Osteoarthritis Market Technology, Growth, Historical Analysis, Segmentation, Trends and Opportunities Projected for 2030
The Osteoarthritis Market Size was
valued at USD 4.3 billion in 2022 and is projected to grow from USD 4.69
Billion in 2023 to USD 8.63 billion by 2030, exhibiting a compound annual
growth rate (CAGR) of 9.10% during the forecast period (2023 - 2030).
The market is growing persistently on account of
growing global geriatric population as it accounts for more disability among
the elderly population than any other disease. Elderly patients have been
reported to experience radiographic osteoarthritis which increases as
patients age. Rising populace of obesity is also considered to be the driving
factor in the growth of the global osteoarthritis market since obesity has also
been identified as a risk factor for osteoarthritis. Obesity reduces the
skeletal-weight-to-body-mass which results in compressive forces to joints.
Competitive Landscape
The Global Osteoarthritis Market
Players include
- Regeneron (U.S.),
- Novartis AG
(Europe),
- TissueGene Inc.
(U.S.),
- Eli Lilly and
Company. (U.S.),
- Pfizer Inc.
(U.S.),
- Abbott. (U.S.),
- Ampio
Pharmaceuticals Inc. (U.S.),
- ABIOGEN PHARMA
S.p.A (Europe), and
- Merck Sharp &
Dohme Corp. (U.S.).
Segmentation
The global osteoarthritis market has been segmented
based on type, diagnosis, treatment, and end users. By type, the osteoarthritis
disability rating market has been segmented into hip osteoarthritis, wrist
osteoarthritis, spinal osteoarthritis, and others.
- By diagnosis, the
osteoarthritis disability rating has been segmented into imaging, joint
fluid analysis, and others. The imaging segment is sub-segmented into
X-rays, magnetic resonance imaging (MRI), and others.
- By treatment, the
osteoarthritis has been segmented into medication, surgery, therapy, and
others. The medication segment has been further segmented into analgesics
and non-steroidal anti-inflammatory drugs, and others. The analgesic
sub-segment has been further segmented into acetaminophen, duloxetine, and
others. The non-steroidal anti-inflammatory drugs sub-segment has been
further segmented into aspirin, ibuprofen, naproxen sodium and naproxen,
and others.
- By end users, the
osteoarthritis segment has been hospitals & clinics, medical
institutes, research organization, and others.
Regional Analysis
The global osteoarthritis market spans across the
regions of the Americas, Europe, Asia Pacific, and the Middle East &
Africa. The Americas hold the dominant position in the global osteoarthritis
market. A robust healthcare sector, huge osteoarthritis patient pool, and high
healthcare expenditure support the growth of the Americas market.
Europe has commanded the second position in the
global osteoarthritis market. Availability of funds for research and
development activities coupled with government support, high healthcare
expenditure and growing prevalence of osteoarthritis in the region propels the
growth of the Europe market.
Asia Pacific follows Europe in the global
osteoarthritis market. The presence of a huge patient population, rising
healthcare investments in the developing economies, and the untapped markets of
the region provide a lucrative opportunity for market expansion. Moreover,
favorable government policies aid market growth and will help Asia Pacific to
emerge as the fastest growing market for osteoarthritis.
The Middle East & Africa holds the least share
in the global osteoarthritis market. Poor economic condition and low
penetration of healthcare limit the growth of the market, especially in the
Africa region and most of the market share is held by the Middle East market.
The healthcare sector is well-developed in the Gulf countries which helps the
Middle East market progress.
Industry Updates
- In August 2018,
the FDA launched new draft guidance for Osteoarthritis Treatments. The new
set of rules will guide drug and medical device manufacturers to develop
treatments for osteoarthritis.
Related
Report-
https://ionooz.com/read-blog/13045
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