Osteoporosis is a skeletal disorder characterized by low bone mass and deterioration of bone tissue, leading to increased risk of fractures. It majorly affects elderly people and is common in both men and women with an increase in age. The rising geriatric population is one of the major drivers boosting the growth of the osteoporosis treatment market. According to the United Nations, there were approximately 703 million people aged 65 years and above worldwide in 2019 and this number is projected to reach 1.5 billion by 2050. With growing aging demographics, the prevalence of osteoporosis and risk of fractures are anticipated to rise significantly which in turn is projected to drive the demand for osteoporosis drugs and devices over the forecast period.
The global osteoporosis treatment market is estimated to be valued at US$ 14.01 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing Geriatric Population
The growing geriatric population represents a huge market opportunity for players in the osteoporosis treatment market. As per estimates, nearly 83 million people worldwide are expected to develop osteoporosis by 2050. This rise is closely associated with the surge in the aging population worldwide. According to World Health Organization (WHO), between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Since osteoporosis is more common in people aged 65 years and above, an increase in the geriatric population will drive incremental demand for osteoporosis drugs, testing devices and other treatment approaches for osteoporosis and related fracture risks in the long run. This represents a promising growth opportunity for key players to develop specialized products targeting the elderly population and expand their customer base globally.
Porter's Analysis
Threat of new entrants: Low capital requirements but intellectual property protection, high R&D costs for new drugs and long approval timelines pose moderate barriers.
Bargaining power of buyers: Large healthcare providers and pharmacy chains have strong bargaining power to negotiate prices and control costs.
Bargaining power of suppliers: A few large pharmaceutical companies control supply of branded osteoporosis drugs giving them significant bargaining power.
Threat of new substitutes: Drugs targeting similar disease pathways pose some threat but patents also provide protection against new substitutes.
Competitive rivalry: Intense rivalry between large pharma companies to introduce new and improved drugs or newer drug delivery mechanisms.
SWOT Analysis
Strength: Drugs like Fosamax, Actonel and Protelos are top-selling branded products. Established brands have recognition and market share.
Weakness: High cost of branded drugs leads to low compliance and uptake rates. Complex administration routes like injections impact adherence negatively.
Opportunity: Untapped developing markets especially China and India offer huge market potential. New anabolic drugs like romosozumab can drive next phase of growth.
Threats: Loss of patents opens door for cheap generics. Biosimilars of Prolia and Xgeva also pose pricing pressure once approved.
Key Takeaways
The global osteoporosis treatment market is expected to witness high growth led by fast aging demographics and rise in post-menopausal osteoporosis cases globally.
Regional analysis: North America currently dominates the market due to high healthcare expenditures and easy access to branded drugs. However, Asia Pacific region is poised to grow at fastest CAGR through 2030 led by China, Japan and India due to changing lifestyles.
Key players: Key players operating in the osteoporosis treatment market are Teva Pharmaceutical Industries Ltd., DAIICHI SANKYO COMPANY, LIMITED, Amgen Inc., Dr. Reddy’s Laboratories Ltd., Viatris Inc., Ligand Pharmaceuticals Incorporated, Eli Lilly and Company, Asahi Kasei Corporation, F. Hoffmann-La Roche Ltd, EffRx Pharmaceuticals SA, Novartis AG, Merck & Co., Inc., GSK plc., and Pfizer Inc. Largest osteoporosis drugs by sales are Fosamax, Actonel, Protelos and Prolia.
