The global osteoarthritis gene therapy market is estimated to garner notable revenue by growing at ~8% CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the ease of administration, affordable pain medication and therapy, and rising incidents of osteoarthritis diseases across the globe. Moreover, it is believed that 40 to 65% of osteoarthritis includes genetic components. Additionally, significant growth in the geriatric population is also anticipated to influence the growth of the market positively. A study conducted by United Nations (UN) in 2019 stated that 703 million people are aged 65 years or over. Furthermore, a large portion of the global population showed an affirmative response toward gene therapy to treat osteoarthritis disease owing to its high effectiveness. As per a report published by Yale University, a significant surge in patients receiving gene therapy is projected to reach the number of 1.09 million over the forecast period. These factors are anticipated to boost the growth of the global osteoarthritis gene therapy market.
The market is segmented by drug type into NSAIDs, corticosteroids, viscosupplementation agents, and analgesics, out of which, the viscosupplementation agent segment is anticipated to hold the largest share in the global osteoarthritis gene therapy market during the forecast period, on account of the high prevalence of knee osteoarthritis in the global population in recent decades. The rising cases of knee osteoarthritis are accounted to the significant change in the lifestyle such as spending more time on PCs resulting in knee joint cartilage wearing out over time. For instance, it was observed that approximately 200 people out of 10,000 suffer from knee osteoarthritis every year globally.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global osteoarthritis gene therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of factors, such as, the increasing geriatric population with osteoarthritis disease. Additionally, osteoarthritis is the most common disease among older people, as the joints start to loosen up and get weaker with age. As of 2019, approximately, 90 million people were 65 years old or above in the Europe region. Furthermore, multiple trials of gene therapy are in the process to be modified in the Europe region.
The global osteoarthritis gene therapy market is projected to grow in the North America region, over the forecast period owing to increasing geriatric population with osteoarthritis disease. According to a report by the Administration for Community Living (ACL), in 2019, 54.1 million people in U.S. were aged 65 and over, which was 16% of the population.
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The global osteoarthritis gene therapy market is further classified on the basis of region as follows:
Our in-depth analysis of the global osteoarthritis gene therapy market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Higher prevalence of osteoarthritis in people, affordable medication, and an increasing geriatric population with hip and knee disorders are the major factors driving the growth of the osteoarthritis gene therapy market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 - 2031.
The risk of getting CVD owing to the consumption of NSAIDs is estimated to hamper the market growth.
Europe region will provide more business opportunities for the growth of osteoarthritis gene therapy market in future on the back of growing geriatric population with osteoarthritis cases.
The major players in the market are Sanofi-aventis Groupe, Horizon Therapeutics plc, Hanmi Pharm. Co., Ltd., ALMATICA PHARMA LLC., Assertio Holdings, Inc., Flexion Therapeutic, Inc., Zimmer Biomet Holdings, Inc., Pfizer Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug type, purchasing pattern, distribution channel, end-user, and by region.
The viscosupplementation agents segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
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