Osteoarthritis Market 7.3% CAGR Achieve by Top Vendors as Abbott., Novartis AG, Pfizer Inc., Eli Lilly and Company., ABIOGEN PHARMA S.p.A, etc

The Global Osteoarthritis Market is poised to capture a CAGR of approximately 6.8% over the forecast period of 2017-2023, proclaims Market Research Future (MRFR) in a minutely analyzed research report. The market is growing persistently on account of 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.

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Key Players for Global Osteoarthritis Market

The key players for the Global Osteoarthritis Market are Abbott. (U.S.), Novartis AG (Europe), Pfizer Inc. (U.S.), Eli Lilly and Company. (U.S.), ABIOGEN PHARMA S.p.A (Europe), Merck Sharp & Dohme Corp. (U.S.), TissueGene Inc. (U.S.), Ampio Pharmaceuticals Inc. (U.S.), Regeneron (U.S.), and others.

Regional Analysis of Global Osteoarthritis Market

America dominates the Global Osteoarthritis Market owing to a well-developed healthcare sector and huge patient population for osteoarthritis. Apart from this, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America

Europe is the second largest Osteoarthritis Market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period.

Asia Pacific is the fastest growing region in Global the market due to the presence of a huge patient population, continuously developing economies like India and China, and presence of huge opportunity in the market. According to Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during the review period to reach USD 280 billion by 2020.

On the other hand, the Middle East & Africa holds the least share in the Global Osteoarthritis Market due to presence of poor economy, especially, in African region. Majority of the market of this region is held by the Middle East due to the well-developed healthcare sector and huge healthcare expenditure by the presence of economies like Kuwait, Saudi Arabia, Dubai and Qatar.

Segmentation of Global Osteoarthritis Market

The global 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.

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