Osteoarthritis Therapeutics Market Statistics 2021--2030 : Major Factors that can Increase the Global Demand

The Osteoarthritis Treatment market refers to the commercial market for products and services used to treat osteoarthritis. Osteoarthritis is a common form of arthritis that affects millions of people worldwide, causing pain and discomfort in joints, especially in the hips, knees, and hands. The treatment of osteoarthritis includes both non-surgical and surgical options, such as pain relief medications, physical therapy, joint injections, and joint replacement surgery. The market for osteoarthritis treatment is growing, driven by an aging population and increasing rates of obesity, which are major risk factors for the development of osteoarthritis. The global osteoarthritis treatment market is estimated to be worth several billion dollars and is expected to continue to grow in the coming years. Additionally, the COVID-19 pandemic has led to an increased demand for osteoarthritis treatment due to the effects of stress, isolation, and inactivity on joint health.

Alarming rise in prevalence of osteoarthritis, advancements in R&D activities for drug development, rise in government & private funds for development of healthcare sectors, and increase in geriatric population are expected to notably contribute to the growth of the global osteoarthritis therapeutics market share during the forecast period.

The global Osteoarthritis Therapeutics Market generated $6.75 billion in 2020, and is estimated to reach $15.69 billion by 2030, manifesting a CAGR of 8.8% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.

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Surge in the prevalence of osteoarthritis, rise in the geriatric population, and the increase in R&D activities for developing new and better drugs propel the market growth. On the other hand, risk associated with the use of non-steroidal anti-inflammatory drugs and cost of drugs used to treat osteoarthritis hinder the market growth. On the contrary, changes in government policies and rise in healthcare expenses across the world create opportunities for the market players.

COVID-19 scenario:

Surge in the number of COVID-19 patients and drop in the use of non-steroidal anti-inflammatory drugs and corticosteroids negatively affected the market.

As per the World Health Organization guideline published in 2019, a systemic corticosteroid can be avoided in patients who are diagnosed with osteoarthritis along with COVID-19. This has contributed to the drop in the global osteoarthritis treatment market.

The report segments the global osteoarthritis therapeutics market on the basis of drug type, anatomy, distribution channel, and region.

Based on the anatomy, the knee osteoarthritis segment accounted for the largest market share in 2020, contributing to more than three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 9.3% from 2021 to 2030. The report also covers other segments such as hip osteoarthritis, hand osteoarthritis, and small joint osteoarthritis.

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Based on drug type, the nonsteroidal anti-inflammatory drugs segment contributed to the highest market share in 2020, contributing to nearly three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the visco supplementation agents segment is expected to manifest the fastest CAGR of 9.7% from 2021-2030.

Based on region, Europe followed by Asia-Pacific and North America, contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to portray the fastest CAGR of 9.1% from 2021-2030.

Key players of the global osteoarthritis therapeutics market analysed in the research include Bayer AG, Pfizer Inc., Flexion Therapeutics, Inc., Abbott Laboratories, GlaxoSmithKline plc., Johnson & Johnson, Novartis, Horizon Therapeutics plc., Sanofi, and Zimmer Biomet Holding.

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