Knee Osteoarthritis Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: January 27, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 4.21 billion |
|
Revenue Forecast in 2030 |
US$ 8.84 billion |
|
CAGR |
8.6% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Drug Type, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment by Growth Plus Reports, the global knee osteoarthritis therapeutics market was valued at US$ 4.21 billion in 2021 and is expected to register a revenue CAGR of 8.6% to reach US$ 8.84 billion by 2030.
Knee Osteoarthritis Therapeutics Market Fundamentals
Osteoarthritis (OA) of the knee, commonly referred to as a degenerative joint disease, generally occurs by wear and tear and gradual loss of articular cartilage. Generally, it affects the elderly population. There are two forms of knee osteoarthritis: primary and secondary. Arthritic degeneration without a discernible underlying cause is known as primary osteoarthritis. Secondary osteoarthritis results from either defective articular cartilage, such as rheumatoid arthritis, or improper force distribution throughout the joint, as in post-traumatic reasons (RA). Osteoarthritis is often a disabling condition that worsens over time. Each patient’s clinical symptoms may manifest differently and to varying degrees.
Several available treatments for knee osteoarthritis include pain relief medication, physiotherapy, and surgery. However, the most effective treatment is a mix of these modalities.
[412421]
Knee Osteoarthritis Therapeutics Market Dynamics
Key factors fueling the market revenue growth include increasing prevalence of osteoarthritis and the aging population. According to the National Carter for Biotechnology Information, about 654.1 million individuals with age more than 40 have knee osteoarthritis. For individuals aged 20 and older, the combined global incidence of knee osteoarthritis was 203 in 10,000 individuals per year. In line with this, around 86.7 million people were suffering from knee osteoarthritis worldwide in 2020. Between nations, there were significant differences in prevalence and incidence, which rose with age. The market for knee osteoarthritis therapeutics is driven by the availability of effective treatments, rising incidence of obesity, and increasing awareness about the condition. Women are more susceptible to knee osteoarthritis in comparison to men. The prevalence and incidence rates were 1:69 and 1:39, respectively, for females and males globally.
The rising geriatric population is one of the major factors for the increased knee osteoarthritis patient pool, which is boosting the knee osteoarthritis therapeutics market revenue growth. Players in the osteoarthritis therapeutics market are concentrating on continuously developing and launching novel medications to fulfill the increased demand for knee osteoarthritis medications. Government bodies from several developed and developing countries are taking initiatives to hasten the development of robust medications. This factor is propelling the revenue growth of the global knee osteoarthritis therapeutics market.
Promising pipeline products, such as PK101, DFV890, and LNA043, are fueling the knee osteoarthritis therapeutics market revenue growth. Moreover, the market is being driven by rising adoption of a sedentary lifestyle, increasing obese population, and rapidly evolving healthcare infrastructure to reduce the overall healthcare cost.
However, the side effects of these drugs, such as stomach upset, ulcers, gastrointestinal bleeding, and drowsiness, have limited the usage of this drug, restricting the growth global knee osteoarthritis therapeutics market. Moreover, a stringent regulatory framework for drug approvals is also restraining the revenue growth of the knee osteoarthritis therapeutics market. Furthermore, lack of awareness about the disease, the absence of effective treatments, and high cost of treatment are likely to obstruct the market revenue growth in the next few years.
Knee Osteoarthritis Therapeutics Market Ecosystem
The global knee osteoarthritis therapeutics market has been analyzed from three perspectives: drug type, distribution channel, and region.
Knee Osteoarthritis Therapeutics Market by Drug Type
[645335]
Based on the drug type, the global market is segmented into nonsteroidal anti-inflammatory drugs (NSAIDs), viscosupplement agents, corticosteroids, narcotics drugs, skeletal muscle relaxants, and others.
The nonsteroidal anti-inflammatory drugs (NSAIDs) segment dominated the knee osteoarthritis therapeutics market in 2021. This can be attributed to rise in the usage of this drugs types in the treatment of knee osteoarthritis owing to their advantages, such as the ability to reduce pain, morning stiffness, and joint inflammation. These drugs also improve the overall strength and mobility of patients. Ibuprofen and naproxen are the most common NSAIDs used for the treatment of knee osteoarthritis.
Knee Osteoarthritis Therapeutics Market by Distribution Channel
Based on the distribution channel, the global knee osteoarthritis therapeutics market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment accounted for the largest revenue share of the knee osteoarthritis therapeutics market in 2021, owing to increased number of prescriptions due to the rise in knee osteoarthritis patients admitted to hospitals. The drugs used for the treatment of knee osteoarthritis depend on the severity of the disease. For mild cases, over-the-counter drugs are prescribed. In severe cases, medications such as viscosupplementing agent injections are needed, which are mostly available in hospital pharmacies. Hospital pharmacies typically have a faster turnaround time than regular pharmacies. Moreover, hospital pharmacy costs much less than other distribution channels. These pharmacies often provide discounts or other incentives which are not available at regular pharmacies. Moreover, hospital pharmacies can provide a higher level of service to patients and have a greater focus on patient safety. They also fulfill stricter government regulations and maintain a higher standard of care. These factors are expected to boost the segment growth during the forecast period.
Knee Osteoarthritis Therapeutics Market by Region
Based on the region, the global knee osteoarthritis therapeutics market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the global knee osteoarthritis therapeutics market in 2021, followed by Europe and Asia Pacific. The rising prevalence of knee osteoarthritis in North America plays a significant role in regional market growth. According to the National Carter for Biotechnology Information, around 14 million persons had symptomatic knee osteoarthritis, with advanced knee osteoarthritis comprising over half of those cases in the U.S. Rise in the geriatric and obese population is resulting in rising cases of knee osteoarthritis in the region. The rising adoption of a sedentary lifestyle and increasing number of sports injuries also boost the demand for knee osteoarthritis treatment solutions in the region. The rise in R&D activities to develop novel drugs for knee osteoarthritis is fueling regional market growth. Moreover, the presence of major market companies and well-developed healthcare infrastructure propel regional growth.
Knee Osteoarthritis Therapeutics Market Competitive Landscape
Some of the prominent players operating in the knee osteoarthritis therapeutics market are:
Knee Osteoarthritis Therapeutics Market Strategic Developments
Sanofi S. A, GlaxoSmithKline plc, Bayer AG, Pfizer Inc., Eli Lilly and Company, and Novartis AG are among the prominent players operating in the global market.
North America accounts for the largest market revenue share of the global market.
The knee osteoarthritis therapeutics market is expected to be valued at US$ 8.84 billion by 2030.
The nonsteroidal anti-inflammatory drugs (NSAIDs) segment accounts for the largest revenue share of the knee osteoarthritis therapeutics market.
Osteoarthritis (OA) of the knee, commonly referred to as a degenerative joint disease, generally occurs due to wear and tear and gradual loss of articular cartilage.
*Insights on financial performance are subject to the availability of information in the public domain