Osteoarthritis Therapeutics Market is Gaining Momentum with Key Players- Sanofi, Abbott, Pfizer
According to HTF MI, the Global Osteoarthritis Therapeutics Market is expected to see a growth rate of 9.05% and may see a market size of USD 9.85 Billion by 2028, currently pegged at USD 7.3 Billion.
Published Via 11Press : The global market for medications and therapies used to treat the symptoms of osteoarthritis (OA) is referred to as the “osteoarthritis therapeutics market.” Osteoarthritis, a degenerative joint disease, affects the joints and results in pain, stiffness, and a reduction in mobility. Medicines including no steroidal anti-inflammatory medicines (NSAIDs), corticosteroids, analgesics, and disease-modifying anti-rheumatic medications (DMARDs) are included in the therapeutics market, along with non-pharmacological therapies like physical therapy and joint replacement surgery. The market is fuelled by the increasing incidence of osteoarthritis in the world, rising demand for painkillers, and the introduction of novel therapeutics for the disease. It acts as a “shock absorber” in the joints and is mostly made of water and proteins. Normal cartilage has a shock-absorbing capability because of its high water content. Osteoarthritis (OA) is the most common kind of arthritis. Some people refer to it as “wear and tear” arthritis or degenerative joint disease.
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Key Developments in the Market:
“On 20 September 2022, the first “made in India” over-the-counter cell therapy treatment, called “StemOne,” was introduced by Alkem Laboratories and Stempeutics to treat knee osteoarthritis (OA). The business declared that the medicine has got regulatory approval from India’s Drugs Controller General (DCGI). It is the first allogeneic cell therapy item to be authorized for use in India’s commercial market to treat knee OA. On September 2, 2022, Novartis said that LNA043 has been given fast-track designation by the US Food and Drug Administration (FDA) for the treatment of knee osteoarthritis.”
Osteoarthritis Therapeutics Market Key Players
Below are the most prominent enterprise Osteoarthritis Therapeutics industry players.
- Sanofi (France)
- Horizon Therapeutics PLC (Ireland)
- Johnson & Johnson (United States)
- GlaxoSmithKline PLC (United Kingdom)
- Bayer AG (Germany)
- Abbott (United States)
- Pfizer, Inc. (United States)
- Eli Lilly (United States)
- Anika Therapeutics (United States)
- Novartis (Switzerland)
Osteoarthritis Therapeutics Market Key Business Segments
By Product Type
- Hip Osteoarthritis
- Spinal Osteoarthritis
- Others
By End Use Application
- Hospitals
- Specialty Clinics
- Others
Osteoarthritis Therapeutics Market Regional Analysis
On the basis of geography, the market of Osteoarthritis Therapeutics has been broken down by
- North America [United States, Canada]
- South America [Brazil, Chile, Colombia, Argentina, Others]
- Europe [Germany, France, Switzerland, United Kingdom, the Nordics, Spain, Benelux, Italy, Rest of Europe]
- Southeast Asia
- APAC- excl. Southeast Asia [China, India, Australia, Japan, Others]
- MEA (South Africa, Saudi Arabia, Turkey, United Arab Emirates, Israel, Nigeria, Egypt, and Others)
North America region held the largest Osteoarthritis Therapeutics market share in the year 2022. Europe on the other hand stood as the second-largest Osteoarthritis Therapeutics market due to the presence of key companies in the region and high technological advancement.
- North America is projected to lead the Osteoarthritis Therapeutics market. The United States would contribute the highest in this region.
- Europe is a shining marketplace in Osteoarthritis Therapeutics Market during the projected year 2023-2029. UK, Germany & France to hold maximum market share.
- The Osteoarthritis Therapeutics market study also provides a breakdown of Southeast Asian (ASEAN) countries. It is anticipated to see the fastest-growing territory in Osteoarthritis Therapeutics Industry.
- The rest of the Major Asian Economies that are considered in the study are China, Japan, India, and Australia.
- Central & South American market is experiencing Investors’ attention. Brazil, Mexico, and Argentina are seen as the ‘Red Hot’ Market in Osteoarthritis Therapeutics Market.
- Middle East region is projected to have explosive growth in the Osteoarthritis Therapeutics market. Mainly dominated by the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), and Turkey.
- Africa: This region still gaining traction. South Africa would play a major role followed by Nigeria.
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Market Growth Drivers
- Treatments for osteoarthritis are helpful in treating arthritis, which often develops as individual’s age.
- A significant contributor to older impairment is chronic and inflammatory joint disease.
- There is an urgent need for intervention to prevent and cure musculoskeletal illnesses because as life expectancy rises, the prevalence of these diseases will rise as well.
- Degenerative joint disease is significantly more likely to occur as people age. Osteoarthritis (OA) is the leading cause of pain and impairment in the elderly and is a debilitating degenerative joint disease that affects more individuals than any other rheumatic condition.
Influencing Trends
- The development of non-pharmacological therapies, including as exercise regimens, physiotherapy, and weight-management programs, is another trend that has the potential to assist individuals with osteoarthritis improve joint function and lessening pain.
- These therapies can be an efficient strategy to control symptoms and enhance patient outcomes and are frequently used in conjunction with pharmaceutical treatments.
- The development of stem cell treatments that can repair damaged joint tissue and lessen inflammation is an area that is still in its infancy, although there is considerable interest in it.
Challenges
- The main complaint of Osteoarthritis Therapeutics is its high cost. Osteoarthritis is a chronic ailment with high treatment expenses, making it difficult for people from middle-class or low-income families to receive the finest care.
- This is true even if there are reasonably priced generic drugs accessible. Another major obstacle is the lack of effective treatments for osteoarthritis, such as expensive and inconveniently available gene and stem cell therapies.
Opportunity
- Infrastructure, technological development, improved facilities, and free checks are all greatly advancing and increasing the healthcare industry.
- The market for osteoarthritis therapeutics is also growing as a result of cutting-edge technology, a commitment to rigorous research and development, and growing public awareness.
- Due to the prevalence of osteoarthritis among the elderly, demand for osteoarthritis therapeutics is rising not just in developed and emerging nations but also in less developed ones.
- Because of improved healthcare technology, life expectancy rates are rising, which increases the likelihood that there will be an increase in the number of senior persons with osteoarthritis, which in turn causes the market for osteoarthritis therapeutics to grow.
Major Development in the Osteoarthritis Therapeutics Market
Report Highlights
| Report Attributes | Details |
| CAGR | 9.05 % |
| Market Forecast (2029) | USD 9.85 Billion |
| Current Market Size (2022) | USD 7.3 Billion |
| Dominating Segment | Hospitals |
| Major Players Profiled | Sanofi (France), Horizon Therapeutics PLC, Johnson & Johnson (United States), GlaxoSmithKline PLC (United Kingdom), Bayer AG (Germany), Anika Therapeutics, Inc. (United States), Novartis (Switzerland), Abbott (United States), Pfizer, Inc. (United States), Eli Lilly (United States), |
| Base Year | 2022 |
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Frequently Asked Question
Q1: What is the current market size for the Osteoarthritis Therapeutics Market?
A: The Osteoarthritis Therapeutics Market, which was valued at USD 7.3 billion in 2022, is anticipated to increase at a CAGR of 9.05% between 2022 and 2032 to reach USD 9.85 billion.
Q2: What are the key segments of the Osteoarthritis Therapeutics Market?
A: The Global Osteoarthritis Therapeutics Market Breakdown by Application (Hospitals, Specialty Clinics, Others) by Type (Spinal Osteoarthritis, Hip Osteoarthritis, Others) by Treatment Type (Surgery, Medication, Therapy) by Route of Administration (Parenteral, Oral, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
Q3: Name Major Players in the Osteoarthritis Therapeutics Market.
A: Key players in the osteoarthritis therapeutics market include Sanofi (France), Horizon Therapeutics PLC, Johnson & Johnson (United States), GlaxoSmithKline PLC (UK), Bayer (Germany), Abbott (US), Pfizer and Novartis (Switzerland).
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