hospitalization. The online pharmacies segment is projected to expand at a considerable CAGR during the forecast period, owing to easy availability of over-the-counter drugs at home at a discounted price.
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In terms of geography, the global osteoarthritis drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global osteoarthritis drugs market owing to high acceptance of viscosupplementation agents in the U.S. and presence of major players in the region. According to the Centers for Disease Control and Prevention, one in every five adults in the U.S. has doctor-diagnosed arthritis. As the country's population ages, it is estimated that this number would increase to at least 67% by 2030. Rising incidence of osteoarthritis leading to disability, demanding advanced therapies and disease modifying drugs, is a major factor driving the market in North America. The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period, owing to improving health care infrastructure, rising investments in research and development in countries such as China and India, and high acceptance of viscosupplementation agents in Japan. Furthermore, Japan is the second-largest market for viscosupplementation products after the U.S., which in turn is anticipated to further boost the market in Asia Pacific in the near future.
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Major players operating in the global osteoarthritis drugs market include Horizon Pharma plc., Pfizer Inc., Sanofi, Anika Therapeutics, Inc., Ferring B.V., Bioventus, Inc., Chugai Pharmaceutical Co., Limited, Alkem Laboratories, Flexion Therapeutics, Inc., and Zimmer Biomet Holdings, Inc. Key players are expanding their product portfolios through mergers & acquisitions and partnerships & collaborations with leading pharmaceutical and biotechnology companies and by offering technologically advanced products.
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