Osteoarthritis Therapeutics Market Worth $10.1 Billion by 2024

Pune, India, 2020-May-03 — /EPR Network/ —

According to the new market research report “Osteoarthritis Therapeutics Market by Anatomy (Knee, Hip), Drug Type (NSAIDs, Corticosteroids), Route of Administration (Parenteral, Topical), Distribution Channel (Hospital Pharmacies), Purchasing Pattern (Prescription Drugs) – Global Forecast to 2024″, published by MarketsandMarkets™, the Osteoarthritis Therapeutics Market is projected to reach USD 10.1 billion by 2024, at a CAGR of 8.1% from 2019 to 2024 Estimated at USD 6.8 billion in 2019.

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The rapid growth in the geriatric and obese population and the associated increase in the prevalence of osteoarthritis disease are the major factors driving the growth of this industry.

Knee osteoarthritis accounted for the largest share of the Osteoarthritis Therapeutics Market, by anatomy, in 2018

Based on anatomy, Osteoarthritis Therapeutics Market segmented into knee, hip, hand, and small-joint. Knee osteoarthritis segment accounted for the largest market share in 2018. This can be primarily be attributed to a large number of patients suffering from knee osteoarthritis.

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By distribution channel, the hospital pharmacies segment accounted for the largest market share in 2018

Based on the distribution channel, the Osteoarthritis Therapeutics Market is segmented into hospital pharmacies, online pharmacies, and retail pharmacies. The hospital pharmacies segment accounted for the largest market share in 2018. The high volume of patients visiting hospitals for osteoarthritis treatments and the wide range of osteoarthritis therapeutics available in these pharmacies are the major factors driving the growth of this segment.

Prescription drugs segment to grow at the highest CAGR during the forecast period

In 2018, the prescription drugs segment accounted for the largest market share and is expected to grow at the highest CAGR during the forecast period. The majority of osteoarthritis therapeutics (viscosupplementation agents and corticosteroids) are used by patients based on the prescriptions of physicians, thus, driving the growth of the segment.

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Europe was the largest regional market for osteoarthritis therapeutics in 2018

By region, the Osteoarthritis Therapeutics Market is segmented into Europe, North America, Asia Pacific, and the Rest of the World (RoW). In 2018, Europe accounted for the largest market share, followed by North America. The rising incidence & prevalence of osteoarthritis, increasing geriatric, and obese populations in the region are the major factors driving the growth of the Osteoarthritis Therapeutics Market in Europe.

The prominent players operating in the Osteoarthritis Therapeutics Market include Sanofi (France), Horizon Therapeutics (Ireland), Johnson & Johnson (US), GlaxoSmithKline Plc (UK), Bayer AG (Germany), Abbott (US), Pfizer (US), Eli Lilly (US), Anika Therapeutics (US), and Flexion Therapeutics (US).