Rise in the prevalence of osteoarthritis, development in R&D activities in drugs, surge in funding for the development of the healthcare sector and research hubs, and increase in demand for cell-based research activities drive the global osteoarthritis therapeutics market. The COVID-19 pandemic has stressed the healthcare systems across the globe and expanded the need for the improvement of novel therapeutics.

Portland, OR, Nov. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Osteoarthritis Therapeutics Market generated $6.75 billion in 2020, and is estimated to reach $15.69 billion by 2030, manifesting a CAGR of 8.8% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.

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Surge in the prevalence of osteoarthritis, rise in the geriatric population, and the increase in R&D activities for developing new and better drugs propel the market growth. On the other hand, risk associated with the use of non-steroidal anti-inflammatory drugs and cost of drugs used to treat osteoarthritis hinder the market growth. On the contrary, changes in government policies and rise in healthcare expenses across the world create opportunities for the market players.

COVID-19 scenario: 

• Surge in the number of COVID-19 patients and drop in the use of non-steroidal anti-inflammatory drugs and corticosteroids negatively affected the market.
• As per the World Health Organization guideline published in 2019, a systemic corticosteroid can be avoided in patients who are diagnosed with osteoarthritis along with COVID-19. This has contributed to the drop in the global osteoarthritis treatment market.

The report segments the global osteoarthritis therapeutics market on the basis of drug type, anatomy, distribution channel, and region.

Based on the anatomy, the knee osteoarthritis segment accounted for the largest market share in 2020, contributing to more than three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 9.3% from 2021 to 2030. The report also covers other segments such as hip osteoarthritis, hand osteoarthritis, and small joint osteoarthritis.

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Based on drug type, the nonsteroidal anti-inflammatory drugs segment contributed to the highest market share in 2020, contributing to nearly three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the visco supplementation agents segment is expected to manifest the fastest CAGR of 9.7% from 2021–2030. 

Based on region, Europe followed by Asia-Pacific and North America, contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to portray the fastest CAGR of 9.1% from 2021-2030. 

Key players of the global osteoarthritis therapeutics market analysed in the research include Bayer AG, Pfizer Inc., Flexion Therapeutics, Inc., Abbott Laboratories, GlaxoSmithKline plc., Johnson & Johnson, Novartis, Horizon Therapeutics plc., Sanofi, and Zimmer Biomet Holding.

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