Osteoarthritis Treatment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Osteoarthritis Treatment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Osteoarthritis Treatment Market is expected to register a CAGR of 5.8% over the forecast period (2022-2027).

The COVID-19 pandemic is expected to show a short-term impact on the market growth as it had led to the cancelation or postponement of the scheduled treatment procedures along with a decrease in the number of new diagnoses and treatment procedures. According to the article published in the National Library of Medicine in November 2020, titled “The Effect of COVID-19 on Orthopedic Practices and Surgeons in Louisiana”, it was concluded from 99 survey responses that 81 of 97 reported delays in getting routine care for their orthopedic injuries. Also, COVID-19 impacted the research and development activities of pharmaceutical companies along with the delay in clinical trials of several new therapies around the world. The rising cases of new variants of COVID-19 around the world may increase the duration of impact but that will be less than the first wave of the COVID-19 pandemic.

As the older population is more susceptible to orthopedic disorders/diseases such as osteoarthritis, fractures, dislocations, osteoporosis, and others, the increase in the global geriatric population is expected to have a significant impact on the studied market. For instance, as per the October 2021 report of the World Health Organization, the population of people of age 60 years or more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050. In recent times, there is an increase in the prevalence of mentioned orthopedic disorders around the world, which will significantly impact the growth of the osteoarthritis treatment market during the forecast period. For instance, according to a research article titled “Osteoarthritis in 2020 and Beyond: a lancet Commission” by The Lancet in November 2020, it was estimated that 7% of the world population is affected by osteoarthritis, and more than 500 million people are living with the condition worldwide. Also, the rising demand for minimally invasive surgical procedures, increasing awareness among the people, the availability of better treatment options, and the willingness to take up treatment are expected to complement the growth of the global osteoarthritis treatment market. Additionally, the market players have been adopting various strategies, such as product launches, developments, acquisitions and mergers, and collaborations, and expanding their product portfolio in the studied market, which boosts the market growth. For instance, in September 2021, Indian drug manufacturer, Lupin Limited launched generic Duexis tablets used to treat the symptoms of rheumatoid arthritis and osteoarthritis in United States. However, the high cost associated with hyaluronic acid products and other treatment procedures for the osteoarthritis treatment and the side effects associated with the available therapies is expected to impede growth of osteoarthritis treatment market over the forecast period.

Knee osteoarthritis is one of the major reasons for disability at old age in people all over the world. According to the article “Global, Regional Prevalence, Incidence and Risk Factors of Knee Osteoarthritis in Population-Based Studies” published in December 2020, there were around 654.1 million people of age 40 years and older living with osteoarthritis all over the world. As per the same study, the prevalence of osteoarthritis was 16% in people aged 15 and was 22.9% prevalence rate in people of age 40 and older.

For instance, as per the Eurostat Statistics report’s data published in June 2021, about 20.6% population (about one-fifth of the total population) of Europe was of age 65 and more, and the percentage of people aged 80 and more is expected to increase by two and half fold, from 5.9% in 2020 to 14.6% in 2100, which will also complement the growth of the osteoarthritis treatment market. In September 2021, Novartis received approval from United States FDA for LNA043 for the treatment of osteoarthritis of the knee. LNA043 is being developed as a potential first-in-class disease-modifying treatment for osteoarthritis (OA). Hence, with such new drugs coming into the market for knee osteoarthritis, the market studied is expected to grow.

The North American market is expected to grow, owing to the increasing prevalence of chronic diseases, the rise in the geriatric population, and changes in the living lifestyles of people. As a result, the adoption of different treatments and drugs is increasing in the region. In North America, United States will hold a significant share in the osteoarthritis treatment market as compared to Canada and Mexico. According to the report of the National Public Health Agenda for Osteoarthritis 2020 Update by the Osteoarthritis Action Alliance, in United States, osteoarthritis is the most common form of arthritis and affects 1 in 7 adults in United States, which is about 32.5 million people, from which more than 50% of adults who are having osteoarthritis are of working age.

Additionally, the availability of better treatment options, government reimbursement policies, and the increasing research and development activities in the development of novel therapeutics and the launch of new therapies in the North American region are also expected to boost the market growth in the region. For instance, in May 2020, OrthogenRx Inc. introduced new pricing options associated with The TriVisc Direct Purchase Program and The TriVisc Patient Assistance Program to increase the reach of TriVisc to more regions. Hence, with the above-mentioned factors, the market studied in United States is expected to witness significant growth over the forecast period.

The Osteoarthritis Treatment market is highly competitive with several global players in the market who are actively involved in the development of new and advanced therapies for the treatment of osteoarthritis or involved in acquisitions or collaboration agreements to make advancements in the studied market. Some of the key players in the studied market comprise Sanofi SA, Pfizer Inc., GlaxoSmithKline plc, Zimmer Biomet, Abbott Laboratories, Bayer AG, and Anika Therapeutics, among others.

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