The global osteoarthritis treatment market is estimated to garner a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increased number of patients with osteoarthritis. Osteoarthritis is a type of arthritis that occurs when flexible tissue at the ends of bone wears down. The main factor for the rise of osteoarthritis is the increasing number of geriatric population. According to the report published by United Nations, there were 703 million people aged 65 years or over in the world in 2019. Hence on the back of the increasing geriatric population, the global osteoarthritis treatment market is estimated to witness remarkable growth during the forecast period. Moreover, the World Obesity Atlas 2022 report published by the World Obesity Federation predicts that 1 billion people globally, including 1 in 7 men and 1 in 5 women will be living with obesity by 2030. Obesity is also a primary factor that contributes to the development of osteoarthritis. The excess weight adds pressure and stress on joint, and fat cells promote inflammation. Additionally, osteoarthritis is also caused by joint injuries such as bone fracture, cartilage, or ligament tear. Posttraumatic osteoarthritis is the occurrence of arthritis after a trauma or an accident. The condition is becoming common and it is estimated that approximately 10% of osteoarthritis cases of the knee, ankle, and hip are the result of trauma or accident. Owing to surging accidental cases the global osteoarthritis treatment market is expected to grow during the forecast period.
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The market is segmented by distribution channel into hospital, retail, and online pharmacies. Out of which, the hospital sub-segment is anticipated to hold the largest share in the global osteoarthritis treatment market during the forecast period on account of a large number of patients getting admitted to the hospitals. As hospitals are equipped with ultra-modern machines and talented doctors, plenty of patients are seeking treatment in the hospitals.
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 treatment 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 North America region is estimated to witness modest growth over the forecast period on the back of the presence of ultra-modern healthcare infrastructure in the region. According to the data released by the Centers for Diseases Control and Prevention, osteoarthritis affects over 32.5 million US adults. On the back of rising cases of osteoarthritis in the USA, patients are looking for effective measures of relief. This is estimated to propel the global osteoarthritis treatment market growth during the forecast period.
The global osteoarthritis treatment market is also projected to grow outstandingly during the forecast period in the Asia Pacific region. The region is highly populous and has a large number of osteoarthritis patients. The data released by the National Institute of Health and Family Welfare (NIHFW) in 2017, osteoarthritis is the 2nd most common rheumatologic problem in India, and 70% of the people above 65 years show radiological evidence of osteoarthritis. Owing to this, the global osteoarthritis treatment market growth is predicted to propel during the forecast period.
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The global osteoarthritis treatment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global osteoarthritis treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing cases of osteoarthritis and obesity is expected to be the major factors driving the growth of the global osteoarthritis treatment market during the forecast period.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Bayer AG, Horizon Therapeutics plc, and Johnson & Johnson Services, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug class, route of administration, disease type, distribution channel, and by region.
The hospital sub-segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.
Lack of awareness amongst people is estimated to hamper market growth.
The North America region is estimated to provide more business opportunities for the growth of the global osteoarthritis treatment market in future owing to the presence of well-developed healthcare sector.
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