Osteoarthritis therapeutics market to be worth $10.1bn by 2024, says report
A new report has said the osteoarthritis therapeutics market is estimated to grow due to rapid increase in the geriatric and obese population.
According to the new market research report by MarketsandMarkets, the osteoarthritis therapeutics market is estimated at $6.8 billion in 2019 and projected to reach $10.1 billion by 2024 at a CAGR of 8.1 percent from 2019 to 2024.
This growth, the report says, is in part due to the rapid increase in the geriatric and obese population and the associated increase in the prevalence of osteoarthritis disease.
Based on anatomy, the knee osteoarthritis segment accounted for the largest market share and in regards to the distribution channel, hospital pharmacies accounted for the largest market share in 2018. The high volume of patients visiting hospitals for osteoarthritis treatments and the wide range of osteoarthritis therapeutics available in these pharmacies are the major factors driving the growth of this segment.
In 2018, the prescription drugs segment accounted for the largest market share and is expected to grow at the highest CAGR during the forecast period. The majority of osteoarthritis therapeutics are used by patients based on the prescriptions of physicians and driving the growth of the segment, the report says.
Europe accounted for the largest market share in 2018, followed by North America. The rising incidence and prevalence of osteoarthritis, increasing geriatric, and obese populations in the region are the major factors driving the growth of this market in Europe.
The prominent players operating in this market include Sanofi (France), Horizon Therapeutics (Ireland), Johnson & Johnson (US), GlaxoSmithKline Plc (UK), Bayer AG (Germany), Abbott (US), Pfizer (US), Eli Lilly (US), Anika Therapeutics (US) and Flexion Therapeutics (US).
