Global Osteoarthritis Market size is estimated to be valued over US$ 2,205 million in 2019, registering a CAGR of 9.1% between 2019 and 2028. This amounts to 2.2X higher revenue opportunity by 2028 than that of 2018. The industry is substantially consolidated with major players focusing on R&D to launch cell mediated drugs. The industry is likely to witness major change since majority of the clinical trials are in phase III and IV.
Key Trends and Factors Driving Osteoarthritis Market Demand:
- Number of osteoarthritis cases has increased at alarming rate in last decade. As of 2019, there are over 316 million prevalent cases of OA worldwide. This is expected to increase to 381 million cases by 2028. Higher cases of OA will propel the demand for effective treatment options, that largely exists in medicated form.
- Competition in the market is expected to heighten during the later phase of forecast period (2024 onwards), since majority of the products are under trial phase II of FDA. Once approved, the industry will become highly competitive with substantial effect on market share of few major players. Close to half of the products are under phase III and IV. Majority of the clinical trials are conducted in North America followed by Western Europe. Japan and South Korea are key region in Asia Pacific wherein players are conducting clinical trials to evaluate efficacy of the products. Among major companies, Pfizer is reported to having highest number of clinical trials. The company also dominated in terms of osteoarthritis market share in 2018.
- Merger and acquisition will be one of the key trend in the market. Rise in competition will propel the companies to acquire technological and market competence of already established players. Recently, in 2018, Mundipharma entered in strategic collaboration with Kolon Life Sciences to market Invossa®-K in Saudi Arabia and United Arab Emirates. The deal was further extended to Japan. The drug was first approved in 2017 by Korean Ministry of Food and Drug Safety (MFDS) and is regarded as world’s first cell mediated gene therapy for osteoarthritis.
Global Osteoarthritis Market Size, Analysis across Segments:
- On the basis of drug class, the industry revenue is analyzed across Corticosteroids, NSIADs, and Viscosupplementation Agents. Viscosupplementation will gain highest traction in terms of growth during the forecast period.
- On the basis of route of administration, osteoarthritis drugs market revenue is analyzed across oral based drugs, parenteral drugs, and topical drugs. Among these, oral based OA drugs accounted for the highest share in 2018. The trend is likely to be same throughout the forecast period.
- On the basis of distribution channel, the industry revenue is analyzed across hospitals, drugstores, pharmacies and online channels. While online channels accounted for the lowest share, it is expected to register double digit growth during the forecast period. Major players are actively investing in online channels in order to provide ease of buying convenience to customers and thereby retaining for a longer durations.
Global Osteoarthritis Market Size, Regional Analysis:
Globally, North America witnessed the highest osteoarthritis drug sales in 2018. The region accounted for 57% of total osteoarthritis market revenue in 2018. There are over 61 million US population suffering from OA. This offers relatively higher addressable market to the industry players. Biologic analgesics is registering high sales in the U.S. Regeneron’s fasinumab, TissueGene’s Invossa, and Pfizer’s tanezumab are some of the key drugs sold in the region.
Asia Pacific will register fastest growth during the forecast period. Japan and China will hold highest OA market share in 2019. In 2018, Japan osteoarthritis market was valued at US$ 169 million. China and India are expected to register double digit growth, driven by higher healthcare FDI influx and improving healthcare amenities. Favorable reimbursement policies such as Ayushman Bharat by Government of India is expected to help reach affordable healthcare to lower income class people. Higher treatment outreach will significantly boost the treatment spending on osteoarthritis in the region.
Global Osteoarthritis Market Size, Competition Landscape:
Some of the key industry players covered in the report are:
- Cara Therapeutics
- Mitsubishi Tanabe Pharma
- Ampio Pharmaceuticals
- Cellular Biomedicine Group
- Teva Pharmaceutical
- Eli Lilly
- Techfields Pharma
- Healthcare Life Sciences
- Seikagaku Corp
- Kolon Life Sciences
- Flexion Therapeutics
- Ono Pharmaceutical
- Regeneron Pharmaceuticals
- Centrexion Therapeutics
By Drug Class
- Viscosupplementation Agents
By Route of Administration:
By Distribution Channel:
- Hospital Stores
- Online Pharmacies
What Will You Discover in the Report?
- An in-depth analysis of the Osteoarthritis market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Osteoarthritis market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Osteoarthritis market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Osteoarthritis industry during the forecast period
- Who are the Osteoarthritis industry leaders and what are the key initiatives taken by them for long term growth
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