According to the new market research report by MarketsandMarkets, the osteoarthritis therapeutics market is estimated at $6.8 billion in 2019 and projected to reach $10.1 billion by 2024 at a CAGR of 8.1 percent from 2019 to 2024.
This growth, the report says, is in part due to the rapid increase in the geriatric and obese population and the associated increase in the prevalence of osteoarthritis disease.
Rapid growth in the geriatric and obese population and the associated increase in the prevalence of osteoarthritis disease. Risk of adverse cardiovascular events associated with the use of NSAIDs in osteoarthritis treatment is likely to hamper the growth of the market.
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Knee segment to witness the highest growth during the forecast period
Based on anatomy, the market is segmented into knee, hip, hand, and small-joint. The knee osteoarthritis segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. This is attributed to a large number of patients suffering from knee osteoarthritis.
Viscosupplementation agents segment to dominate the osteoarthritis therapeutics market in 2018
Based on drug type, the market is segmented into viscosupplementation agents, nonsteroidal anti-inflammatory drugs (NSAIDs), analgesics, and corticosteroids. The viscosupplementation agents segment accounted for the largest market share in 2018. The rising incidence and prevalence of knee osteoarthritis are supporting their adoption in the market.
Europe was the largest regional market for osteoarthritis therapeutics
The osteoarthritis therapeutics market is segmented into Europe, North America, Asia Pacific, and Rest of the World. In 2018, Europe was the largest market for share, followed by North America. The rising incidence of osteoarthritis, rising geriatric population, and the increasing obesity rates in several European countries are the major factors driving the growth of the market in Europe.
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Key Market Players
The prominent players operating in this market include Sanofi (France), Horizon Therapeutics (Ireland), Johnson & Johnson (US), GlaxoSmithKline Plc (UK), Bayer AG (Germany), Abbott (US), Pfizer (US), Eli Lilly (US), Anika Therapeutics (US), Novartis (Switzerland), Bioventus (US) Zimmer Biomet Holdings, Inc.(US), Flexion Therapeutics (US) and Fidia Farmaceutici s.p.a. (Italy).
Sanofi (France) is one of the leading players in the market in 2018. The company boasts of a broad product portfolio across the globe. Over the years, the company has maintained its leading position in the market.