The Osteoarthritis Treatment Market was valued at approximately USD 5,847. 98 million in 2020 and is expected to witness a revenue of USD 8,205. 44 million in 2026, with a CAGR of 5. 76% over the forecast period.
New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Osteoarthritis Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06074763/?utm_source=GNW
The COVID-19 pandemic is expected to show a short-term impact on the studied market growth. According to the research study by Enrico Ragni et al., published in Clinical Pharmacology and Therapeutics Journal, May 2020, the existence of osteoarthritis?related concomitant disorders is expected to initiate life?threatening risks for Osteoarthritis patients in case of SARS-CoV2 viral infection. This has lead clinicians and orthopedists to examine and evaluate osteoarthritis patients with great care, not only from the perspective of osteoarthritis symptoms management but also for comorbidities that could occur due to osteoarthritis treatment during the COVID?19 pandemic. Thus, given the aforementioned factors, the studied market is expected to be impacted during the present pandemic era.
The growth of the global osteoarthritis treatment market is due to the rising geriatric population, increasing incidence of osteoarthritis, and rising demand for minimally invasive surgical procedures. For instance, according to a research study by David J Hunter et al., published in the Lancet Journal November 2020, in 2019, osteoarthritis affected about 7% of the global population, more than 500 million people worldwide, with women disproportionately affected by the condition and the number of people affected by osteoarthritis globally increased by 48% from 1990 to 2019, and in 2019 osteoarthritis was the 15th highest cause of years lived with disability (YLDs) and was responsible for 2% of the total global years lived with disability (YLDs). Also, increasing awareness among the people, the availability of better treatment options, and the willingness to take up treatment are expected to add to the growth of the global osteoarthritis treatment market.
Moreover, the market players have been adopting various strategies, such as product launches, developments, acquisitions and mergers, and collaborations, in expanding their product portfolio in the studied market, which boosts the market growth. For instance, in October 2019, Kitov Pharma Ltd entered an agreement with Coeptis Pharmaceuticals, which has helped in the efficient distribution and commercialization of Consensi in the United States. However, the high cost associated with hyaluronic acid products and the side effects of available therapeutics is expected to impede market growth over the forecast period.
Key Market Trends
Non-steroidal Anti-inflammatory Drugs (NSAIDs) is the Largest Segment Under Drugs that is Expected to Grow During the Forecast Period
NSAIDs have been an important treatment for the symptoms of osteoarthritis for a very long time. NSAIDs impart their anti-inflammatory and analgesic effects via the admission of the prostaglandin-generating enzyme, cyclooxygenase (COX). Non-steroidal anti-inflammatory drugs (NSAIDs) are commonly used agents for backache and various joint pains. Examples of NSAIDs include ibuprofen (Advil, Motrin), naproxen (Aleve), celecoxib (Celebrex), diclofenac (Cataflam and Voltaren), indomethacin (Indocin), oxaprozin (Daypro), and piroxicam (Feldene). NSAIDs help reduce swelling (or inflammation) while relieving pain. NSAIDs work by blocking two forms of an enzyme called cyclooxygenase (COX). COX-1 protects the stomach lining from digestive acids and helps maintain kidney function. COX-2 is produced when joints are injured or inflamed. Blocking both forms of this enzyme reduces inflammation, pain, and fever. According to the research article published in Rheumatology and Therapy, 2020, topical NSAIDs such as diclofenac were advised as a guideline-supported, generally well-tolerated, and effective first-line treatment option for knee and hand OA, especially for older patients and those who have comorbid conditions and/or risk factors for various systemic (gastrointestinal, hepatic, renal, or cardiovascular) adverse events associated with oral NSAIDs, particularly at high doses and with long-term use. Also, in June 2020, the drug firm Lupin Limited received United States Food and Drug Administration approval for its Meloxicam capsules, 5mg and 10 mg used for treating osteoarthritis (OA) pain, and launched Meloxicam capsules in the United States in December 2020. Therefore, owing to the aforementioned factors, the NSAIDs segment is expected to witness significant growth during the forecast period.
North America has been reported with the Fastest and the Largest Growth and is Expected to follow the Same Trend over the Forecast Period
The North American market is expected to grow, owing to the increasing lifestyle changes, an increasing number of obesity cases, and an extensive rise in the geriatric population in North America. As a result, the adoption of treatment and drugs is also increasing in the region. The availability of better treatment options, high awareness among people, government reimbursement policies, and the willingness to take up treatment is expected to add up to the growth of the osteoarthritis treatment market in the region. As per the United Nations World Population Ageing 2019 Report, in the United States, the number of people above 65 years of age is projected to reach 70.842 million by 2030 from 53.340 million in 2019, and the 65-and-older age group’s share in the total population may rise from 16.2% in 2019 to 20.3% by 2030, having a positive impact on the studied market in the region. Also, according to the National Public Health Agenda for Osteoarthritis 2020 Update by Osteoarthritis Action Alliance, osteoarthritis (OA), was the most common form of arthritis and serious chronic disease that affected 1 in 7 adults in the United States, which is 32.5 million people in 2020. Additionally, the increasing research and development activities in the development of novel therapeutics in the North American region are also expected to boost the market. For instance, in March 2019, Fidia Pharma USA Inc. received the United States Food and Drug Administration (FDA) approval for TRILURON, which is a hyaluronic acid (HA) based intra-articular viscosupplement indicated for the treatment of knee pain in osteoarthritis patients who have failed to respond adequately to conservative non-pharmacologic therapy and simple analgesics. Thus, owing to the aforementioned factors, the osteoarthritis treatment market in the North American region s expected to propel significantly over the forecast period.
The Osteoarthritis Treatment market is highly competitive with several players existing globally. The major players of the studied market comprise Sanofi SA, Pfizer Inc., GlaxoSmithKline plc, Zimmer Biomet, Abbott Laboratories, Bayer AG, and Anika Therapeutics among others. Various manufacturers are expanding, owing to new product launches in the market. These manufacturers have also seen positive developments in the United States, Europe, Latin America, and Asia. In the coming years, few other players are expected to enter the studied market. Also, the major player as re involved in strategic alliances such as acquisitions to withstand the competitive rivalry. For instance, in April 2021, Pfizer Inc. completed the acquisition of Amplyx Pharmaceuticals Inc., which is involved in the development of therapies for life-threatening diseases that affect people with compromised immune systems.
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