Osteoarthritis Market Slated to Bring in US$ 11,618.6 Mn by End of 2017-2025
Posted by Pradnya on April 23rd, 2019
Persistence Market Research (PMR) has published a new research report on the osteoarthritis treatment market titled “Osteoarthritis Treatment Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025).” An alarming rise in the number of osteoarthritis cases is the result of a growing geriatric population worldwide. In order to cater to the needs of the rapidly increasing geriatric population as well as the female population – given that osteoarthritis prevails mostly among these groups – the manufacturers of osteoarthritis drugs are focusing on research and development to be able to develop better and reliable drugs. As this disease is not treatable, the market is an ever growing one. In this run, the leading companies are also collaborating with other big companies in order to use their formulas and production equipment.
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For instance, in September 2016, Pfizer Inc. completed the acquisition of Medivation, Inc., a biopharmaceutical company focused on the development and commercialization of medically innovative therapies to treat serious diseases that have limited treatment options. In this regard, the company also acquired the commercialization and development rights of the late stage small molecules anti-infective business, mainly outside the U.S. from AstraZeneca. Other companies operating in the market are Johnson & Johnson Services, Inc., Novartis AG, GlaxoSmithKline plc. Abbott Laboratories, and Zimmer Biomet Holdings, Inc., among others.
According to the report, the global osteoarthritis treatment market is expected to register a CAGR of 4.8% from 2017 to 2025. In 2017, the market was valued at US$ 7,969.7 Mn and is expected to rise to a valuation of US$ 11,618.6 Mn by the end of 2025.
Growing Geriatric Population and Rising Prevalence of Disease to Trigger Adoption
The prevalence of osteoarthritis is increasing across the globe and it is the major cause of disability, especially among the ageing population. Women are more likely to be affected than men and the prevalence rate progresses with age. Increasing awareness regarding the risk factors associated with osteoarthritis (such as obesity) among the general population due to government action plans to control the disease is expected to boost the growth of the osteoarthritis treatment market.
However, improvement in healthcare policies in various countries such as the U.S. has resulted in enhanced affordability for various diagnostic and treatment services, which in turn has increased the life expectancy of people. Other dynamics such as the availability of alternative medicines are expected to boost the growth of the market.
Non-availability of Permanent Cure for Osteoarthritis to Restrict Market Growth
Presently, there is no cure of osteoarthritis but the treatment is aimed to manage the symptoms. Aspects such as lack of awareness regarding risk factors and symptoms of osteoarthritis is expected to restrain the growth of the osteoarthritis treatment market. There is no simple diagnosis available for osteoarthritis. Diagnosis is based on a variable combination of patient reported symptoms and imaging of the joint. Mostly x-ray is used to diagnose osteoarthritis, but it often does not correlate with other symptoms of osteoarthritis including joint pain.
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