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Osteoarthritis Treatment Market Research Report, By Type (Hip Osteoarthritis, Spinal Osteoarthritis) By Diagnosis (Imaging, Joint Fluid Analysis) By Treatment (Medication, Surgery, Therapy) By End Users (Hospitals, Medical Institutes) - Global Forecast till 2023
The Global Osteoarthritis Treatment Market 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.
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.
Osteoarthritis Market Competitive Dashboard
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.
Global Osteoarthritis Market: Segmental Analysis
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.
Osteoarthritis Market Regional Frontiers
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.