Osteoarthritis Treatment Market Size

Osteoarthritis Treatment Market Analysis

The Osteoarthritis Treatment Market size is expected to grow from USD 7.00 billion in 2023 to USD 8.82 billion by 2028, at a CAGR of 4.74% during the forecast period (2023-2028).

The COVID-19 pandemic had a short-term impact on the market growth as it led to the cancelation or postponement of the scheduled treatment procedures and a decrease in the number of new diagnoses of osteoarthritis. According to the article published by PubMed Central in June 2022, there was a significant reduction in the healthcare of orthopedic and trauma patients during the COVID-19 pandemic in the Czech Republic. It also emphasized the healthcare system's shortcomings, including outpatient and inpatient care. Also, COVID-19 impacted pharmaceutical companies' research and development activities along with the delay in clinical trials of several new therapies worldwide, including treatments for osteoarthritis. Hence, the COVID-19 pandemic had a significant impact on the market initially. However, as the number of cases of COVID-19 has declined, the studied market has started to regain traction. It is expected to have healthy growth during the forecast period of the study.

The increasing geriatric population, increasing research & development activities, and funding for osteoarthritis therapeutics are the significant factors driving the growth of the studied market.

As the older population is more susceptible to osteoarthritis, the increase in the global geriatric population is expected to have a significant impact on the studied market. For instance, according to the data published by the UN in 2022, the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. The source also claims by 2050, the number of people aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as the children under age 12. Furthermore, according to an article published by PubMed Central in September 2022, osteoarthritis is a significant cause of disability. It is the most common type of arthritis, affecting almost 10% of the global population aged 60 years and above. Hence, the rising geriatric population and the association of old age with osteoarthritis will enhance the market growth during the forecast period.

Also, the increasing awareness among the people, the availability of better treatment options, and the willingness to take up treatment are expected to complement the growth of the osteoarthritis treatment market. For instance, according to the Osteoarthritis (OA) Action Alliance, May is arthritis awareness month. It also stated that osteoarthritis (OA) is the most common form of arthritis.

Additionally, the market players have been adopting various strategies, such as product launches, developments, acquisitions and mergers, and collaborations, and expanding their product portfolio in the studied market and boosting it. For instance, in September 2021, Indian drug manufacturer Lupin Limited launched generic Duexis tablets used to treat the symptoms of rheumatoid arthritis and osteoarthritis in the US.

Therefore, owing to the factors such as the increasing geriatric population, increasing awareness about osteoarthritis, and product launches, the studied market is anticipated to witness growth over the analysis period. However, the high cost associated with hyaluronic acid products and other treatment procedures for osteoarthritis treatment and the side effects related to the available therapies may impede the growth of the osteoarthritis treatment market over the forecast period.