Osteoarthritis Therapeutics Market 2023 Research on Import-Export Details, Business Standards and Forecast to 2032

As per the report published by The Brainy Insights, the global osteoarthritis therapeutics market is expected to grow from USD 8.15 billion in 2020 to USD 13.63 billion by 2028, at a CAGR of 6.56% during the forecast period 2021-2028. The Europe region dominated the global osteoarthritis therapeutics market and held the major market share of 46.42% in the year 2020. Increasing prevalence of osteoarthritis along with the rising geriatric population, driving the growth of the market. On the other hand, the Asia Pacific region is projected to grow at the highest CAGR of 7.4% over the forecast period. Increasing awareness about the osteoarthritis therapeutics boosting the growth of the market.

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Osteoarthritis Therapeutics Market by Drug Type (Viscosupplementation Agents, Nonsteroidal Anti-inflammatory Drugs, Analgesics, Corticosteroids), Anatomy (Knee, Hip, Hand, Small Joints), Route of Administration, Distribution Channel, Regions, and Global Forecast 2021-2028

Major players in the global osteoarthritis therapeutics market are Horizon Therapeutics, Sanofi, Pfizer, Bayer AG, GlaxoSmithKline Plc, Johnson & Johnson, Abbott, Anika Therapeutics, Eli Lilly, and Flexion Therapeutics among others. The key players of global osteoarthritis therapeutics market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry. In July 2019, GlaxoSmithKline Plc announced the start of a phase III clinical development programme with otilimab, an anti GM-CSF monoclonal antibody, for the patient who is suffering from moderate to severe arthritis.

The drug type segment is divided into viscosupplementation agent, nonsteroidal anti-inflammatory drugs, analgesics, corticosteroids, and others. Viscosupplementation agent dominated the global osteoarthritis therapeutics market and held the market share of 45.26% in the year 2020. This drug is highly used for the knee joint to relieve the pain associated with the osteoarthritis. The anatomy segment includes knee, hip, hand, and small joints (foot & ankle and wrist). The knee segment dominated the global osteoarthritis therapeutics market and held the major market share of 65.45% in the year 2020. Currently, most of the people are suffering from the osteoarthritis, which is associated with the knee. The route of administration segment includes parenteral, topical, and oral. The parenteral segment accounted for the major market share and valued at USD 4.16 billion in the year 2020. In this route of administration, the drug is delivered by the injected through the needle. By this method, the drug acts immediately in the body. The distribution channel segment classified into hospital pharmacies, retail pharmacies, and online pharmacies. Online pharmacy segment is anticipated to grow at the highest CAGR of 8.5% over the forecast period. Increasing the patient's preference for online pharmacies due to doorstep delivery is driving the growth of the market.

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Global osteoarthritis therapeutics market is witnessing a rapid growth owing to the increasing prevalence of osteoarthritis across the globe. In addition to this, increasing geriatric population in the various countries in the world, further boosting the demand for osteoarthritis therapeutics. Furthermore, rising sports injuries, which further leads to an increased risk of osteoarthritis, also propelling the growth of the market. Increasing awareness about the osteoarthritis therapeutics in the emerging market is providing the key growth opportunities for the vendors in the global osteoarthritis therapeutics market. However, adverse side effects of osteoarthritis medication may restrain the growth of the market.

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