The global osteoarthritis market size is expected to reach USD 15.30 billion by 2030, according to a new study by Polaris Market Research. The report “Osteoarthritis Market Share, Size, Trends, Industry Analysis Report, By Treatment Type (Drugs, Assistive Devices); By Disease Type; By Distribution Channel; By Route of Administration; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising senior population and the rising prevalence of osteoarthritis are the main drivers of the market. For instance, as per the Centers for Disease Control and Prevention (CDC), 54.4 million US people, or one in four, have some type of arthritis, and by 2040, that number is expected to rise to 78 million.
Although there are more than 100 different kinds of arthritis, osteoarthritis (OA), which affects 32.5 million US adults, is the most widespread variety. 88% of those with OA are 45 years of age or older, and 43% are 65 years of age or older. There are significant societal and individual costs associated with the high frequency of arthritis.
Additionally, there have been technological developments, and improvements in diagnostics, are the factors boosting the market growth over the forecast period. Knee kinesiography, an advanced medical tool, is transforming how doctors treat osteoarthritis of the knee. As stated by the Public Health Agency of Canada, this type of osteoarthritis affects about four million Canadians or 13.6% of the community. When compared to males (11.1% and 7.5 per 1,000 persons per year), women(16.1% and 10.0 per 1,000 persons per year, respectively) have a greater frequency and prevalence of osteoarthritis diagnoses.
Further, in January 2022, TrialSpark announced the establishment of High Line Bio after acquiring from Merck KGaA the global license to sprifermin. Sprifermin is a technologically advanced disease-modifying recombinant version of human fibroblast development factor 18 that is being investigated as potential osteoarthritis (OA) treatment by encouraging cartilage formation.
One of the most unmet medical requirements among musculoskeletal disorders, OA is a degenerative joint disease that occurs partially due to cartilage loss. Thus, the rising prevalence of OA among the senior population and the development of technologically advanced treatments for OA are the factors boosting the market growth over the forecast period.
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Additionally, the desire for minimally invasive surgical methods, greater public awareness, better treatment alternatives, and patient willingness to pursue therapy are all anticipated to support the expansion of the market.
Osteoarthritis Market Report Highlights
Polaris Market Research has segmented the osteoarthritis market report based on treatment type, disease type, distribution channel, route of administration, and region:
Osteoarthritis, Treatment Type Outlook (Revenue - USD Billion, 2018 - 2030)
Osteoarthritis, Disease Type Outlook (Revenue - USD Billion, 2018 - 2030)
Osteoarthritis, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Osteoarthritis, Route of Administration Outlook (Revenue - USD Billion, 2018 - 2030)
Osteoarthritis, Regional Outlook (Revenue - USD Billion, 2018 - 2030)