Market Synopsis:
The Osteoarthritis Drug Market is anticipated to reach USD 8,751 Million by 2030 at 9.10% CAGR during the forecast period 2022-2030. The development in pain management industry is one of the critical factors responsible for the expansion of osteoarthritis market.
The exponentially thriving geriatric population is one of the key drivers of the market growth as osteoarthritis is commonly found among the old people. According to National Institutes of Health (NIH), the geriatric population is going to get almost doubled up from 48 Million in 2015 to 88 Million by 2050.
Another factor responsible for the flourishing market is the catalyzed prevalence of osteoarthritis. Centers for Disease Control and Prevention (CDC) has published in its report that about 78 million adults, which accounts for 26% of the U.S. adult population, are estimated to be diagnosed with arthritis by 2020.
Global Osteoarthritis Market Segmentation:
- By type, the market is segmented into hip osteoarthritis, wrist osteoarthritis, spinal osteoarthritis, and, others.
- By diagnosis, the market has been segmented into imaging, joint fluid analysis, and, others. The imaging segment is further sub-segmented into X-rays, magnetic resonance imaging (MRI), and, others.
- By treatment, the market is segmented into medication, surgery, therapy, and, others. The medication segment is further sub-segmented into analgesics and non-steroidal anti-inflammatory drugs, and, others. The analgesics sub-segment is further segmented into acetaminophen, duloxetine, and others. And, the non-steroidal anti-inflammatory drugs sub-segment is further segmented into aspirin, ibuprofen, naproxen sodium and naproxen, and, others.
- By end users, the osteoarthritis market is segmented into hospitals clinics, medical institutes, research organization, and others.
Regional Analysis:
By Region, the global osteoarthritis market has been segmented into Middle East Africa, Asia Pacific, America, and, Europe. America market will dominate the global market owing to factors such as rising incidence of osteoarthritis, increasing population of obese people, booming healthcare sector, technological advancements, etc. According to CDC, in 2015, the total healthcare expenditure in the U.S. accounted for USD 3.2 Trillion which was 17.8% of the overall Gross Domestic Product (GDP).
Europe market trails America in terms of market share. The factors responsible for the growth of the market in this region are the availability of funds for research coupled with government’s support, growing population of patients, increasing healthcare expenditures, and, standard healthcare sector. The Europe market is segmented into Western Europe market and Eastern Europe market. The Western Europe market dominates the region with significant contributions from Germany, the U.K., and, France. The Eastern Europe market also will exhibit growth during the forecast period owing to unexploited opportunities available there.
Asia Pacific region will demonstrate fastest growth in the global market owing to the presence of emerging economies such as India and China, favorable government policies, increased healthcare expenditure, etc. According to Indian Brand Equity Foundation (IBEF) in 2017, the Indian healthcare sector was one of the fastest growing industries. It is expected to expand at 22.87% CAGR during the review period and reach a market valuation of USD 280 Bn by 2020.
A significant proportion of the market is dominated by prominent players who persistently endeavor to gain an edge over others through acquisitions mergers, clinical trials, investments in research development activities, collaborations, etc.
Novartis recently acquired acquisition of AveXis, Inc. ("AveXis") by the consummation of a merger of its indirect wholly owned subsidiary, Novartis AM Merger Corporation ("Merger Sub"). AveXis is now an indirect wholly owned subsidiary of Novartis. AveXis' shares have now stopped being traded on the NASDAQ Global Select Market.
COVID 19 Analysis
In the current situation, diseases other than covid-19 are paid less heed. And this has affected the osteoarthritis market drastically. During the pandemic, every single business small, medium, or big has faced negative impacts. It is expected by the year 2022 the things will get back to normal due to initiation in the process of vaccination.
Competitive Dashboard:
Some of the key players of the market profiled by MRFR in its latest report are
Novartis AG (Europe), Eli Lilly and Company. (U.S.), Merck Sharp Dohme Corp. (U.S.), Ampio Pharmaceuticals Inc. (U.S.), Abbott. (U.S.), Pfizer Inc. (U.S.), ABIOGEN PHARMA S.p.A (Europe), TissueGene Inc. (U.S.), Regeneron (U.S.).
Related Report-
https://tannda.net/read-blog/12259
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