Osteoarthritis Market Size Worth USD 8.63 Billion by 2030 at 9.10% CAGR – Report by Market Research Future (MRFR)
Market Research Future
Updated 7 min read
Market Research Future
Osteoarthritis Market Trends and Insights By Type (Hip Osteoarthritis, and Spinal Osteoarthritis), By Diagnosis (Imagining, and Joint Fluid Analysis), By Treatment (Medication, Surgery, Therapy), By End-User (Hospitals, and Medical Institutes) and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, June 21, 2023 (GLOBE NEWSWIRE) -- Osteoarthritis Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Osteoarthritis MarketInformation By Type, By Diagnosis, By Treatment, By End-User and By Region – Market Forecast Till 2030,” the market Size was valued at USD 4.3 billion in 2022 and is projected to grow from USD 4.69 Billion in 2023 to USD 8.63 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.10% during the forecast period (2023 - 2030).
Market Scope:
Osteoarthritis is the most frequent kind of chronic joint pain and goes by various other names. The result is severe discomfort and stiffness in the affected joints. Pain in the joints caused by osteoarthritis can be reduced with physical therapy and medication.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Diagnosis, Treatment and End-User
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
The increasing demand for minimally invasive and non-surgical treatments
Increased demand for certified Osteoarthritis products
Osteoarthritis Market Competitive Dynamics:
Key Companies in the market of Osteoarthritis includes
Abbott
Novartis AG
Pfizer Inc.
Eli Lilly and Company.
ABIOGEN PHARMA S.p.A
Merck Sharp & Dohme Corp.
TissueGene Inc.
Ampio Pharmaceuticals Inc.
Regeneron
Osteoarthritis Market Trends:
Market Drivers
Market growth for osteoarthritis treatment is driven by rising illness awareness and improved treatment choices. The desire for non-surgical and less invasive therapies including physical therapy, medication, and injections is also driving the osteoarthritis industry forward. The market is being propelled by many factors, some of which are listed above.
The market is expanding because of factors such as the aging population and the rising prevalence of osteoarthritis. Growth in the market of osteoarthritis is anticipated to be spurred by rising consumer knowledge of the many non-invasive pain management solutions now available. Companies' increased efforts in R&D are likely to pay dividends in the form of new and improved pain management products and therapies, driving the market upward. This is the primary reason responsible for the market's CAGR.
The market for osteoarthritis treatments is predicted to rise thanks to the discovery and development of targeted therapeutics, such as small molecule inhibitors and biologics. Market growth for osteoarthritis is expected to be fueled by the rising demand for non-invasive and minimally invasive surgical methods, as well as the utilization of regenerative therapies including stem cell and platelet-rich plasma therapy. The rising demand can also be attributed to the rising prevalence of sedentary lifestyles. As a result, this factor is expected to boost Osteoarthritis market revenue.
Market Restraints
Growth in the osteoarthritis therapeutics market is likely to be hampered by factors such as the high price of osteoarthritis medications and the danger of side effects from nonsteroidal anti-inflammatory drugs, such as stomach ulcers, dizziness, and allergic reactions.
COVID-19 Analysis:
The global market for osteoarthritis medicines is expected to slow as a result of the COVID-19 pandemic. The risk of side effects rises when both the number of COVID-19 cases and the percentage of people using NSAIDS and corticosteroids fall. The global healthcare system has been taxed by the COVID-19 pandemic, increasing the need of finding new treatments for the virus.
In 2022, the market for information about osteoarthritis was dominated by the arabica subsegment. Another factor contributing to the expansion of the spinal osteoarthritis market is the rising prevalence of sedentary lifestyles and obesity. The development of novel treatments and the rising demand for minimally invasive surgical techniques are also contributing to the expansion of the market.
By Diagnosis
Imaging and joint fluid analysis are part of the diagnostics-based osteoarthritis market segmentation. The imaging subsegment is expected to develop at a higher rate than the rest of the market between 2022 and 2030, when the market is expected to reach its peak.
By Treatment
The medicine category generated the most revenue for the osteoarthritis market in 2022 and is expected to increase at a quicker rate from 2022 to 2030. This is because of the growing popularity of NSAIDs, the rising number of new NSAID products, and the rising total number of NSAID prescriptions written.
By End-User
In terms of osteoarthritis market revenue in 2022, hospitals were the clear frontrunner, and they are expected to maintain their lead throughout the projection period. Hospitals contributed the most in 2022, and with government initiatives and the growing prevalence of osteoarthritis, it is projected that this trend will continue.
In 2022, the North American osteoarthritis market was worth USD 1.96 billion, representing roughly 45.80% of the global total, and it is projected to rise at a healthy CAGR over the course of the forecasted time frame. The market for treatments for osteoarthritis in North America is growing thanks to a number of factors, including increased public awareness and spending on research and development by pharmaceutical companies. Market expansion is anticipated to be fueled by the widespread use of cutting-edge medical technology and the presence of powerful regional competitors. The key strategies employed by the companies in the market are developing new products, forming alliances, expanding, merging, and acquiring.
The market of osteoarthritis is significantly larger than the next largest market segment in Europe. The factors mentioned above, especially the high prevalence of knee osteoarthritis, the increase in the number of drug approvals, the presence of key players in the market, the availability of advanced research activities for drug development, and the increase in the number of clinical studies to evaluate the safety and efficacy of drugs, all point to continued rapid growth in the European market for osteoarthritis. The market for osteoarthritis in the United Kingdom was the largest, while the market in Germany was the fastest growing.
From 2022 to 2030, the osteoarthritis market in Asia-Pacific is projected to expand at the highest compound annual rate. Due to a huge patient pool, an aging population, and rising healthcare spending, the Asia-Pacific market is predicted to expand significantly throughout the forecast period. The increasing prevalence of osteoarthritis and rising demand for innovative therapies are also expected to fuel the regional market. A variety of reasons, including government measures to improve healthcare and an increase in clinical trials and studies, point to a bright future for the Asia-Pacific market of osteoarthritis. In addition, China's market of osteoarthritis was the largest in the world, while India's was the fastest expanding.
Discover more research Reports on Healthcare Industry by Market Research Future:
Rheumatoid arthritis market Size, Trends and Growth Outlook by drug type (Nonsteroidal anti-inflammatory drug type (NSAID), Steroids, Biologic agents) by diagnosis (C-Reactive Protein (CRP) Test, CCP, ESR test) by treatment (Synovectomy, Tendon repair, Joint fusion) - Forecast to 2030
Primary Osteoarthritis Market Research Report Information By Type (Knee, Hand, Neck, Hip, Wrist, Spinal, and Shoulder Osteoarthritis), Product Type, Drug Class (Combination Drug, LTA, ICS, SABA, LABA), Route of Administration, End User – Global Forecast till 2030
Septic Arthritis Market Research Report Information: By Diagnosis (Joint Fluid Analysis, Blood Tests, Imaging), Treatment (Antibiotics, Surgery), Indication (Arthritis, Diabetes,), End User (Orthopedic Hospitals, Clinics, Diagnostic Centers) - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
