IMARC Group has recently released a new research study titled “Osteoarthritis Therapeutics Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global osteoarthritis therapeutics market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.
Osteoarthritis therapeutics refer to the various treatment approaches aimed at managing and alleviating the symptoms of osteoarthritis, a degenerative joint disease that primarily affects the articular cartilage and surrounding tissues. It is the most common form of arthritis, characterized by pain, stiffness, and reduced joint function. The primary goal of osteoarthritis therapeutics is to relieve pain, improve joint mobility, and enhance the overall quality of life for individuals suffering from this condition. Treatment options range from conservative measures, such as physical therapy, exercise, weight management, and assistive devices, to pharmacological interventions like nonsteroidal anti-inflammatory drugs (NSAIDs), analgesics, and corticosteroid injections. They aim to reduce pain and inflammation, promote joint health, and delay disease progression.
Osteoarthritis Therapeutics Market Trends:
The global increase in the aging population represents one of the key factors influencing the market growth of osteoarthritis therapeutics. Since osteoarthritis is more common among the geriatric population, this is acting as a major growth-inducing factor. In line with this, elderly who suffers from osteoarthritis require continual and effective treatment and management options, which is facilitating the need for osteoarthritis therapeutics. The increasing awareness regarding osteoarthritis among healthcare professionals and patients leads to early diagnosis and treatment, thereby driving the market growth.
Advancements in medical technology and the development of innovative treatment options, such as disease-modifying drugs and regenerative therapies, is propelling the market forward toward growth. In addition to this, the increasing prevalence of sedentary lifestyles, obesity, and poor dietary habits are leading individuals toward an increased risk of osteoarthritis, thereby creating a greater need for therapeutics. This is also propelling the market growth. Moreover, the rising healthcare expenditure worldwide is enabling increased accessibility to osteoarthritis therapeutics, which is driving the market growth.
Advancements in diagnostic techniques, such as imaging technologies and biomarker identification, aid in early and accurate diagnosis significantly. This is facilitating the demand for therapeutics, which, in turn, is contributing to the market growth. Many individuals prefer non-surgical treatment options for osteoarthritis, such as medication, physical therapy, and lifestyle modifications, which is boosting the demand for therapeutics and consequently fostering the market growth. Collaborations between pharmaceutical companies, research institutions, and healthcare providers facilitate the development and commercialization of new therapeutics, which is inducing market growth.
Besides this, expanded insurance coverage and reimbursement policies for osteoarthritis therapeutics enable better access and affordability for patients, thereby stimulating the market growth. The rising preference toward personalized medicine and targeted therapies is enabling more effective treatment options for osteoarthritis, thus further strengthening the market growth. The rising popularity of complementary and alternative therapies for managing osteoarthritis, such as acupuncture and herbal remedies is also driving the market growth. Other factors such as increasing disposable income levels and rising consumer expenditure on healthcare and extensive research and development (RD) activities, are creating a positive outlook for the market further across the globe.
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Competitive Landscape With Key Players:
The competitive landscape of the global osteoarthritis therapeutics market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Abbott Laboratories
- GlaxoSmithKline Plc
- Flexion Therapeutics Inc.
- Pfizer Inc.
- Anika Therapeutics Inc.
- Johnson Johnson Inc.
- Sanofi S.A.
- Bayer Aktiengesellschaft
- Horizon Therapeutics Plc
- Eli Lilly and Company
Key Market Segmentation:
The report has segmented the global osteoarthritis therapeutics market based on anatomy type, drug type, route of administration, end user and region.
Breakup by Anatomy Type:
- Knee
- Hip
- Hand
- Spine
- Others
Breakup by Drug Type:
- Nonsteroidal Anti-Inflammatory Drugs
- Analgesics
- Corticosteroids
- Others
Breakup by Route of Administration:
- Parenteral
- Topical
- Oral
Breakup by End User:
- Hospitals
- Specialty Clinics
- Medical Institutions
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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