Osteoarthritis Drugs Market Analysis By Type (Oral, Injection, External), By Application (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and Regional Forecast to 2032

Updated On: 10 September 2024

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OSTEOARTHRITIS DRUGS MARKET REPORT OVERVIEW

The global Osteoarthritis Drugs Market size was valued at USD 9.24 billion in 2023 and is projected to reach USD 12.96 billion by 2032, exhibiting a CAGR of 3.4% during the forecast period.

Because the risk of osteoarthritis is becoming more common due to ageing populations and rising obesity rates, the market for osteoarthritis medications is expanding steadily, and such pain management solutions are in constant demand in the pharmaceutical industry. The positive future outlook for the market is attributed to the continuous advancements in treatment approaches and drug formulations so that pain management solutions can achieve better results as part of the global osteoarthritis drugs market share. 

COVID-19 Impact: Market Growth Accelerated Due to Increased Healthcare Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand during the pandemic.

The osteoarthritis drugs market growth initially faced many challenges during the pandemic, owing to the healthcare system strains of staff shortage and inadequate infrastructure, and even the reduced access of patients to any non-COVID-related treatments during that time. Nonetheless, the post-pandemic brought attention to the urgent need for efficient pain management treatments, and sped up the market recovery for osteoarthritis medications.

LATEST TRENDS

"Recent Advancements in Osteoarthritis Drug Formulations "

The development of novel osteoarthritis treatments include various methods of oral, injectable, and external therapies, which is also being promoted by the advancements being made in osteoarthritis medication formulations. These developments are intended to develop and assist osteoarthritis drugs market growth even further by increasing the amount of patient adherence to treatment procedures and routines, and increasing the efficiency of formulations while reducing the risk of any side effects. These initiatives help medical personnel in their effort to successfully meet patient needs based on their specific medical condition, and also shed more emphasis on custom-formulated medicine and targeted therapies for patients undergoing treatment of osteoarthritis.

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OSTEOARTHRITIS DRUGS MARKET SEGMENTATION

By Type

• Oral Drugs: Oral medications in pill form prove to be highly effective in managing side effects of patients suffering from osteoarthritis such as pain and inflammation, and this is the most popular method of administration.
• Injection Drugs: Injection-based medication needs to be delivered directly so that instant joint pain relief can be provided to the patient. These therapies which use injections as a method of administration are known to enhance overall joint function in the long run.
• External Drugs: Topical or external drugs such as gels and creams are used in treatment by directly applying said drugs to the skin or tissue surrounding the injured joint for pain relief. In order to improve overall symptom management in the patient, these medications are frequently used in combination with other oral or injectable drug therapies.

By Application

• Hospital Pharmacies: Osteoarthritis medications are given for administration to both in-house patients and visiting patients by hospital pharmacies, in case of any situation where severe arthritis needs specialised care and pain relief medication.
• Retail Pharmacies: The ease of access and the availability of various drug options in such widely spread pharmacies, which are sometimes even open 24/7 for maximum convenience, contribute significantly to this segment of the market.
• Online Pharmacies: Online pharmacies which are present on individual websites as well as e-commerce platforms have recently gained awareness as well as popularity due to the increasing trend of digital health solutions for maximised convenience, which helps patients easily obtain their prescribed drugs from the convenience of their homes.

DRIVING FACTORS

"Increasing Cases of Osteoarthritis in World Populations Driving Market Growth"

The osteoarthritis drugs market share is expanding rapidly due to an ever-growing number of people who are being diagnosed with the condition, consisting majorly of populations which come under the old-age bracket, or the obese bracket. These individuals are most susceptible to developing osteoarthritis, and since the segment itself is expanding in terms of number of individuals, there is an increased need for efficient pain management treatments as well.

"Advancements in Drug Development Leading to Widespread Usage"

In recent years, there have been many significant developments in terms of the introduction of new drug formulations which have lesser side effects and more pain relief abilities. Populations which were until recently scared of using such powerful medicines are now being reassured to start treatments and medication courses due to the desired qualities of the drugs. The osteoarthritis medication demand is predicted to be driven by innovations targeted towards decreasing side effects, improving drug efficacy and encouraging patients to complete their courses.

RESTRAINING FACTORS

"High Cost of Innovative Treatments Discouraging Key Players from Drug Adoption"

The high expense of performing therapies and procuring novel drug formulations for osteoarthritis treatment can be a major drawback to the market's expansion. The spike in price is due to the cutting-edge technologies and raw materials used while manufacturing these drugs, which results in a scenario where some patients may not be able to afford such expensive treatments and drugs.

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OSTEOARTHRITIS DRUGS MARKET REGIONAL INSIGHTS

The market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

"North America to Dominate the Market Due to Advanced Healthcare Infrastructure"

North America has an advanced healthcare infrastructure, along with a high prevalence of osteoarthritis due to their obesity-ridden population, which leads to significant investments being made by government and private players in pharmaceutical research and development of advanced osteoarthritic drug formulations.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Strategic Initiatives"

The osteoarthritis drugs market growth is being propelled forward through continuous focus on developing new drug formulations to strengthen key player’s market presence and address evolving patient needs across the globe.

List of Market Players Profiled

• Pfizer (U.S.)
• Johnson & Johnson (U.S.)
• GlaxoSmithKline (U.K.)
• Bayer (Germany)
• Eli Lilly (U.S.)
• Novartis (Switzerland)
• Sanofi (France)
• Horizon Pharma (U.S.)
• Abbott (U.S.)
• Mylan (U.S.)
• Daiichi Sankyo (Japan)
• TEVA (Israel)
• Almatica Pharma (U.S.)
• Astellas Pharma (Japan)
• Tide Pharmaceutical (China)
• Iroko Pharmaceuticals (U.S.)
• Hengrui Pharmaceutical (China)
• Abiogen Pharma (Italy)

INDUSTRIAL DEVELOPMENT

January, 2024: A new osteoarthritis drug aimed at improving efforts made towards improving patient outcomes and assisting with better pain management qualities was launched in 2024. The novel drug aimed towards providing pain management solutions to patients suffering from osteoarthritis represents a shift towards medicine formulations with better outcomes, which also encourages competing players to further their advancements in the sector.

REPORT COVERAGE

This report provides an in-depth analysis of the global osteoarthritis drugs market growth, including  a detailed discussion on parameters such as segmentation by type and application, competitive landscape as well as a regional market analysis on the basis of production, sales and demand. It also covers the profiling of major industry players and the role they play in determining market dynamics during the forecast period.

This analysis is done by examining market player strategies, adoption of technological advancements and impact of research and development efforts on market growth. Additionally, it offers a comprehensive overview of market trends, driving factors, and challenges to assist stakeholders in maximising profitability from the osteoarthritic drugs segment in coming years.