Global Osteoarthritis Therapeutics Market Size (2023-2030)

The Global Osteoarthritis Therapeutics Market size is estimated to grow from USD 6.9 million in 2022 to USD 10.75 million by 2030. The market is witnessing a healthy CAGR of 5.7% from 2023 to 2030. Growing Adoption of Visco supplementation and an increase in the number of elderly people are the major factors driving the industry's growth.

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Industry Overview:

In osteoarthritis patients, chondroitin sulfate was once found to appreciably limit aches and enhance hand mobility. The relief of pain and the enchantment of a purposeful reputation are two desires of osteoarthritis treatment. Patients must obtain a mixture of no pharmacologic and pharmacologic therapy to gain fantastic results. Omega-3 fatty acids (fish/krill oil, etc.), glucosamine, chondroitin, vitamins, methylsulfonylmethane (MSM), and natural drug treatments are amongst the dietary supplements most typically used with the aid of Australian and American patients with OA. The SSA acknowledges osteoarthritis as a disability. With osteoarthritis, you can also be eligible for Social Security incapacity benefits. When you practice for incapacity benefits, your analysis and scientific proof to guide it has to healthy a record in the Social Security Administration’s Blue Book. Opioids, oral ache relievers, and parenteral ache relievers are all regularly used to deal with osteoarthritis pain. Alternatives such as orthopedic braces are used as a section of a noninvasive method to ache management, however, due to the ease of administration and affordability of ache medications, ache medicines are broadly used. Oral analgesics (acetaminophen and nonsteroidal anti-inflammatory capsules (NSAIDs) like ibuprofen, naproxen, tramadol, opiates, and duloxetine), topical retailers (like capsaicin and topical NSAIDs), intra-articular sellers (like corticosteroids and hyaluronic acid), and nutraceuticals (glucosamine and chondroitin) are all typically used According to studies, these medicinal drugs can limit continual pain by using 30%. The high cost of the treatment is restraining the growth of the market,

COVID-19 impact on the Osteoarthritis Therapeutics Market 

COVID-19 is an infectious ailment caused by the novel coronavirus. Largely unknown before the outbreak started out in Wuhan (China) in December 2019, COVID-19 modified into an international pandemic in no time. The COVID-19 pandemic has expanded the burden on healthcare structures throughout the globe. Companies scaled up R&D efforts to advance vaccines and drugs in opposition to the virus.  Throughout the COVID-19 pandemic, sufferers with OA have skilled disruption in access to healthcare services, bad lifestyle habits (increased alcohol consumption and smoking and reduced physical activity), and negative consequences on their standard well-being and intellectual health. The most extraordinarily poor impact was once the cancellation or lengthening of non-compulsory joint substitute surgeries.Although a transient extent in the surgical intervention will no longer end result in sickness progression, immobility due to aches and stiffness can end result in muscle wasting, weight achievement, and diminished excellent of existence. Although patients with extreme OA journey insupportable pain, their signs and symptoms have to now not be left unaddressed. A multimodal strategy in the remedy of OA will drastically enhance signs for the duration of the COVID-19 pandemic and will toughen a subculture of team-based fundamental care in the future. Healthcare companies ought to goal to schedule greater time-honored follow-up appointments by using telemedicine, if possible, to tackle patient needs. Although improved weight and weight problems are related to worse results in sufferers with OA, weight discounts used to be extra difficult during the pandemic due to fewer possibilities for cardio exercise. Adherence to a healthful diet with shut interest in protein necessities ought to be emphasized in the course of follow-up visits. The software efficiently decreased pain, multiplied bodily characteristics and bodily activity, decreased the variety of sufferers taking painkillers, and decreased the number of sufferers on in poor health depart secondary to knee and hip OA.

MARKET DRIVERS:

Growing Adoption of Visco supplementation and an increase in the number of elderly people is driving the growth of the market

Osteoarthritis is related to aging and is extra common amongst humans with different comorbidities such as coronary heart disease, obesity, and diabetes. Life expectancy is developing around the world, which has led to a make bigger in the growing old population. This vogue positively affects the enterprise by growing the incidence of the disorder and developing per capita demand for its remedies. Thus, this getting old population needs excessive therapeutic usage, which enhances the market's growth. Visco supplementation is an advantageous neighborhood osteoarthritis treatment. With the growing prevalence of osteoarthritis and the excessive use of these marketers for pain relief, the market is set to flourish. Moreover, this system relieves stiffness and infection in the bones. Other segments such as analgesics are additionally projected to exhibit an enormous rise in the forecast duration due to these pills being secure and simple. For surgical patients, they provide enormous advantages over centrally performing opioid analgesics and central neuraxial blockade.

MARKET RESTRAINTS:

The lack of skilled workers and the High Cost of treatment is restraining the growth of the market

The lack of qualified personnel who cannot function the redress ought to curb the boom of the world osteoarthritis therapeutics market over a forecast period. The massive expenditure required for the therapy process in phrases of specific antibiotics and surgical operations hampers the market growth.

GLOBAL OSTEOARTHRITIS THERAPEUTICS MARKET REPORT COVERAGE:

Segmentation Analysis

Osteoarthritis Therapeutics Market - By Type:

• Ankle Osteoarthritis

• Hip Osteoarthritis

• Knee Osteoarthritis

• Shoulder Osteoarthritis

• Other Anatomies

Based on the Type, Knee osteoarthritis is one of the foremost motives for incapacity at ancient ages in human beings all over the world. According to the article “Global, Regional Prevalence, Incidence and Risk Factors of Knee Osteoarthritis in Population-Based Studies” posted in December 2020, there had been around 654.1 million human beings of age forty years and older residing with osteoarthritis all over the world. As per the equal study, the incidence of osteoarthritis used to be 16% in people aged 15 and was once a 22.9% prevalence rate in human beings of age forty and older. For instance, as per the Eurostat Statistics report’s information posted in June 2021, about 20.6% populace (about one-fifth of the whole population) of Europe used to be of age sixty-five and more, and the share of human beings aged eighty and greater is anticipated to extend by way of two and half of fold, from 5.9% in 2020 to 14.6% in 2022, which will additionally complement the boom of the osteoarthritis therapeutics market.

Osteoarthritis Therapeutics Market - By Application:

• Hospitals

• Clinics

• Others

Based on the Application, the hospital segment is estimated to grow at a higher rate due to an increase in the number of people with high knee joint pain and other diseases happenings at the joints which is estimated to drive the growth of the market during the forecast period. The hospital held the biggest segment of the market in 2022 and is further estimated to dominate the market.

Osteoarthritis Therapeutics Market - By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, the North American market is anticipated to grow, owing to the growing incidence of persistent diseases, the rise in the geriatric population, and modifications in the living existence of people. As a result, the adoption of distinctive remedies and pills is growing in the region. In North America, the United States will keep a considerable share in the osteoarthritis cure market in contrast to Canada and Mexico. According to the file of the National Public Health Agenda for Osteoarthritis 2020 Update by way of the Osteoarthritis Action Alliance, in the United States, osteoarthritis is the most frequent structure of arthritis and influences 1 in 7 adults in the United States, which is about 32.5 million people, from which greater than 50% of adults who are having osteoarthritis are of working age. Additionally, the availability of higher treatment options, authorities' repayment policies, and the growing research and improvement things to do in the improvement of novel therapeutics and the launch of new treatments in the North American vicinity are additionally anticipated to increase the market boom in the region. During the forecasted period, the availability of money for research, a giant affected person population, rising healthcare expenditures, a well-developed healthcare sector, and authorities' assistance for lookup and improvement are predicted to power market growth. Regionally, Europe is divided into There are two kinds of Europe: Western Europe and Eastern Europe. Western Europe controls the majority of the regional market, with Germany, the United Kingdom, and France taking part in important roles. Eastern Europe, on the different hand, is the fastest-growing place due to the extensive untapped market opportunities. The Asia Pacific is the fastest-growing location in the world market due to the presence of a massive variety of patients.

Osteoarthritis Therapeutics Market Share - By Company

Companies like

1. Pfizer, Inc.,

2. Bayer AG

3.  Horizon Therapeutics PLC

4. Glaxosmithkline PLC

5. Anika Therapeutics

6. Inc.,

7. Eli Lilly

8. Zimmer Biomet Holdings Inc.,

9. Sanofi

10. Johnson & Johnson

11. Abbott

12. Novartis AG

13. Ferring Pharmaceuticals

And others are playing an essential role in the market. Mergers and acquisitions in the enterprise have enabled players to diversify and decorate their carrier services. For example, Kitov Pharma Ltd. (Israel) signed an arrangement with Coeptis Pharmaceuticals in 2022, which aided in the effective distribution and commercialization of Consensi.Also, ZILRETTA was approved by the FDA by Flexion Therapeutics, Inc. (US).These businesses are increasing extensively due to ongoing product innovation supported by way of the rapid uptake of modern technologies. In order to feature in the market area effectively, rising companies in the region are focusing on vertical integration of their operations. They are additionally working with familiar manufacturers to enhance their global company presence. Large groups are spending on R&D things to do to create revolutionary items and amplify the utility areas for their products. In addition, the corporations have used other techniques to develop such as mergers and acquisitions.

NOTABLE HAPPENINGS IN THE Osteoarthritis Therapeutics Market IN THE RECENT PAST:

Product Launch - In Nov 2022, Alkem Laboratories launched Ibuprofen and Famotidine tablets, used to relieve the symptoms of rheumatoid arthritis and osteoarthritis in the United States market.