Transparency Market Research (TMR) has published a new report titled, “Osteoarthritis Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global osteoarthritis drugs market was valued at US$ 5,621.3 Mn in 2017. The market is anticipated to expand at a CAGR of 7.9% from 2018 to 2026 and reach US$ 11,226.1 Mn by the end of the forecast period. Rise in old age patients, upcoming novel treatments, and high unmet medical needs are expected to augment the global market from 2018 to 2026. The global osteoarthritis drugs market is projected to expand owing to higher investments by companies, urge for better treatments, and developing healthcare infrastructure in various economies.
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The global osteoarthritis drugs market has been segmented based on drug class, route of administration, and distribution channel. In terms of drug class, the global market has been classified into corticosteroids, NSAIDs & others, and viscosupplementation agents. The viscosupplementation agents segment dominates the global osteoarthritis drugs market, in terms of value, owing to its high cost. This segment is also expected to expand at a significant CAGR owing to its effectiveness in the treatment of knee osteoarthritis, increasing acceptance of viscosupplementation for the treatment of chronic pain associated with osteoarthritis, and long duration of pain relief provided by the treatment. Based on route of administration, the global osteoarthritis drugs market has been divided into oral, parenteral, and topical. The parenteral segment held a major share of the market in 2017. It is expected to maintain its leading position, in terms of market share, during the forecast period.
In terms of distribution channel, the global osteoarthritis drugs market has been segregated into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held a major share of the market in 2017, followed by retail pharmacies. The hospital pharmacies segment is expected to maintain its market share during forecast period due to acceptance of advanced treatment options requiring hospitalization. The online pharmacies segment is projected to expand at a considerable CAGR during the forecast period, owing to easy availability of over-the-counter drugs at home at a discounted price.
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In terms of geography, the global osteoarthritis drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global osteoarthritis drugs market owing to high acceptance of viscosupplementation agents in the U.S. and presence of major players in the region. According to the Centers for Disease Control and Prevention, one in every five adults in the U.S. has doctor-diagnosed arthritis. As the country's population ages, it is estimated that this number would increase to at least 67% by 2030. Rising incidence of osteoarthritis leading to disability, demanding advanced therapies and disease modifying drugs, is a major factor driving the market in North America. The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period, owing to improving health care infrastructure, rising investments in research and development in countries such as China and India, and high acceptance of viscosupplementation agents in Japan. Furthermore, Japan is the second-largest market for viscosupplementation products after the U.S., which in turn is anticipated to further boost the market in Asia Pacific in the near future.
Major players operating in the global osteoarthritis drugs market include Horizon Pharma plc., Pfizer Inc., Sanofi, Anika Therapeutics, Inc., Ferring B.V., Bioventus, Inc., Chugai Pharmaceutical Co., Limited, Alkem Laboratories, Flexion Therapeutics, Inc., and Zimmer Biomet Holdings, Inc. Key players are expanding their product portfolios through mergers & acquisitions and partnerships & collaborations with leading pharmaceutical and biotechnology companies and by offering technologically advanced products.
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