Market Segmentation
By Drug Class:
Based on drug type, the market is classified as, viscosupplementation agents, nonsteroidal anti-inflammatory drugs (NSAIDs), analgesics, and corticosteroids. The analgesics segment is sub-segmented into duloxetine and acetaminophen, while the NSAIDs are sub-segmented into naproxen, aspirin, diclofenac, ibuprofen, and other NSAIDs. The viscosupplementation agents segment accounted for the largest share of the osteoarthritis therapeutics market in 2019. The rising incidence of knee osteoarthritis is the major factor driving the growth of this segment. Viscosupplementation effectively eases the pain of osteoarthritis through injections that fill up the joint’s synovial fluid, thus offering better lubrication of the joints
By Route of Administration:
On the basis of route of administration, the market has been segmented into oral, topical, and parenteral routes. The parenteral route accounted for the largest share of this market in 2019 and is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the wide adoption of the parenteral route for administering osteoarthritis therapeutics owing to the ease of administration and better pharmacokinetics and pharmacodynamics, resulting in better patient compliance
By Region:
America dominates the global osteoarthritis market owing to a well-developed healthcare sector and huge patient population for osteoarthritis. Apart from this, changing lifestyles and increasing healthcare expenditure have boosted the growth of the market in America. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion
Europe is the second-largest osteoarthritis market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, well-developed healthcare sector, and government support for research & development are projected to drive the market growth during the forecasted period. Regionally, Europe is divided into Western Europe and Eastern Europe. Western Europe holds the major share of the regional market, which is majorly contributed by Germany, the U.K., and France. However, Eastern Europe is the fastest-growing region due to the huge opportunities in the untapped market
Asia Pacific is the fastest-growing region in global the market due to the presence of a huge patient population, continuously developing economies like India and China, and the presence of huge opportunities in the market. Moreover, favorable government policies and increasing healthcare expenditures fuels the market growth within the region
On the other hand, the Middle East & Africa holds the least share in the global osteoarthritis market due to the presence of a poor economy, especially, in the African region. The majority of the market of this region is held by the Middle East due to the well-developed healthcare sector and huge healthcare expenditure by the presence of economies like Kuwait, Saudi Arabia, Dubai, and Qatar
Key Industry Players
The major players operating in this market are Sanofi (France), Horizon Therapeutics PLC (Ireland), Johnson & Johnson (US), GlaxoSmithKline PLC (UK), Bayer AG (Germany), Abbott (US), Pfizer, Inc. (US), Eli Lilly (US), Anika Therapeutics, Inc. (US), Novartis AG (Switzerland), Ferring Pharmaceuticals (Switzerland), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Fidia Farmaceutici s.p.a. (Italy), Flexion Therapeutics, Inc. (US), Pharmed Limited (India), Virchow Biotech (India), Kitov Pharmaceuticals Ltd. (Israel), Assertio Therapeutics, Inc. (US), Atnahs (UK), Almatica Pharma LLC (US), OrthogenRx (US), LABRHA (France), Hanmi Pharm. Co., Ltd. (Korea), and Laboratorio Reig Jofre (Spain)
