The osteoarthritis therapeutics market is projected to reach USD 11.0 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 8.7% from 2020 to 2025. The presence of a large geriatric and target patient population and the improving healthcare infrastructure in several APAC countries are expected to offer growth opportunities in the market during the forecast period.
The market for osteoarthritis therapeutics is anticipated to be marginally affected due to the outbreak of COVID-19. Among drug types, the use of corticosteroids has reduced. Although there is no evidence to suggest that corticosteroid injections lead to a substantial increase in the risk of infection, there is a possible reduction in the immune response for up to a few weeks following the procedure. While this risk is extremely low, it needs to be considered when deciding to proceed with the procedure.
It should also be noted that the WHO, in one of its guidelines for the management of severe acute respiratory infection in patients with coronavirus, suggested avoiding systemic corticosteroids.
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Topical, oral, and parenteral pain medications are widely used to manage pain associated with osteoarthritis. Although alternatives such as orthopedic braces are used as part of a noninvasive approach for pain management, the adoption of pain medications for the condition is high owing to the ease of administration and the affordability of pain medications.
The adoption of pain medications for the management of pain associated with osteoarthritis is expected to remain high over the coming decade, which is anticipated to propel the growth of the market during the study period.
OTC and prescription NSAIDs are widely used to relieve pain in osteoarthritis patients. As per a study published by the National Center for Biotechnology Information in 2019, more than 50% of osteoarthritis patients in the US are prescribed NSAIDs. Similarly, in Europe, of the total number of osteoarthritis patients using prescription medications (47%), 60% received NSAIDs.
A study presented at the Annual European Congress of Rheumatology (EULAR 2018) stated that more than two-thirds of the increased cardiovascular risk associated with osteoarthritis is linked to NSAIDs. Such risks associated with the use of NSAIDs can potentially discourage doctors from prescribing these medications while driving patients using OTC NSAIDs to opt for alternative products.
Key Market Players
The major players in osteoarthritis therapeutics market are Sanofi (France), Horizon Therapeutics PLC (Ireland), Johnson & Johnson (US), GlaxoSmithKline PLC (UK), Bayer AG (Germany), Abbott (US), Pfizer, Inc. (US), Eli Lilly (US), Anika Therapeutics, Inc. (US), Novartis AG (Switzerland), Ferring Pharmaceuticals (Switzerland), Bioventus (US), Zimmer Biomet Holdings, Inc. (US), Fidia Farmaceutici s.p.a. (Italy), Flexion Therapeutics, Inc. (US), Pharmed Limited (India), Virchow Biotech (India).
The new market study by Precise Market Intelligence (PMI) provides in-depth analysis and projects the trajectory of the global Osteoarthritis Therapeutics market between 2020 and 2027.
The research report postulates several macro-economic factors ranging from government decisions, changing consumer preferences, etc.
to significant trends that are likely to influence the growth of the global Osteoarthritis Therapeutics market in the forthcoming years.
This report maps the impact of each market dynamic, such as drivers, trends, and restraints, on every segment and the involved stakeholders of the Osteoarthritis Therapeutics market.
The understanding of the impact on each segment bolsters stakeholders – including manufacturers, suppliers, and retailers – to develop strategies to leverage the forthcoming changes in the Osteoarthritis Therapeutics landscape.PMI’s analysts have compiled a comprehensive report using modern-day research methods that paints a transparent picture of the direction the market is headed in and will aid players in making the right decisions.For More Insights Into The Market, Request a Sample of This Report@ https://www.precisemarketintelligence.com/sample/12 Impact of COVID-19 on Osteoarthritis Therapeutics MarketThe unforeseen outbreak of COVID-19 has brought the global Healthcare sector to a screeching halt, and the Osteoarthritis Therapeutics market is no exception.
Perils of the pandemic such as halted productions disrupted supply chains, and depreciation in demand for Healthcare have led to a downtrend in the growth trajectory of the Osteoarthritis Therapeutics market.
