Industry is experiencing significant growth due to the rapid growth in the geriatric and obese population and the associated increase in the prevalence of osteoarthritis disease. Risk of adverse cardiovascular events associated with the use of NSAIDs in osteoarthritis treatment is likely to hamper the growth of the market.
The osteoarthritis therapeutics market is expected to grow from USD 6.8 billion in 2019 to reach USD 10.1 billion by 2024, at a CAGR of 8.1%.
Knee segment to witness the highest growth during the forecast period
Based on anatomy, the market is segmented into knee, hip, hand, and small-joint. The knee osteoarthritis segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. This is attributed to a large number of patients suffering from knee osteoarthritis.
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In 2018, the prescription drugs segment accounted for the largest market share and is expected to grow at the highest CAGR during the forecast period. The majority of osteoarthritis therapeutics (viscosupplementation agents and corticosteroids) are used by patients based on the prescriptions of physicians, thus, driving the growth of the segment.
Europe was the largest regional market for osteoarthritis therapeutics in 2018
The osteoarthritis therapeutics market is segmented into Europe, North America, Asia Pacific, and Rest of the World. In 2018, Europe was the largest market for share, followed by North America. The rising incidence of osteoarthritis, rising geriatric population, and the increasing obesity rates in several European countries are the major factors driving the growth of the market in Europe.
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Key Market Players
The prominent players operating in this market include Sanofi (France), Horizon Therapeutics (Ireland), Johnson & Johnson (US), GlaxoSmithKline Plc (UK), Bayer AG (Germany), Abbott (US), Pfizer (US), Eli Lilly (US), Anika Therapeutics (US), Novartis (Switzerland), Bioventus (US) Zimmer Biomet Holdings, Inc.(US), Flexion Therapeutics (US) and Fidia Farmaceutici s.p.a. (Italy).
Sanofi (France) is one of the leading players in the market in 2018. The company boasts of a broad product portfolio across the globe. Over the years, the company has maintained its leading position in the market.