Osteoarthritis Market

Osteoarthritis Market Size

The global Osteoarthritis market size was USD 5.85 billion in 2021 and projected to grow from USD 6.9 billion in 2023 to USD 15 billion by 2032, exhibiting a CAGR of 9.0% during the forecast period

Osteoarthritis (OA) is a common condition which affects the shoulders, fingers, knees, feet, back, hips, and neck joints. The progressive deterioration of the joint cartilage is its characteristic. OA can be identified through X-ray, medical assessment, lab tests, arthroscopic, joint fluid analysis, and magnetic resonance imaging (MRI) scans. Several surgical methods & drugs are preferred to treat the indications and symptoms. Few symptoms of OA are stiffness, discomfort, oedema, lack of flexibility, chronic pain, bone spurs, and sleep disruptions. The poor dietary habits, sedentary lifestyle, increased obesity and blood sugar levels are a major reason for acquiring OA.

Market Highlights

Osteoarthritis Market is expected to project a CAGR of 9.0% during forecast period, 2022-2032

Osteoarthritis market is expected to reach USD 15 billion at a CAGR of 9.0% during forecast period owing to the increasing awareness about Osteoarthritis and the accessibility to advanced treatments are boosting the growth of osteoarthritis treatment. The increasing demand for minimal invasive non-surgical treatments assist in the growth of the osteoarthritis market.

Osteoarthritis Market Segmentation:

Spinal Osteoarthritis segment is expected to dominate during the forecast period

Osteoarthritis Market is classified based on the Type into Hip Osteoarthritis, Knee Osteoarthritis, Foot & Ankle Osteoarthritis, Shoulder Osteoarthritis, Spinal Osteoarthritis. Spinal Osteoarthritis segment is expected to dominate market during the forecast period owing to the increasing acquirance of sedentary lifestyles, rising obesity rates which is expected to drive the spinal osteoarthritis market growth. The rising preference of minimal invasive procedures of surgery and the advancements of new treatments are aiding in the growth of the market.

Imagining segment is expected to dominate during the forecast period

Osteoarthritis Market is classified based on the Diagnosis into Imagining and Joint Fluid Analysis. Imagining segment is expected to dominate the market in the forecast period as the Imaging technologies play a vital role in diagnosis and management of osteoarthritis. Imagining includes Radiography which is used commonly in osteoarthritis research and clinical management, which helps in screening procedures and is expected to boost the growth of the segment in the Osteoarthritis Market.

Market Dynamics:                                                    

Growth Drivers

Growing Demand for Osteoarthritis Products is Expected to Drive Market Growth

There is an increase in the growth of geriatric population and therefore, the incidence of osteoarthritis is responsible to the growth of the market. The awareness about benefits of non-invasive treatments and effective pain management products is increasing and the access to products with advanced technologies are expected to boost the growth of osteoarthritis market. The novel treatment developments and rising investments in research and development are driving the market growth.

Expansion of New Therapies is Expected to Boost the Market Growth

Several new developments like targeted therapies have evolved such as small molecule inhibitors and the utilization of biomarkers for diagnosis purpose is expected to boost the growth of osteoarthritis market. Few treatment plans are tailored based on the requirement of an individual biology and medication can be planned accordingly to optimize the advantages of therapy & reduce adverse effects. The sedentary lifestyle contributes to the market growth.

Restraint

Incidence of Cardiovascular Diseases May Restrain the Market Growth

There is an increased chance in occurrence of cardiovascular diseases due to the administration of nonsteroidal anti-inflammatory drugs to treat osteoarthritis which may restrain the growth of Osteoarthritis market.

Recent Developments:

• In September 2022, StemOne, by Alkem Laboratories, got regulatory approval for its launch in India from DGCI.
• In August 2022, Grünenthal GmbH with Shionogi & Co., Ltd have agreed to jointly market and commercialize injectable resiniferatoxin in Japan.

Osteoarthritis Market:Key Players Covered:

• Pfizer Inc
• Abbott
• Novartis AG
• Eli Lilly and Company
• Bayer AG
• Johnson & Johnson
• ABIOGEN PHARMA S.p.A
• Merck Sharp & Dohme Corp.
• Apotex Inc.
• TissueGene Inc.
• Ampio Pharmaceuticals Inc.
• Mylan N.V.
• Tolmar Pharmaceuticals, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Osteoarthritis Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated the Osteoarthritis Market in 2021 and is also expected to dominate over the forecast period owing to the increasing awareness on osteoarthritis and the growing investments in research and development field by pharma companies which is assisting to the osteoarthritis market growth in this region. The acquisition of modern technologies of medicine and the presence of major market players are expected to drive the growth of the market. The pipeline development of OA market is strong with new developments which is further expected to boost the growth of the market.

Impact of Covid-19 on Osteoarthritis Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control coronavirus spread. Covid-19 has affected several industries and even led to shutdown of many business activities. Covid-19 pandemic had a minor impact on the growth of osteoarthritis market.

Osteoarthritis Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Osteoarthritis Market Scope and Segments:

Frequently Asked Questions (FAQ):