Osteoarthritis Therapeutics Market Expected to Reach $15.693 Billion by 2030

According to a new report published by Allied Market Research, titled, “Osteoarthritis Therapeutics Market by Anatomy, Drug Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global market was valued at $6.754 billion in 2020, and is estimated to reach $15.693 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.

Osteoarthritis is defined as the degenerative joint disease caused due to the breakdown of cartilage. It is one of the most common types of arthritis, which result in chronic pain. The wearing down of the cartilage, which is the protective tissue present at the ends of the bone, occurs slowly and gets worsen over time. The knee, hands, and hip are affected by osteoarthritis. The symptoms of osteoarthritis are pain, stiffness, tenderness, inflammation, and loss of flexibility. This disease is irreversible in nature, and medication is recommended to reduce the pain and improve the quality of life.

The factors that drive the growth of the global osteoarthritis therapeutics market include increase in number of geriatric population, advancements in R&D activities for drug development, and increase in number of drug approval for treatment of pain due to osteoarthritis. In addition, rise in prevalence of osteoarthritis, such as knee osteoarthritis and hip osteoarthritis, notably contributes to the growth of the global market. According to the Journal of the Rheumatologist, in 2018, approximately 250 million individuals in the world were reported to be diagnosed with knee osteoarthritis. According to Centers for Disease Control and Prevention (CDC), in 2020, approximately 32.5 million individuals in the world were reported to be diagnosed with osteoarthritis.

Market players are focused on drug development for reduction of pain and inflammation caused due to osteoarthritis. For instance, in March 2021, Seikagaku Corporation and Ono Pharmaceuticals announced the approval of Joyclu (30 mg), which is a joint function improvement agent and used for the treatment of osteoarthritis. Furthermore, in 2018, Thermo Fisher Scientific announced the manufacturing of Zilretta, in Swindon, UK site where a custom condo manufacturing suite is installed to support the launch of flexicon’s approved therapy to reduce pain due to knee osteoarthritis.

Moreover, rise in disposable income and development in biotechnology and pharmaceutical sectors are anticipated to drive the growth of osteoarthritis therapeutics market. In addition, increase in demand for effective, fast, and accurate result led to the development of innovative technologies in the healthcare sector, thereby propelling the growth of the market. For instance, in October 2019, Bioventus, one of the global leaders in orthobiologics, announced the launch of OAKneePainRelief.com, which is a disease and product information website. It provides information to both healthcare provider and patients about Bioventus portfolio of hyaluronic acid based joint fluid treatment options.

Moreover, initiatives taken by governments for development of research activities for pain management and availability of better treatment option are the key factors that boost the growth of the market. Furthermore, development of the healthcare sector and surge in female population, who are more vulnerable to knee and hip osteoarthritis propel the growth of the market. In addition, lack of physical activity, such as exercise, and surge in awareness among people about the treatment of osteoarthritis fuel the market growth.

The global osteoarthritis therapeutics market is segmented on the basis of anatomy, drug type, distribution channel, and region. On the basis of anatomy, the market is divided into knee osteoarthritis, hip osteoarthritis, hand osteoarthritis, and small joint osteoarthritis. The knee osteoarthritis segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of knee osteoarthritis, advancement in technological development in healthcare sector, increase in geriatric population, and rise in R&D activities in arthritis.

Depending on drug type, the market is classified into viscosupplementation agents, non-steroidal anti-inflammatory drugs, analgesics, and corticosteroids. The nonsteroidal anti-inflammatory drugs segment exhibited the highest growth in 2020, and this trend is expected to continue during the forecast period, owing to surge in adoption of NSAIDS drugs, increase in launch of new products, and rise in the number of prescriptions. As per distribution channel, the market is classified into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment led the market in 2020, and this trend is expected to continue during the forecast period due to initiatives taken by government for advancement of hospital pharmacy and rise in prevalence of osteoarthritis. 

What is the Impact of COVID-19 Pandemic on the Osteoarthritis Therapeutics Market?

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global osteoarthritis therapeutics market. Increase in number of COVID-19 cases and decline in use of non-steroidal anti-inflammatory drugs (NSAIDS) and corticosteroid increase the risk of adverse effects. The COVID-19 pandemic has stressed the healthcare systems in the world and increased the need for development of novel therapeutics. According to the Journal of Annals of the Rheumatic disease, in 2020, it was observed that immune-mediated rheumatic diseases, such as osteoarthritis patients, are given immunosuppressive therapy, making them more prone to infection. Moreover, according to World Health Organization guideline, in 2019, systemic corticosteroid is avoided in the patient diagnosed with osteoarthritis along with COVID-19. This has significantly contributed to the decline of the global osteoarthritis Treatment market.

Key Findings of the Study                       

• By anatomy, the knee osteoarthritis segment was the highest contributor to the market in 2020.
• On the basis of drug type, the nonsteroidal anti-inflammatory drugs segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• As per distribution channel, the hospital pharmacies segment was the highest contributor to the osteoarthritis therapeutics market in 2020.
• Region-wise, Europe garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

Europe accounted for a majority of the global osteoarthritis Treatment market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of knee osteoarthritis, increase in number of approval for osteoarthritis, the presence of key players, availability of advanced research activities for drug development, and increase in number of clinical study to evaluate safety and efficacy of drug in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of osteoarthritis, rise in number of female population, growth in health care expenditures, and lack of physical activities.