The global osteoarthritis drugs market is witnessing various innovations on the horizons such as rapid pain relieving injections and disease modifying drugs, thanks to growing cases of major illnesses like obesity.
The global osteoarthritis drugs market is witnessing various innovations on the horizons such as rapid pain relieving injections and disease modifying drugs, thanks to growing cases of major illnesses like obesity. The global osteoarthritis is expected to witness a robust competition as the market landscape continues to be increase in fragmentation. Major players in the market are making large investments in reseach and development globally, finds Transparency Market Research (TMR). Some key players in the global osteoarthritis drugs market are Pfizer Inc., Horizon Pharma plc, Ferring B.V., Sanofi, Anika Therapeutics, Inc., Chugai Pharmaceutical Co., and Bioventus, Inc.
The global osteoarthritis drugs market is expected to be propel forward in the near future, thanks to a growing awareness of diseases like degenerative bone disease, increasing R&D, and growing geriatric population as well. The pharmaceutical industry is growing through a tough phase as several key patents have expired. On the other hand, the industry is also faced with opportunities to reduce manufacturing costs considerably, due to advancements like 3D printing, several lucrative outsourcing opportunities, and prospects like Nano technology. This is expected to act as a catalyst for innovation in the industry with several firms already raising the bar with new drug developments and vital modifications in processes.
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The global osteoarthritis drugs market is projected to touch US$ 11,226.1 mn by 2026 end. However, due to patent expiry challenges and introduction of several generic versions driving down margins, the market is likely to expand at a single digit CAGR during the forecast period. Among various types of drugs in the market, the viscosupplementation agents are expected to dominate market growth, partly due to their high costs and partly due to growing demand for knee related arthritis treatments due to their effectiveness.
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Growing Elderly Population a Major Driver of the Osteoarthritis Drugs Market
Osteoarthritis (OA) is an prevalent disease globally and it affects the elderly population quite severely. The condition is also life-threatening to many as it leads to impaired mobility leading to more potential accidents and financial constraints. However, the current crop of osteoarthritis drugs only offer pain mitigation and relief, but not a permanent solution. Additionally, osteoarthritis drugs also fail to halt disease progression. Hence, despite their lack of effectiveness and extreme high costs of viscosupplementation, the global osteoarthritis drugs market continues to grow. Moreover, the rising elderly population around the globe, and increasing reach of programs like Medicare in the US and privatized healthcare bill recently introduced in Australia, the osteoarthritis drugs market will result in several new opportunities for innovation.
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Anti-Nerve Growth Therapy Promises a New Avenue for Growth
The global osteoarthritis market is witnessing several new product launches like increased investments, increasing prevalence of osteoarthritis due to growing obesity worldwide, and this has resulted in promising treatments like Anti- NGF treatments. NGF or Nerve Growth Factor is a promising therapy which can subside the progression of several arthritic conditions, and provides immense relief during chronic pain. Additionally, advent of other disease modifying osteoarthritis drug (DMOAD) also presents a new opportunity on the horizon. These drugs have proven to improve key functions like joints and promise to halt the progression of the disease as well. Nanobody is another promising treatment for arthritis.
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However, lack of seriousness in treating arthritis differently than conditions like old age is a major factor restraining the growth of the market. More awareness and more promising drugs can be major impetus for growth for the osteoarthritis drugs market in the near future.
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