According to the latest report by IMARC Group, titled "Osteoarthritis Therapeutics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global osteoarthritis therapeutics market size reached US$ 7.9 Billion in 2020. Osteoarthritis is a common medical condition that causes pain and swelling in the joints due to the progressive degeneration of cartilage in the knees, hips, hands, feet, spine, shoulders and neck. It results in loss of flexibility and impaired movement in the affected joint, along with stiffness, tenderness, grating sensation and bone spurs. Upon the detection of osteoarthritis via X-ray, arthroscopy, physical examination, joint fluid analysis, blood tests or MRI scans, prescribed medication is generally administered to the patients orally, topically or parenterally. Various physical therapies and alternative medicines can also be used to improve joint function in the affected area.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Osteoarthritis Therapeutics Market Trends:
The global market is majorly driven by the increasing prevalence of osteoarthritis among the masses. Supported by the rising geriatric population that is more susceptible to developing arthritis, there has been an escalating need for efficient osteoarthritis therapeutics across the globe. Apart from this, the rising incidences of obesity on the global level due to unhealthy dietary preferences and the sedentary lifestyles led by individuals have increased the risks of developing osteoarthritis. The market is further driven by a rise in the incidences of injuries and accidents while participating in sports activities. Moreover, continual research and development (R&D) activities conducted by players to launch effective diagnostic and treatment solutions for osteoarthritis and rising government support for introducing novel therapies and pipeline drugs in the market are expected to create a positive outlook for the market. Several players are also aiming to re-grow cartilage using stem cells treated with molecules, which is anticipated to create numerous growth opportunities in the market. Some of the other factors contributing to the market growth include the development of imaging biomarkers based on radiographic features and continual developments to improve the overall healthcare infrastructure. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.4% during 2021-2026.
- On the basis of the anatomy type, the market has been divided into the knee, hip, hand, spine and others.
- Based on the drug type, the market has been classified into nonsteroidal anti-inflammatory drugs, analgesics, corticosteroids, and others.
- On the basis of the route of administration, the market has been categorized into parenteral, topical and oral.
- Based on the distribution channel, the market has been segmented into hospitals, specialty clinics, medical institutions and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Abbott Laboratories, Anika Therapeutics Inc., Bayer Aktiengesellschaft, Eli Lilly and Company, Flexion Therapeutics Inc., GlaxoSmithKline Plc, Horizon Therapeutics Plc, Johnson & Johnson Inc., Pfizer Inc., and Sanofi S.A.
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