Osteoarthritis Therapeutics Market worth $11.0 billion by 2025
The osteoarthritis therapeutics market is projected to reach USD 11.0 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 8.7% .
Key Factors Driving the growth of Market:
The presence of a large geriatric and target patient population and the improving healthcare infrastructure in several APAC countries are expected to offer growth opportunities in the market during the forecast period.
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DRIVER: Rising government investments in cell-based research significant adoption of pain medications
Topical, oral, and parenteral pain medications are widely used to manage pain associated with osteoarthritis. Although alternatives such as orthopedic braces are used as part of a noninvasive approach for pain management, the adoption of pain medications for the condition is high owing to the ease of administration and the affordability of pain medications. Pain relievers such as oral analgesics (acetaminophen and NSAIDs such as ibuprofen, naproxen, tramadol, opiates, and duloxetine), topical agents (such as capsaicin and topical NSAIDs), intra-articular agents (such as corticosteroids and hyaluronic acid), and nutraceuticals (glucosamine and chondroitin) are widely used. Studies reveal that these medications offer a 30% reduction of chronic pain on administration.
“Knee osteoarthritis therapeutics is expected to hold the largest share of the osteoarthritis therapeutics market, by anatomy in 2020.”
Based on anatomy, the market is segmented into knee, hip, hand, and small-joint osteoarthritis therapeutics. Knee osteoarthritis therapeutics is the largest and the fastest-growing segment in this market. This can primarily be attributed to the high incidence of knee osteoarthritis.
“Parental route is expected to hold the largest share of the osteoarthritis therapeutics market in 2020.”
On the basis of route of administration, the osteoarthritis therapeutics market has been segmented into oral, topical, and parenteral routes. The parenteral route accounted for the largest share of this market in 2019 and is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the wide adoption of the parenteral route for administering osteoarthritis therapeutics owing to the ease of administration and the better pharmacokinetics and pharmacodynamics, resulting in better patient compliance.
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Leading Players of the Market are:
The major players operating in this market are Sanofi (France), Horizon Therapeutics PLC (Ireland), Johnson & Johnson (US), GlaxoSmithKline PLC (UK), Bayer AG (Germany), Abbott (US), Pfizer, Inc. (US), Eli Lilly (US), Anika Therapeutics, Inc. (US), Novartis AG (Switzerland), Ferring Pharmaceuticals (Switzerland), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Fidia Farmaceutici s.p.a. (Italy), Flexion Therapeutics, Inc. (US), Pharmed Limited (India), Virchow Biotech (India), Kitov Pharmaceuticals Ltd. (Israel), Assertio Therapeutics, Inc. (US), Atnahs (UK), Almatica Pharma LLC (US), OrthogenRx (US), LABRHA (France), Hanmi Pharm. Co., Ltd. (Korea), and Laboratorio Reig Jofre (Spain).