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Osteoporosis Treatment Market Trends, Outlook And Industry Demand 2024-2033
Osteoporosis Treatment Market Trends
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According to The Business Research Company's, The osteoporosis treatment market size has grown strongly in recent years. It will grow from $13.16 billion in 2023 to $13.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to aging population demographics, hormone replacement therapies, calcium and vitamin d supplementation, increased diagnostic tools, integration of digital health solutions.
The osteoporosis treatment market size is expected to see steady growth in the next few years. It will grow to $16.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rise in sedentary lifestyles, rising prevalence of secondary osteoporosis, virtual bone fracture clinics, gene therapy for osteoporosis, increased focus on men's bone health. Major trends in the forecast period include advancements in biologics, integration of artificial intelligence, blockchain in bone health records, integration of machine learning.
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Market Drivers and Trends:
The increasing prevalence and incidence of osteoporosis are expected to propel the growth of the osteoporosis treatment market going forward. Osteoporosis is a bone disease that manifests when bone strength and composition change or when bone mass and mineral density drop. Most osteoporosis drugs function by slowing down the rate at which your bones deteriorate. At the same time, hormone-based treatments such as estrogen can help maintain bone density, especially when taken immediately after menopause. For instance, in May 2022, according to Amgen, a US-based biopharmaceutical company, the annual number of fractures due to osteoporosis is expected to increase by 68% to 3.2 million by 2040. Therefore, the increasing prevalence and incidence of osteoporosis are driving the growth of the osteoporosis treatment market.
Product innovation is a key trend gaining popularity in the osteoporosis treatment market. Major companies operating in the osteoporosis treatment market are adopting recent technologies to sustain their position in the market. For instance, in January 2021, Theramex, a UK-based pharmaceutical company, launched Livogiva, a new teriparatide pre-filled pen for treating severe osteoporosis. Livogiva is a biosimilar of the Forsteo reference drug teriparatide, and in phase III clinical investigation, individuals with severe osteoporosis who received treatment for six months showed therapeutic equivalence.
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Major Key Players of the Market:
Pfizer Inc., F. Hoffmann La Roche Ltd., Merck and Co Inc., AbbVie Inc., Novartis AG, GlaxoSmithKline Pharmaceutical Ltd., Takeda Pharmaceutical Company, Eli Lilly and Company, Amgen Inc., Novo Nordisk A/S, Asahi Kasei Corporation, AstraZeneca Plc., Viatris Inc., Allergan plc, Teva Pharmaceuticals Industries Ltd., Biogen Inc., Daiichi Sankyo company Ltd, Dr. Reddy's Laboratories, Gedeon Richter Plc., Celltrion Inc., Luye Pharma Group, Covis Pharmaceuticals Inc., Ligand Pharmaceuticals Incorporated, Radius Health Inc., Haoma Medica Ltd., Actavis plc, EffRx Pharmaceuticals SA
Osteoporosis Treatment Market 2024 Key Insights:
• The osteoporosis treatment market size is expected to see steady growth in the next few years. It will grow to $16.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Rising Prevalence Of Osteoporosis Fuels Growth In Osteoporosis Treatment Market
• Innovative Solutions Transform Osteoporosis Treatment Market
• North America was the largest region in the osteoporosis treatment market in 2023
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