Market Statistics for Osteoarthritis Therapeutics through 2030
Osteoarthritis is a chronic health condition marked by chronic pain and discomfort, as well as a reduction in mobility. It is a degenerative joint condition that results from the deterioration and eventual loss of cartilage in one or more joints. Cartilage is a type of connective tissue that can be found in joints including the knees, ankles, and elbows. It aids in the lubrication of the joint and the reduction of friction. The goal of osteoarthritis treatment is to reduce pain while also improving function.
From 2021 to 2030, the global osteoarthritis treatments market is expected to increase at an annual rate of 8.8%, from $6,754.1 million in 2020 to $15,693.8 million in 2030.
The worldwide osteoarthritis therapeutics market is expected to be negatively impacted by the COVID-19 outbreak. The likelihood of adverse consequences rises when the number of COVID-19 cases rises and the usage of nonsteroidal anti-inflammatory medications (NSAIDs) and corticosteroids declines. The COVID-19 pandemic has put a strain on global healthcare systems, necessitating the development of innovative medicines.
Increased prevalence of osteoarthritis, advancements in R&D activities for drug development, increased funding from private and government organisations for the development of the healthcare sector and research centres, and increased demand for cell-based research activities are all driving the growth of the osteoarthritis therapeutics market. For example, the Journal of Stem Cells International published an article in 2018 about a new strategy to treating osteoarthritis with mesenchyme stem cell therapy. According to the same source, there are approximately 500 clinical trials filed on ClinicalTrails.gov to examine the safety and efficacy of adult stem cells for the treatment of osteoarthritis, including umbilical cord-derived stem cells, pluripotent stem cells, and mesenchyme stem cells.
The expansion of the infection disease diagnostic market is expected to be fueled by an increase in the number of medication approvals. For example, the United States Food and Drug Administration (FDA) accepted Tanezumab’s regulatory filing in March 2020, which is used to treat patients with chronic pain caused by moderate to severe osteoarthritis.
Furthermore, because elderly people are more prone to osteoarthritis, the expansion of the osteoarthritis therapeutics market is fueled by the rise in the geriatric population. According to the Journal of EClinicalMedicine, roughly 22% of the global population over the age of 40 is diagnosed with knee osteoarthritis in 2020.
The United States Food and Drug Administration (FDA) approved CyMedica’s Intellihab system in June 2021, which is designed to relieve pain caused by debilitating knee osteoarthritis. As a result, market growth is fueled by technical breakthroughs in osteoarthritis and the availability of better treatment options. However, the high cost of osteoarthritis medications and the risks associated with using nonsteroidal anti-inflammatory drugs, such as stomach ulcers, dizziness, and allergic reactions, are projected to limit the market’s expansion over the forecast period.
Anatomy, medication type, distribution channel, and geography are all segments of the worldwide osteoarthritis treatment market. Knee osteoarthritis, hip osteoarthritis, hand osteoarthritis, and tiny joint osteoarthritis are the four types of osteoarthritis on the market. It is categorised into viscosupplementation agents, nonsteroidal anti-inflammatory medications, analgesics, and corticosteroids based on drug type. The market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies based on distribution channel.
North America (the United States, Canada, and Mexico), Europe (Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) (Brazil, Saudi Arabia, South Africa, and the rest of LAMEA).
Review of the Segments
Due to an increase in the prevalence of knee osteoarthritis, advancements in technological development in the healthcare sector, an increase in the geriatric population, and an increase in R&D activities in arthritis, the knee osteoarthritis segment dominated the market in 2020, and this trend is expected to continue during the forecast period. The hip osteoarthritis segment, on the other hand, is predicted to develop significantly throughout the projection period, owing to rising obesity rates, a lack of physical exercise, and an increase in the geriatric population.
Top Influencing Factors
The nonsteroidal anti-inflammatory medicines category dominated the market in 2020, and this trend is likely to continue during the forecast period, thanks to a jump in NSAIDS drug uptake, an increase in new product launches, and an increase in prescriptions. However, due to an increase in the prevalence of osteoarthritis, advancements in R&D activities for the development of new viscosupplementation agents, and government initiatives to develop research activities in healthcare sectors, the viscosupplementation agents segment is expected to grow significantly during the forecast period.
Due to government initiatives for hospital pharmacy improvement and an increase in the prevalence of osteoarthritis, the hospital pharmacies segment was the leading contributor in 2020 and is likely to maintain its lead during the projection period. However, due to advancements in technology in the healthcare sector and increased demand for remote service, the online pharmacies market is likely to grow significantly throughout the projection period.