The global osteoarthritis treatment market is segmented into medications such as acetaminophen and non-steroidal anti-inflammatory. Among these segments, acetaminophen segment is expected to occupy top position in overall osteoarthritis treatment market during the forecast period. However, the demand for non-steroidal anti-inflammatory osteoarthritis medications is increasing owing to the growing trend of use of off label drugs. Further, these medications provide effective treatment of osteoarthritis pain. Moreover, less cost of off label drugs as compared to labeled drugs is resulting in huge demand for non-steroidal anti-inflammatory osteoarthritis medication.
Global osteoarthritis treatment market is expected to flourish at a significant CAGR of 7.6% during the forecast period. Moreover, the global osteoarthritis treatment market is expected to garner noteworthy revenue by the end of 2023. Increasing geriatric population, rising awareness about osteoarthritis therapies, increasing disposable income, availability of advanced osteoarthritis treatment some of the major factors fostering the growth of the global osteoarthritis treatment market.
North America captured largest market share of Osteoarthritis Treatment in 2016. Further, North America is projected to continue its dominance over the forecast period. Riding on the back of factors like increasing aging population and favorable reimbursement policies, North-America is projected to contribute significantly to the growth of the osteoarthritis market. Asia Pacific is anticipated to showcase lucrative growth in osteoarthritis treatment market during the forecast period. Rapid increase in aging population in Asia-Pacific economies and increasing investment in healthcare sector is the major reason which is driving the demand for osteoarthritis treatment in Asia-Pacific region.
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Increasing Geriatric Population
Growing aging population is increasing the penetration of ageing related diseases such as osteoarthritis. According the United Nations, number of people aged over 60 is estimated to account for 20% of the total global population by 2050. Furthermore, as per Kanter Health Foundation, the prevalence of osteoarthritis is anticipated to increase in the upcoming years. Consequently, the demand for osteoarthritis treatment is likely to increase during the forecast period.
Growing awareness towards osteoarthritis therapies and early adoption of healthcare treatments to maintain fitness is envisioned to bolster the growth of the global osteoarthritis treatment market in the upcoming years. Moreover, increasing spending on the healthcare is expected to positively impact the growth of the osteoarthritis treatment market.
However, high cost of treatment and lack of awareness in undeveloped nations are some of the factors which are likely to inhibit the growth of the global osteoarthritis treatment market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global osteoarthritis treatment market which includes company profiling of GlaxoSmithKline plc, Pfizer Inc, Novartis AG, Johnson & Johnson Limited, Abbott Laboratories, Merck & Co, Eli Lilly and Company, Regeneron Pharmaceuticals, Abiogen Pharma Spa, Ampio Pharmaceuticals and Smith & Nephew, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global osteoarthritis treatment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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