Osteoarthritis Therapeutics Market size was valued at USD 8.73 billion in 2023 and is expected to exceed USD 20.28 billion by 2036, registering over 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of osteoarthritis therapeutics is assessed at USD 9.2 billion.
The growth of the market can be attributed to the increased number of patients with osteoarthritis. Osteoarthritis is a type of arthritis that occurs when flexible tissue at the ends of bone wears down. The main factor for the rise of osteoarthritis is the increasing number of geriatric population. According to the report published by United Nations, there were 703 million people aged 65 years or over in the world in 2019. Hence on the back of the increasing geriatric population, the market is estimated to witness remarkable growth during the forecast period. Moreover, the World Obesity Atlas 2022 report published by the World Obesity Federation predicts that 1 billion people globally, including 1 in 7 men and 1 in 5 women will be living with obesity by 2030. Obesity is also a primary factor that contributes to the development of osteoarthritis. The excess weight adds pressure and stress on joint, and fat cells promote inflammation. Additionally, osteoarthritis is also caused by joint injuries such as bone fracture, cartilage, or ligament tear. Posttraumatic osteoarthritis is the occurrence of arthritis after a trauma or an accident. The condition is becoming common and it is estimated that approximately 10% of osteoarthritis cases of the knee, ankle, and hip are the result of trauma or accident. Owing to surging accidental cases the market is expected to grow during the forecast period.
Growth Drivers
Increasing Patients with Osteoarthritis
Challenges
Lack of Awareness among People
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
6.7% |
|
Base Year Market Size (2023) |
USD 8.73 billion |
|
Forecast Year Market Size (2036) |
USD 20.28 billion |
|
Regional Scope |
|
The osteoarthritis therapeutics market is segmented by distribution channel into hospital, retail, and online pharmacies. Out of which, the hospital sub-segment is anticipated to hold the largest share in the market during the forecast period on account of a large number of patients getting admitted to the hospitals. As hospitals are equipped with ultra-modern machines and talented doctors, plenty of patients are seeking treatment in the hospitals.
Our in-depth analysis of the global market includes the following segments:
|
Drug Class |
|
|
Route of Administration |
|
|
Diseases Type |
|
|
Distribution Channel |
|
Regionally, the osteoarthritis therapeutics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness modest growth over the forecast period on the back of the presence of ultra-modern healthcare infrastructure in the region. According to the data released by the Centers for Diseases Control and Prevention, osteoarthritis affects over 32.5 million US adults. On the back of rising cases of osteoarthritis in the USA, patients are looking for effective measures of relief. This is estimated to propel the market growth during the forecast period.
The market is also projected to grow outstandingly during the forecast period in the Asia Pacific region. The region is highly populous and has a large number of osteoarthritis patients. The data released by the National Institute of Health and Family Welfare (NIHFW) in 2017, osteoarthritis is the 2nd most common rheumatologic problem in India, and 70% of the people above 65 years show radiological evidence of osteoarthritis. Owing to this, the market growth is predicted to propel during the forecast period.
May 20, 2022: Pfizer Inc. joins hand with NetVation DL Medicine which is a privately held biotechnology company based in Chengdu.
April 28, 2022: Medtronic plc (MDT), a medical technology company, announced collaboration with GE to meet growing need for outpatient care.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?