Wilmington, Delaware, United States, March 04, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global osteoarthritis drugs market is projected to rise at a CAGR of 8.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 17.7 billion is anticipated for the market in 2031. As of 2023, the demand for osteoarthritis drugs is expected to close at US$ 8.6 billion.
With the global population aging, there's a significant increase in the prevalence of osteoarthritis, as it is more common in older individuals. As people age, their musculoskeletal system undergoes changes that increase the likelihood of developing osteoarthritis.
These age-related alterations in the body's structure and function contribute to a higher susceptibility to the condition. Certain joints commonly affected by osteoarthritis often coincide with other risk factors such as genetic predisposition, obesity, and previous joint injuries
There is a growing awareness about osteoarthritis and its management among both patients and healthcare providers. This has led to earlier diagnosis and treatment initiation, thereby driving the demand for osteoarthritis drugs.
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Sedentary lifestyles, repetitive stress injuries, and sports-related injuries contribute to the development and progression of osteoarthritis. As these lifestyle factors continue to influence health patterns globally, the demand for drugs to manage osteoarthritis is expected to increase.
Emerging economies are witnessing rapid urbanization, lifestyle changes, and improvements in healthcare infrastructure, leading to increased diagnosis and treatment of osteoarthritis. This presents significant opportunities for growth in the osteoarthritis drugs market in these regions.
Regulatory agencies are increasingly supporting the development and approval of new osteoarthritis drugs, streamlining the approval process for innovative therapies. This encourages investment in research and development within the pharmaceutical industry, further driving market growth.
Key Takeaways from the Market Study
- As of 2022, the osteoarthritis drugs market was valued at US$ 8.6 billion
- Based on drug class, the corticosteroids segment is expected to dominate the global market during the forecast period.
- Based on the route of administration, the oral segment is expected to generate high revenue during the forecast period.
Osteoarthritis Drugs Market: Key Trends and Opportunistic Frontiers
- Growing emphasis on the development of disease-modifying osteoarthritis drugs (DMOADs) that target the underlying mechanisms of joint degeneration.
- Advances in biotechnology and molecular research have led to the emergence of biologic therapies and targeted drug delivery systems for osteoarthritis.
- The concept of personalized medicine, tailored to individual patient characteristics and disease subtypes, is gaining traction in the osteoarthritis drugs market.
- The integration of digital health technologies and telemedicine platforms is facilitating remote monitoring, diagnosis, and management of osteoarthritis. These tools enhance patient engagement, improve treatment adherence, and enable real-time data collection for clinical research and drug development.
Osteoarthritis Drugs Market – Regional Analysis
- The North American market for osteoarthritis drugs is one of the largest globally, driven by a high prevalence of the condition, favorable reimbursement policies, and robust healthcare infrastructure. The presence of key market players and ongoing research and development activities further contribute to market growth in this region.
- The Asia Pacific region is witnessing rapid growth in the osteoarthritis drugs market due to factors such as the large population base, rising healthcare expenditure, and increasing prevalence of osteoarthritis. Countries like China, India, and Japan are key markets within the region, with improving access to healthcare driving market expansion.
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Competitive Landscape
Market players are continuously expanding and diversifying their product portfolios allowing companies to cater to a wider range of patient needs and preferences. Expanding into new geographic markets to tap into growing patient populations and diversify their revenue streams.
- Horizon Pharma plc
- Pfizer Inc.
- Sanofi
- Anika Therapeutics Inc.
- Ferring B.V.
- Bioventus Inc.
- Chugai Pharmaceutical Industries Ltd.
- Alkem Laboratories
- Flexion Therapeutics Inc.
- Zimmer Biomet Holdings Inc.
Key Developments from the market are:
- Horizon Pharma plc is known for its focus on rare diseases and rheumatology, including osteoarthritis. They develop and market various medications, including those for pain management and inflammation associated with osteoarthritis.
- Pfizer Inc. is a major pharmaceutical company with a diverse portfolio, including drugs for osteoarthritis. They have developed medications such as Celebrex (celecoxib), a nonsteroidal anti-inflammatory drug (NSAID) used to manage osteoarthritis pain and inflammation.
- Sanofi has a presence in the osteoarthritis drug market with medications like Synvisc (hylan G-F 20), a viscosupplement used to provide relief from osteoarthritis knee pain by lubricating and cushioning the joint.
Osteoarthritis Drugs Market – Key Segments
Drug Class
- Corticosteroids
- NSAIDs & Others
- Viscosupplementation Agents
Route of Administration
- Oral
- Parenteral
- Topical
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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