Osteoarthritis Therapeutics Market: Rising Obese and Geriatric Populations to Increase the Prevalence of Knee Osteoarthritis
What the Osteoarthritis Therapeutics Market Looks Like?
The osteoarthritis therapeutics market is projected to reach USD 10.1 billion by 2024 from USD 6.8 billion in 2019, at a CAGR of 8.1%. Europe was the largest regional market for osteoarthritis therapeutics in 2018.
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Knee segment to witness the highest growth during the forecast period
Based on anatomy, the market is segmented into knee, hip, hand, and small-joint. The knee osteoarthritis segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. This is attributed to a large number of patients suffering from knee osteoarthritis.
Viscosupplementation agents segment to dominate the osteoarthritis therapeutics market in 2018
Based on drug type, the market is segmented into viscosupplementation agents, nonsteroidal anti-inflammatory drugs (NSAIDs), analgesics, and corticosteroids.
The viscosupplementation agents segment accounted for the largest market share in 2018. The rising incidence and prevalence of knee osteoarthritis are supporting their adoption in the market.
What Drives the Osteoarthritis Therapeutics Market?
The growth of the global market for osteoarthritis therapeutics is primarily influenced by the following factors:
o Rapid Growth in the Geriatric and Obese Populations and the Associated Increase in the Prevalence of Osteoarthritis
o Increasing Incidence of Sports Injuries
Geographical growth scenario of Osteoarthritis Therapeutics Market
Europe was the largest regional market for osteoarthritis therapeutics in 2018
The osteoarthritis therapeutics market is segmented into Europe, North America, Asia Pacific, and Rest of the World. In 2018, Europe was the largest market for share, followed by North America. The rising incidence of osteoarthritis, rising geriatric population, and the increasing obesity rates in several European countries are the major factors driving the growth of the market in Europe.
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Leading market players and strategies adopted.
The prominent players operating in this market include Sanofi (France), Horizon Therapeutics (Ireland), Johnson & Johnson (US), GlaxoSmithKline Plc (UK), Bayer AG (Germany), Abbott (US), Pfizer (US), Eli Lilly (US), Anika Therapeutics (US), Novartis (Switzerland), Bioventus (US) Zimmer Biomet Holdings, Inc.(US), Flexion Therapeutics (US) and Fidia Farmaceutici s.p.a. (Italy).
Sanofi (France) is one of the leading players in the market in 2018. The company boasts of a broad product portfolio across the globe. Over the years, the company has maintained its leading position in the market.
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