The rising prevalence of osteoarthritis across the globe, the demand for osteoarthritis therapeutics is increasing during forecast period.

Dallas, March 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global osteoarthritis therapeutics market is expected to grow from USD 8.15 billion in 2020 to USD 13.63 billion by 2028, at a CAGR of 6.56% during the forecast period 2021-2028.

The increasing prevalence of osteoarthritis is one of the key driving factors for the growth of osteoarthritis therapeutics treatment market. Obesity and high body mass index are some of the factors that offer a greater risk of osteoarthritis. Thus, the rising prevalence of osteoarthritis across the globe, the demand for osteoarthritis therapeutics is increasing.

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Osteoarthritis also called as wear and tear arthritis is one of the most common types of arthritis. It is a progressive disorder where when the smooth cushion between bones breaks down where joints become painful, swollen, and hard to move. The osteoarthritis can happen to any joints, but it mainly occurs in the joints of the knee, hip, and hand joints. Therapeutics for the osteoarthritis is mostly given on the basis of symptoms and pain. The treatment of osteoarthritis involves treatment associated with the pain, corticosteroid injections, viscosupplementation with intra-articular hyaluronate injections, and nonsteroidal anti-inflammatory drugs.

Global osteoarthritis therapeutics market is witnessing a rapid growth owing to the increasing prevalence of osteoarthritis across the globe. In addition to this, increasing geriatric population in the various countries in the world, further boosting the demand for osteoarthritis therapeutics. Furthermore, rising sports injuries, which further leads to the increased risk of osteoarthritis, also propelling the growth of the market. Increasing awareness about the osteoarthritis therapeutics in the emerging market is providing the key growth opportunities for the vendors in the global osteoarthritis therapeutics market. However, adverse side effects of osteoarthritis medication may restrain the growth of the market. Moreover, increasing preference for the non-drug therapies to treat the osteoarthritis, also limiting the growth of the market over the forecast period.

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Major players in the global osteoarthritis therapeutics market are Horizon Therapeutics, Sanofi , Pfizer, Bayer AG, GlaxoSmithKline Plc, Johnson & Johnson, Abbott, Anika Therapeutics, Eli Lilly, and Flexion Therapeutics among others. The key players of global osteoarthritis therapeutics market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.

• In July 2019, GlaxoSmithKline Plc announced the start of a phase III clinical development programme with otilimab,an anti GM-CSF monoclonal antibody, for the patient who are suffering from moderate to severe arthritis.
• In February 2018, Anika Therapeutics announced the partnership with the Institute of Integrative Biology at the University of Liverpool for the development of innovative therapy for osteoarthritis.
• In December 2019, Flexion Therapeutics, Inc. announced that the company has received the Food and Drug Administration (FDA) approval supplemental New Drug Application (sNDA) to update the product label for ZILRETTA (triamcinolone acetonide extended-release injectable suspension) for the treatment of osteoarthritis (OA) knee pain.

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Nonsteroidal anti-inflammatory drugs segment is projected to grow at the highest CAGR of 8.9% over the forecast period

The drug type segment is divided into viscosupplementation agent, nonsteroidal anti-inflammatory drugs, analgesics, corticosteroids, and others. Nonsteroidal anti-inflammatory drugs segment is projected to grow at the highest CAGR of 8.9% over the forecast period. These nonsteroidal anti-inflammatory drugs is most commonly used to reduce the pain and inflammation associated with the osteoarthritis.

The knee segment dominated the global osteoarthritis therapeutics market and held the major market share of 65.45% in the year 2020

The anatomy segment includes knee, hip, hand, and small joints (foot & ankle and wrist). The knee segment dominated the global osteoarthritis therapeutics market and held the major market share of 65.45% in the year 2020. Currently, most of the people are suffering from the osteoarthritis, which is associated with the knee. Thus, rising usage of osteoarthritis therapeutics to relieve the pain of knee arthritis driving the growth of the market.

The topical segment is anticipated to grow at the highest CAGR of 7.6% over the forecast period

The route of administration segment includes parenteral, topical, and oral. The topical segment is anticipated to grow at the highest CAGR of 7.6% over the forecast period. Currently, many ointments and creams are available in the market to ease the pain and inflammation of osteoarthritis. Rising preference for the topical route of administration boosting the growth of the market.

The hospital pharmacies segment accounted for the major market share of 69.56% in the year 2020

The distribution channel segment is classified into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment accounted for the major market share of 69.56% in the year 2020. Increasing number of hospital administration of osteoarthritis patients across the globe driving the growth of hospital pharmacies segment in the market.

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Regional Segment Analysis of the Osteoarthritis TherapeuticsMarket

• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

The Europe region dominated the global osteoarthritis therapeutics market and valued at USD 3.7 billion in the year 2020. Increasing geriatric population in the countries such as Germany, Italy, and UK, further driving the growth of market. Furthermore, rising obesity rate among the populations in the European countries, further boosting the growth of market. The Asia Pacific region is projected to grow at the highest CAGR of 7.4% over the forecast period. Increasing awareness about the osteoarthritis therapeutics in the region is one of the primary factor driving the growth of market.

About the report:

The global osteoarthritis therapeutics market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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