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Why Is Osteoporosis Drugs Market Growing with Rising Awareness?
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The primary factor improving the osteoporosis drugs market growth prospects is the increasing prevalence of osteoporosis. According to the World Health Organization (WHO) data, around 55% of the population currently lives in urban areas, globally, with the share expected to reach about 68% by 2050. Urbanization leads to an unhealthy lifestyle, which negatively impacts bone health. This results in a large number of individuals suffering from the disease; therefore, the demand for osteoporosis drugs will increase during the forecast period for the treatment of this condition.
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The drug class segment of the osteoporosis drugs market is categorized into parathyroid hormone therapy, bisphosphonates, selective estrogen receptor modulator (SERM), calcitonin, rank ligand inhibitor, and others. Among these, the bisphosphonates category accounted for the largest share in 2015 in the market. On the other hand, the rank ligand inhibitor category is projected to observe the highest CAGR in the coming years.
The osteoporosis drugs market is quite competitive in nature, owing to the presence of several key players who have a large product portfolio. The players are developing highly efficient drugs for the management of osteoporosis. These companies are additionally adopting strategies such as mergers and acquisitions to improve their market position. The key market players include F. Hoffmann-La Roche, Eli Lilly and Company, GlaxoSmithKline plc, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Novartis International AG, Radius Health Inc., Merck & Co. Inc., and Amgen Inc.
Thus, the increasing prevalence of osteoporosis and the surging healthcare expenditure across the globe are expected to propel the growth of the market during the forecast period.
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