Osteoarthritis Market To Grasp Historic Growth at Striking CAGR up to 2023 by Worlds Top Prestigious Players
Market Research Future released a new research report named as “Osteoarthritis Market” with forecast up to 2023. Report included Exclusive analysis by Industry Experts from most reputed companies as Abbott., Novartis AG, Pfizer Inc., Eli Lilly and Company., ABIOGEN PHARMA S.P.A., Merck Sharp & Dohme Corp., etc . Report give current industry size, shares and Growth rate.
Osteoarthritis is the most common form of arthritis which generally affects the hands, knee, hip and spines. It can causes pain, swelling, and reduced motion in the joints. Geriatric population and over-weighted individuals are at higher risks of osteoarthritis. Factors like growing geriatric population, rising prevalence of the osteoarthritis and increasing per capita healthcare expenditure will drive the market growth during the forecast period. In 2015, according to the National Institutes of Health, the American geriatric population is expected to nearly double from 48 million in 2015 to 88 million by 2050.
Moreover, in 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion. However, low per capita income in the developing countries and side effects of the treatment procedures will restrain the market growth during the forecast period
Owing to the increasing number of the people suffering from osteoarthritis many companies are involved in the manufacturing and introduction of the better and effective treatment and diagnostic options. A number of diagnostic treatment such as imaging (X-rays, magnetic resonance imaging (MRI), and bone scan), joint fluid analysis and others are available. However these are not that effective thus, many private and government organizations are providing support to the manufacturer for the development of the new and advanced devices.
Key Players for Global Osteoarthritis Market
A number of industries are working in the development and production of osteoarthritis products. It is found out that the market players have adopted the organic strategy of development of better and cost-effective products, and acquisition. The companies are aiming to capture a considerable share of the market segment as early as possible, due to continuously increasing competition. In order to gain the customer attention the companies have launched innovate products.
The key players profiled in osteoarthritis are Abbott. (U.S.), Novartis AG (Europe), Pfizer Inc. (U.S.), Eli Lilly and Company. (U.S.), ABIOGEN PHARMA S.p.A (Europe), Merck Sharp & Dohme Corp. (U.S.), TissueGene Inc. (U.S.), Ampio Pharmaceuticals Inc. (U.S.), Regeneron (U.S.), and others.
Latest Osteoarthritis Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
May 2017 Ablynx, a biopharmaceutical company headquartered in Belgium, announced the completion of a preclinical package for a novel nanobody, ALX-1141 for the treatment of the osteoarthritis. Merck will now be responsible for further clinical development of the molecule.
Jul 2017, Kolon Pharmaceutical got the approval for the World’s first cell and gene therapy for knee osteoarthritis in Korea.
Aug 2016, Bioventus, a global leader in orthobiologic solutions launched GELSYN-3, a three-injection hyaluronic acid (HA) product for pain relief associated with osteoarthritis (OA) of the knee.
The global osteoarthritis market is segmented on the basis of type, diagnosis, treatment, and end users.
On the basis of type, the market is segmented into hip osteoarthritis, wrist osteoarthritis, spinal osteoarthritis, and others.
On the basis of diagnosis, the market is segmented into imaging, joint fluid analysis, and others. The imaging segment, is sub segmented into X-rays, magnetic resonance imaging (MRI), and others.
On the basis of treatment, the market is segmented into medication, surgery, therapy, and others. The medication segmented is sub segmented into analgesics and non-steroidal anti-inflammatory drugs, and others. The analgesics sub segment, by medication, is further segmented into acetaminophen, duloxetine, and others. The non-steroidal anti-inflammatory drugs sub segment, by medication, is further segmented into aspirin, ibuprofen, naproxen sodium and naproxen, and others.
On the basis of end users, the market is segmented into hospitals & clinics, medical institutes, research organization, and others.
Regional Analysis of Global Osteoarthritis Market
Geographically, the global osteoarthritis market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa. America dominates the global osteoarthritis market owing to a well-developed healthcare sector and huge patient population for osteoarthritis. Apart from this, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. According to the Centers for Disease Control and Prevention about 78 million (26%) U.S. adults ageing 18 years or more are estimated to have doctor diagnosed arthritis, by 2020. Europe is the second largest osteoarthritis market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. Asia Pacific is the fastest growing region in global the market due to the presence of a huge patient population.
Moreover, continuously developing economies like India and China, and presence of huge opportunity in the market fuels the market growth. On the other hand, the Middle East & Africa holds the least share in the global osteoarthritis market due to presence of poor economy, especially, in African region. Majority of the market of this region is held by the Middle East due to the well-developed healthcare sector and huge healthcare expenditure.
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