2024 Global Osteoarthritis Therapeutics Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Osteoarthritis Therapeutics Market for 2024-2033?
In recent times, a significant growth has been observed in the size of the osteoarthritis therapeutics market. A rise from $7.55 billion in 2023 to $8.17 billion in 2024 is projected, with a compound annual growth rate (CAGR) of 8.3%. Factors contributing to this growth during the original period include an aging population, improvements in drug delivery systems, greater awareness and diagnosis, introduction of innovative therapies, and increased rates of obesity.
In the coming years, significant expansion is anticipated in the osteoarthritis therapeutics market. It is predicted to reach a value of $11.29 billion in 2028, increasing at a compound annual growth rate (CAGR) of 8.4%. This growth forecast can largely be associated with factors such as growing rates of obesity, improvements in treatment procedures, increased recognition and diagnosis, the evolution of disease-modifying osteoarthritis drugs (DMOADs), and an inflow of funding for research from both government bodies and private sectors. Trends to watch during this forecast period include a heightened emphasis on personalized medicine, the development of regenerative therapies, the broadening of pain management alternatives, support from government and regulatory bodies, and an increase in demand from emerging markets.
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What Drivers Are Enhancing the osteoarthritis therapeutics Market’s Growth?
The escalating rate of sports injuries is predicted to boost the expansion of the osteoarthritis therapeutics market. The term “sports injury” denotes any damage or wound incurred during athletics or sports events. These injuries vary in seriousness, from minor to major, and can affect different parts of the body. The rising number of sports injuries mainly emanates from an increase in sports participation and an escalating intensity and rivalry of such activities. Osteoarthritis therapeutics are employed in sports injuries to mitigate pain, manage inflammation and enhance joint function in athletes dealing with joint deterioration. For instance, the National Safety Council, a US non-profit and public service organization advocating health and safety, reported that the instances of sports and recreational wounds in 2022 increased by 12%. As a result, the upward trend in sports injuries is propelling the growth of the osteoarthritis therapeutics market.
What Segments Are Central to the Osteoarthritis Therapeutics Market?
1) Drug Type: Viscosupplementation Agents, Nonsteroidal Anti-inflammatory Drugs, Analgesics, Corticosteroids, Other Drug Types
2) By Anatomy: Knee Osteoarthritis, Hip Osteoarthritis, Hand Osteoarthritis, Other Anatomies
3) By Route Of Administration: Parenteral Route, Topical Route, Oral Route
4) By Sales Channel: Prescription Drugs, Over-the-Counter Drugs
5) By End-use: Hospital Pharmacies, Retail Pharmacies, Other End-uses
What Emerging Trends Are Influencing Osteoarthritis Therapeutics Industry Dynamics?
Significant players in the osteoarthritis therapeutics market are concentrating on creating innovative solutions, including groundbreaking advancements for tissue regeneration in osteoarthritis. Tissue regeneration in osteoarthritis involves repairing or replacing damaged cartilage and joint tissues to regain normal functionality and relieve pain. For example, in May 2023, the Advanced Research Projects Agency for Health (ARPA-H), a government agency in the US, initiated the Novel Innovations for Tissue Regeneration in Osteoarthritis (NITRO) program. The NITRO program, overseen by ARPA-H, is dedicated to developing pioneering injectable therapies that trigger cartilage repair through biological pathways akin to those active during embryonic development. The program’s distinctive aspects involve a cooperative multimodal approach among research teams and advanced testing methods such as “joint-on-a-chip” platforms, which replicate joint environments. This strategy aims to generate regenerative solutions that tackle the root causes of osteoarthritis.
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Which Geographic Locations Are Critical to the Growth of the Osteoarthritis Therapeutics Market?
North America was the largest region in the osteoarthritis therapeutics market in 2022. The regions covered in the osteoarthritis therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Osteoarthritis Therapeutics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the osteoarthritis therapeutics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Osteoarthritis Therapeutics Market Include
1. Osteoarthritis Therapeutics Market Executive Summary
2. Osteoarthritis Therapeutics Market Segments
3. Osteoarthritis Therapeutics Market Size And Template Market Growth Rate
4. Key Osteoarthritis Therapeutics Market Trends
5. Major Osteoarthritis Therapeutics Market Drivers
……
25. Key Mergers And Acquisitions In The Osteoarthritis Therapeutics Market
26. Top Osteoarthritis Therapeutics Companies
27. Osteoarthritis Therapeutics Market Opportunities And Strategies
28. Osteoarthritis Therapeutics Market, Conclusions And Recommendations
29. Appendix
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