Market Trends of Osteoarthritis Treatment Industry
This section covers the major market trends shaping the Osteoarthritis Treatment Market according to our research experts:
Knee Osteoarthritis Therapeutics is Expected to Hold a Significant Share in the Osteoarthritis Treatment Market Over the Forecast Period
Knee Osteoarthritis is one of the primary reasons for disability in old age in people all over the world. The increasing prevalence of knee Osteoarthritis, rising awareness, and the growing geriatric population are vital factors driving the growth of the Knee Osteoarthritis market. For instance, according to an article published by PubMed Central in June 2022, knee Osteoarthritis (OA) is a degenerative joint disease and one of the most common reasons for knee joint replacements in the US. Thus, it creates the need for therapeutic drugs for treatment, driving the growth of the Osteoarthritis medications market segment.
As per the OECD data in 2022, the elderly population in Australia has increased to 16.82% in 2021, which is high compared to previous years. Similarly, according to the same source, the elderly population in Germany increased to 22.09% in 2021. As knee Osteoarthritis is highly associated with old age, the increasing geriatric population is also expected to complement the Knee Osteoarthritis market forecast.
Furthermore, continuous developments by major players in the market are positively affecting the segment's growth. For instance, in September 2021, Novartis received approval from the US FDA for LNA043 Novartis to treat knee Osteoarthritis. LNA043 is being developed as a potential first-in-class disease-modifying treatment for Osteoarthritis (OA).
Therefore, the Knee Osteoarthritis market is expected to witness significant growth over the forecast period due to the increasing prevalence of knee Osteoarthritis, the rising geriatric population in various countries, and continuous developments by major players.
North America is Expected to Acquire Significant Share in the Osteoarthritis Treatment Market Over the Forecast Period
The North American market is expected to grow, owing to the increasing prevalence of chronic diseases, the rise in the geriatric population, and changes in the living lifestyles of people. As a result, the region's adoption of different treatments and drugs is increasing. The US will hold a significant share of the Osteoarthritis drugs market in North America compared to Canada and Mexico. According to the National Public Health Agenda report for Osteoarthritis 2020, updated by the Osteoarthritis Action Alliance, Osteoarthritis is the most common form of arthritis. It affects 1 in 7 adults in the US, and about 32.5 million people, from which more than 50% of adults with Osteoarthritis are working age. Hence, the high prevalence of Osteoarthritis in the region is expected to enhance the growth of the studied market.
Furthermore, the rising prevalence of Osteoarthritis in Canada and Mexico is also driving the growth of the Osteoarthritis medications market. For instance, according to the data published by the Arthritis Society Canada in September 2021, it is estimated more than 4 million Canadians have Osteoarthritis, more than all other arthritis types combined. It is also estimated that about 1 in 7 Canadian adults live with the impact of Osteoarthritis. Moreover, according to an article published by PubMed Central in January 2022, a study showed that the prevalence of symptomatic knee Osteoarthritis was 7.1% in people over 18 years of age and 17.6% among those more than 40 years of age in Mexico. Hence, with the increasing prevalence of Osteoarthritis in Canada and Mexico, the studied market is expected to experience growth during the forecast period of the study.
Additionally, the availability of better treatment options, government reimbursement policies, increasing research and development activities in developing novel therapeutics, and the launch of new therapies in the North American region are also expected to boost the market growth. For instance, in January 2022, Merck, through its subsidiary Ares Trading SA, entered into an out-licensing agreement for sprifermin with TrialSpark/High Line Bio of the US. Sprifermin is a recombinant form of human fibroblast growth factor 18 currently being investigated in patients with Osteoarthritis (OA), contributing to the Osteoarthritis pipeline drugs market.
Hence, due to factors such as the increasing geriatric population, rising Osteoarthritis prevalence, increasing research and development activities in developing novel therapeutics, and the launch of new therapies, the North American region is expected to hold a significant share in the Osteoarthritis treatment market over the forecast period.
