Global Bone Pain Treatment Market – Scenario
Bone pain can occur because of numerous reasons namely due to accidents or by any diseases conditions such as cancer, osteoarthritis, etc. In severe cases, it becomes difficult to predict the cause of bone pain and so diagnostic methods like CT scan, MRI, bone scanning and many more are performed. The increasing prevalence of bone-related diseases and increasing incident of accidents across the globe are major drivers for the growth of the global bone pain treatment market. For instance, as per the data mentioned by the International Osteoporosis Foundation, osteoporosis causes approximately more than 8.9 million fractures annually, resulting in an osteoporotic fracture every 3 seconds worldwide. Moreover, according to the Centers for Disease Control and Prevention, by 2040, approximately 78 million U.S. adults aged 18 years or above are anticipated to have doctor-diagnosed arthritis. In addition, lack of necessary dietary supplements can lead to bone pain and fragility making bone susceptible to fractures.
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On the other hand, side effects of the drugs, long approval time for new drugs and expensive R&D activities may hamper the growth of the market during the assessment period. The global bone pain treatment market is anticipated to grow at a CAGR of 9.8% during forecasted period 2017-2022.
Global Bone Pain Treatment Market – Competitive Landscape
Global bone pain treatment market is a dominated by major players. The prominent market players are involved in various strategic approaches such as acquisitions, partnerships, mergers and new product launches to strengthen their market position.
In May 2018, Amneal Pharmaceuticals LLC and Impax Laboratories, Inc. announced the completion of their business combination to form Amneal Pharmaceuticals, Inc. With this acquisition, Amneal became largest generics business company in the United States.
In August 2016, Teva Pharmaceutical Industries Ltd. and Allergen announced that Teva acquired Allergen’s Actavis Generics business segment. This acquisition aimed at strengthening Teva’s position in the global market.
In January 2016, Novartis International AG, a leading healthcare company announced the approval of Cosentyx (secukinumab) by the U.S. Food and Drug Administration (FDA) for the treatment of active ankylosing spondylitis and active psoriatic arthritis in adults.
In July 2015, Pfizer Consumer Healthcare’s bone health supplement brand, Caltrate launched Caltrate Bone & Joint Health, a once a day supplement. Caltrate Bone & Joint Health is a triple action product developed to support collagen production for healthy bones and cartilage. With this launch, the company expanded its bone health supplement product portfolio.
In February 2014, Debiopharm Group, a Switzerland based biopharmaceutical company acquired Affinium Pharmaceutical’s clinical and preclinical segments along with its technology platform.
Moreover, Eli Lilly and Company is an American pharmaceutical company headquarters in Indiana, the U.S. The company is the mass producer of antibiotics. FORTEO is the most widely used drug by the company. It is a prescription medicines used for the treatment of osteoporosis.
Global Bone Pain Treatment Market -Regional Analysis
On the regional basis, global bone pain treatment market is segmented into four major regions namely, America, Europe, Asia Pacific and Middle East & Africa. Americas is expected to account for the largest share in the global bone pain treatment market which is followed by Europe. The market growth of America and Europe is majorly anticipated by the presence of well-developed healthcare sector, growing prevalence of bone-related diseases and bone cancer, increasing aging population and government support for the research and development. For instance, according to the American Cancer Society, approximately 3,300 new cases of bone cancer were diagnosed in 2016.
Asia Pacific is anticipated to be the fastest growing market for bone pain treatment. The market growth is attributed to the presence of huge geriatric population and increasing incidents of accidents. For instance, according to the United Nations Population Division, older population in India is increasing continuously. The share of India’s population ages 60 and older are projected to increase from 8 percent in 2010 to 19 percent in 2050.
The Middle East and Africa has the lowest market for the bone pain market due to limited development in the medical sector and presence of many poor countries.
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