North America Osteoarthritis Therapeutics Market: Industry Analysis and Forecast (2021-2027)

North America Osteoarthritis Therapeutics Market Definition:

Osteoarthritis is a chronic medical problem marked by chronic pain and disability, as well as a decrease in mobility. It is a degenerative joint condition that results from the breakdown and eventual loss of cartilage in one or more joints. Cartilage is a type of connective tissue that can be found in joints including the knees, ankles, and elbows. It aids in the lubrication of the joint and the reduction of friction. The goal of osteoarthritis treatment is to reduce pain while also improving function.

 

Further, the North America Osteoarthritis Therapeutics market is segmented by product type, distribution channel, and geography. On the basis of drug type, the North America Osteoarthritis Therapeutics market is segmented under viscosupplementation, NSAIDs,  Analgesics and Corticosteroids. Based on the distribution channel, the market is segmented under the channels of Online pharmacies, Hospital pharmacies and Retail pharmacies. Based on route of administration, the market is segmented under Oral, Parenteral, and Topical. Based on Anatomy, the market is segmented under Hand, knee, hip, small joints.  By geography, the market covers the major countries in North America i.e., US, Canada and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

North America Osteoarthritis Therapeutics COVID 19 Insights:

The COVID-19 pandemic is expected to have a negative impact on the osteoarthritis therapeutics market's growth. The risk of adverse effects rises when the number of COVID-19 cases rises and the usage of nonsteroidal anti-inflammatory medications (NSAIDs) and corticosteroids decreases. The COVID-19 pandemic has put a huge strain on the country's healthcare systems, requiring the development of novel therapeutics.

 

North America Osteoarthritis Therapeutics Market Dynamics:

Osteoarthritis is becoming more common in North America as a result of changing lifestyles, rising obesity rates, and a significant rise in the aging population. As a result, the region has seen an increase in the use of treatment and medications. The availability of better treatment alternatives, increased public awareness, government reimbursements, and a desire to seek medical treatment are all forecast to contribute to the region's osteoarthritis therapeutics market's growth.

 

Increased prevalence of osteoarthritis, advancements in R&D activities for drug development, increased funding from private and government organizations for the development of the healthcare sector and research centers, and increased demand for cell-based research activities are all driving the growth of the osteoarthritis therapeutics market.

 

The market for osteoarthritis therapeutics is expected to grow as the prevalence of osteoarthritis, such as knee and hip osteoarthritis, increases. The proximate cause of knee Osteoarthritis is thought to be the breakdown of joint structures due to mechanical loading and inflammation, but the deeper underlying causes of the disease's high prevalence are unknown and poorly researched, hampering efforts to prevent and treat it.

 

However, the most important recent public health trends are widely assumed to be two. Because, first, the incidence of knee OA increases with age, and second, because of a high BMI (BMI). Osteoarthritis in the hips produces stiffness and pain. Simple tasks like bending down to tie a shoe, rising from a chair, or going for a short walk could become difficult.

 

Market Trend

The Osteoarthritis Therapeutics market is expected to grow due to an increase in the geriatric population. The most common type of arthritis in older adults is osteoarthritis, which is also one of the primary causes of physical disability. The sickness affects both men and women similarly. The most common areas of osteoarthritis are the hands, lower back, neck, and weight-bearing joints like knees, hips, and foot. Osteoarthritis affects only the joints, not the internal organs. As you become older, you're more prone to get osteoarthritis. Osteoarthritis can be caused by excess weight, incorrect joint alignment, or exerting too much stress on a previously injured joint.

 

The patient population affected by osteoarthritis is very interested in different and complementary medicines. Alternative medicine segments in the United States are expanding at a faster rate and have a great deal of potential for research. Osteoarthritis management is becoming more focused on effective treatment as a result of technological improvements, which is forecast to drive the long-term growth of the osteoarthritis therapeutics market.

 

The Intellihab device from CyMedica is designed to treat pain caused by debilitating knee osteoarthritis. As a result, market growth is driven by technological advancements in osteoarthritis and the availability of better treatment options.

 

High cost of medication

The high cost of osteoarthritis medications and the risks associated with using nonsteroidal anti-inflammatory drugs, such as stomach ulcers, dizziness, and allergic reactions, are forecast to hamper the market's growth during the forecast period.

 

North America Osteoarthritis Therapeutics Market Segment Analysis:

By Anatomy, With $7,149.7 million in 2021, the knee osteoarthritis segment is expected to be the largest contributor to this market, growing at a CAGR of 9.52 % to $9,907.0 million by 2027. In 2021, the Knee and Hip Osteoarthritis segments are estimated to account for around 96.0 % of the Osteoarthritis Therapeutics market, with the former contributing for around 81.2 %. During the forecast period, the knee osteoarthritis and hip osteoarthritis sectors are forecast to increase at a CAGR of 9.52 % and 7.86 %, respectively.

 

Knee, hip, hand, and tiny joints are included in anatomy section (foot & ankle and wrist). In the year 2021, the knee category dominated the osteoarthritis therapeutics market, with a market share of 68.45%. The majority of people are affected directly by osteoarthritis, which is a condition that affects the knee. As a result, increased demand for osteoarthritis therapies to relieve the pain of knee arthritis is driving the market forward.

 

 

By Distribution Channel, Hospital pharmacies, retail pharmacies, and online pharmacies comprise a distribution channel segment. In the year 2021, the hospital pharmacies segment held the largest market share of 71.56 %. The market for hospital pharmacies is growing due to an increase in the number of osteoarthritis patients being treated in health care facilities.

 

By Route of Administration, Parenteral, topical, and oral administration routes are included in the route of administration segment. Over the forecast period, the topical segment is expected to increase at the fastest rate of 8.6%. Many ointments and creams are already available on the market to relieve the pain and inflammation associated with osteoarthritis. The market is growing due to a growing preference for the topical mode of administration.

 

By Drug Type, Viscosupplementation agents, nonsteroidal anti-inflammatory medications, analgesics, corticosteroids, and others form up the drug type segment. Over the forecast period, the nonsteroidal anti-inflammatory medicines segment is expected to increase at the fastest rate of 10.9%. The most common usage of these nonsteroidal anti-inflammatory medications is to relieve the pain and inflammation related with osteoarthritis.

 

North America Osteoarthritis Therapeutics Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the North America Osteoarthritis Therapeutics Market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Osteoarthritis Therapeutics Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America Osteoarthritis Therapeutics Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the North America Osteoarthritis Therapeutics Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Osteoarthritis Therapeutics Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Osteoarthritis Therapeutics market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the North America Osteoarthritis Therapeutics Market. The report also analyses if the North America Osteoarthritis Therapeutics Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the North America Osteoarthritis Therapeutics Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Osteoarthritis Therapeutics Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Osteoarthritis Therapeutics Market is aided by legal factors.

 

North America Osteoarthritis Therapeutics Market Scope:

North America Osteoarthritis Therapeutics Market		Market Segmentation
Market Indicators:	Details	by Anatomy	Knee Hip Hand Small Joint
Historical Data:	2017-2021	by Route Of Administration	Topical Parenteral Oral
Forecast Period:	2022-2027	by Drug type	Viscosupplementation Agents NSAIDs Analgesics Corticosteroids
		by Distribution Channel	Hospital Pharmacies Retail Pharmacies Online Pharmacies
Base Year:	2021
CAGR:	8.5 %
Market Size in 2021:	USD 3 Billion
Market size in 2027:	USD 5 Billion

 

North America Osteoarthritis Therapeutics Market Key Players: 

• Abbott Laboratories (United States)
• Anika Therapeutics (United States)
• Bioventus (United State)
• Eli Lily (United State)
• Flexion Therapeutics (US)
• Pfizer (US)
• Johnson &Johnson (US)