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According to the Osteoarthritis Therapeutics Global Market Report 2024, the global market size for osteoarthritis therapeutics is projected to grow strongly. The significant growth over the past few years will continue as the value expands from around $7.55 billion in 2023 to approximately $8.17 billion in 2024, indicating a compound annual growth rate CAGR of 8.3%. The market's impressive previous gains can be mainly attributed to factors such as an increasingly ageing population, advancements in drug delivery systems, raised awareness and diagnosis, the development of novel therapies, and a growing obesity epidemic.
What does the future hold for the Global Osteoarthritis Therapeutics Market?
Over the next few years, the osteoarthritis therapeutics market size will continue to witness robust growth. The forecasted value is estimated to reach around $11.29 billion by the year 2028, growing at a compound annual growth rate CAGR of 8.4%. Several elements drive this forecasted growth, including escalating obesity rates, advancements in treatment modalities, increasing awareness and diagnosis, the development of disease-modifying osteoarthritis drugs DMOADs, and an influx of government and private funding for research.
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What are the Major Trends and Growth Drivers for the market?
The forecast period will witness the emergence of several trends. These trends include a pronounced focus on personalised medicine, the emergence of regenerative therapies, an expansion of pain management options, increased governmental and regulatory support, and spiralling demand in emerging markets. One of the major drivers expected to propel the growth of the osteoarthritis therapeutics market is the rise in sports injuries.
Sports injuries encompass any harm or injury that occurs during athletic activities, affecting various body parts and spanning a spectrum of severity. The increase in such injuries is primarily due to the rising participation in sports activities and the growing intensity and competitiveness of these sports. In managing sports injuries, osteoarthritis therapeutics are used to alleviate pain and inflammation and to improve joint function in athletes suffering from joint degeneration. For instance, in 2022, the National Safety Council, a US-based nonprofit public service organisation promoting health and safety, reported that the incidence of sports and recreational injuries rose by 12%.
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Who are the Key Industry Players?
Major companies operating in the market include Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi S.A., Bristol-Myers Squibb Company, Novartis AG, GlaxoSmithKline plc, and many others. These industry players have been focusing on developing innovative solutions, such as tissue regeneration in osteoarthritis. This involves repairing or replacing damaged cartilage and joint tissues to restore normal function and alleviate pain. For instance, in May 2023, the Advanced Research Projects Agency for Health ARPA-H launched the Novel Innovations for Tissue Regeneration in Osteoarthritis NITRO programme.
What are the segments of the Global Osteoarthritis Therapeutics Market?
The osteoarthritis therapeutics market is segmented as follows:
1 Drug Type: Viscosupplementation Agents, Nonsteroidal Anti-inflammatory Drugs, Analgesics, Corticosteroids, Other Drug Types
2 By Anatomy: Knee Osteoarthritis, Hip Osteoarthritis, Hand Osteoarthritis, Other Anatomies
3 By Route Of Administration: Parenteral Route, Topical Route, Oral Route
4 By Sales Channel: Prescription Drugs, Over-the-Counter Drugs
5 By End-use: Hospital Pharmacies, Retail Pharmacies, Other End-uses
Where does the Osteoarthritis Therapeutics Market hold the largest share?
With respect to regions, North America held the largest share in the osteoarthritis therapeutics market in 2022. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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