Osteoarthritis Market is Hitting New Highs at 6.8% CAGR – by Emerging Trends, Size, Growth Insights, Opportunities to 2023
Osteoarthritis Market Report include on MarketResearchFuture.com with Extensive Study. The report aims to provide an overview of Osteoarthritis Market Report. Detail analysis on possible segments and sub segments of the market. – Forecast till 2023
Pune, India – September 13, 2019 /MarketersMedia/ —
Osteoarthritis is a musculoskeletal condition which involves the thinning of cartilage in joints. It causes bones to rub together and create stiffness, impaired movement, and pain. Osteoarthritis is a major disability among the elderly population and is mostly associated a variety of modifiable and non-modifiable risk factors, age being the foremost one. Growing elderly population is proving to be vital for the growth of the Global Osteoarthritis Market.
The Global Osteoarthritis Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 6.8% during the forecast period (2017-2023).
The surge in the global osteoarthritis market is mainly due to the growing geriatric population, surging demand for minimally invasive surgical procedures, and high prevalence of osteoarthritis across the globe. Growth in the geriatric population has resulted in higher prevalence of osteoarthritis among the aging population. It is considered one of the most common joint disease, generally found in people of more than 65 years. It is further accompanied by reduced quality of life and mortality. According to the WHO, osteoarthritis is considered one of the ten most disabling diseases, especially in the developed economies.
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Increased demand for minimally invasive surgical procedures in order to treat osteoarthritis is the primary factor triggering the demand from the osteoarthritis market. For instance, MAKOplasty is a minimally invasive knee surgery, which helps to relieve pain caused by osteoarthritis. Government support for funding and ongoing research and development are further creating new growth opportunities for the market.
On the contrary, low per capita income, especially in the developing economies, coupled with the side effects associated with the treatment procedures are likely to restrict the market growth in the coming years.
Key Players for Global Osteoarthritis Market
The top players operating in the osteoarthritis market include Novartis AG (Europe), Abbott. (U.S.), Eli Lilly and Company. (U.S.), Pfizer Inc. (U.S.), Merck Sharp & Dohme Corp. (U.S.), ABIOGEN PHARMA S.p.A (Europe), Ampio Pharmaceuticals Inc. (U.S.), TissueGene Inc. (U.S.), Regeneron (U.S.), and others.
August 07, 2019 — Paradigm Biopharmaceuticals Ltd (Australia), a biopharmaceutical company announced that it has submitted first investigational new drug (IND) application with US FDA for its experimental treatment for osteoarthritis. Paradigm has filed its first US investigational new drug application before its applications in other countries to set the stage for a speedy entry into the country.
After filing its first IND submission for an expanded access program, the firm could see as many as ten former NFL players receiving an experimental treatment for osteoarthritis. Paradigm also confirms that it will be filing several submissions to global regulatory authorities before year-end.
August 2019: A team of researchers from the University Hospital of Basel and Polytechnic University of Milan has recently developed a microfluid chip, which contains cartilage and can be subjected to mechanical stress.
March 2019 – Researchers from the Kennedy Institute of Rheumatology at the University of Oxford, and Jenner Institute have collaboratively developed a vaccine that could be used to treat chronic pain caused by osteoarthritis. The virus-like particle vaccine is capable of triggering the immune system to produce antibodies which would help to block naturally-occurring NGF and alleviate osteoarthritis pain.
The global osteoarthritis market has been segmented on the basis of diagnosis, treatment, type, and end users.
By type, the osteoarthritis market is segmented into wrist osteoarthritis, hip osteoarthritis, spinal osteoarthritis, and others.
By diagnosis, the market is segmented into joint fluid analysis, imaging, and others.
The treatment segment comprises surgery, medication, therapy, and others.
Considering the end user segment, the market is segmented into medical institutes, hospitals & clinics, research organization, and others. Of these, the hospitals & clinics segment will gain prominence in the coming years due to acceptance of advanced treatment options, which require hospitalization. Moreover, favorable reimbursement policies will encourage the market’s growth in the segment.
Regional Analysis of Global Osteoarthritis Market
Geographically, the osteoarthritis market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America is estimated to dominate the osteoarthritis market, mainly due to the presence of a well-developed healthcare sector, coupled with the existence of a huge patient pool. Rising healthcare expenditure along with changing lifestyle has further boosted the market demand in the region. Increased prevalence of osteoarthritis, resulting in disability and soaring demand for disease-modifying drugs and advanced therapies are estimated to encourage the market growth in the coming years.
Europe acquires the second spot in the global market and will catch up with the American market in the long run. The growth is credited to the availability of funds for research, rising expenditure on healthcare, and the presence of a huge patient population. Support from the government for research and development and the presence of well-developed healthcare infrastructure are some of the other factors encouraging the market to a great extent.
Meanwhile, the Asia Pacific is predicted to expand at the fastest rate, owing to the presence of a huge patient pool, huge opportunity in the market, and constantly developing countries like China and India. Increasing healthcare expenditure and favorable government policies further influences the market growth in the region.
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