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Osteoarthritis Market Overview 2024-2033 - Share, Size, Insights, Forecast
Osteoarthritis Market Overview
According to The Business Research Company's, The osteoarthritis market size has grown rapidly in recent years. It will grow from $6.24 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to aging population, obesity epidemic, advances in imaging, pain management.
The osteoarthritis market size is expected to see strong growth in the next few years. It will grow to $9.69 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to non-pharmacological approaches, disease-modifying osteoarthritis drugs (dmoads), personalized medicine, telehealth and remote monitoring. Major trends in the forecast period include regenerative therapies, wearable devices, artificial intelligence in diagnosis, digital health tools.
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Market Drivers and Trends:
The increasing obesity-related disorders are expected to boost the growth of the osteoarthritis market going forward. Obesity-related problems refer to a range of health issues that can arise from excessive body fat. It is caused by consuming more calories than the body burns through physical activity and exercise, eating large amounts of processed or fast food and drinking too much alcohol. Obesity can induce osteoarthritis by putting strain on joints, producing inflammation and altering hormones, thus increasing the load on the joints. For instance, according to the World Obesity Atlas 2022, published by the World Obesity Federation, a UK-based non-profit organization, 1 billion people worldwide, including 1 in 7 men and 1 in 5 women, will be living with obesity by 2030 and it will increase to 4 billion people or 51% of the global population, will be living either overweight or obese by 2035. Therefore, the increasing obesity-related disorders are driving the growth of the osteoarthritis market.
Major companies operating in the osteoarthritis market are focusing on developing new products and advanced treatment drugs, such as small molecule inhibitors, intra-articular injections of hyaluronic acid and single injection viscosupplement, to sustain their market position. For instance, in August 2021, Seikagaku Corporation, a Japan-based pharmaceutical and medical device company, launched HyLink, a single-injection viscosupplement administered intra-particularly for treating knee osteoarthritis. The primary component of this product is crosslinked hyaluronate hydrogel, which was manufactured using Seikagaku's exclusive crosslinking technique. HyLink is anticipated to provide long-lasting relief from symptoms with only a 3ml dosage since the highly viscoelastic hyaluronate hydrogel stays in the knee joint cavity for a considerable time to improve lubrication and reduce pain.
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Major Key Players of the Market:
Major players in the osteoarthritis market are Pfizer Inc., Johnson & Johnson, Merck Sharp & Dohme Corp., Abbvie Inc., Bayer AG, Novartis AG, Sanofi SA, AstraZeneca PLC, Abbott Laboratories Incorporation, Eli Lilly and Company, Boehringer Ingelheim, Novo Nordisk A/S, Reckitt Benckiser Group PLC, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Mylan N.V., Astellas Pharma Inc., Zimmer Biomet Holdings Inc., Eisai Co. Ltd., Horizon Therapeutics PLC, Apotex Inc., Mallinckrodt Pharmaceuticals, Pacira BioSciences Inc., Bioventus Inc., Endo Pharmaceuticals Inc., Assertio Therapeutics Inc., Anika Therapeutics Inc., Abiogen Pharma Spa, Kolon TissueGene Inc., Ampio Pharmaceuticals Inc.
Osteoarthritis Market 2024 Key Insights:
• The osteoarthritis is expected to grow to $9.69 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Rising Obesity-Related Disorders Fuel Growth In The Osteoarthritis Market
• Innovative Approaches And Advanced Treatments Transform The Osteoarthritis Market
• North America was the largest region in the osteoarthritis market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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