Industry is experiencing significant growth due to the rapid growth in the geriatric and obese population and the associated increase in the prevalence of osteoarthritis disease. Risk of adverse cardiovascular events associated with the use of NSAIDs in osteoarthritis treatment is likely to hamper the growth of the market.
Based on anatomy, the market is segmented into knee, hip, hand, and small-joint. The knee osteoarthritis segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. This is attributed to a large number of patients suffering from knee osteoarthritis.
Based on drug type, the market is segmented into viscosupplementation agents, nonsteroidal anti-inflammatory drugs (NSAIDs), analgesics, and corticosteroids. The viscosupplementation agents segment accounted for the largest market share in 2018. The rising incidence and prevalence of knee osteoarthritis are supporting their adoption in the market.
The osteoarthritis therapeutics market is segmented into Europe, North America, Asia Pacific, and Rest of the World. In 2018, Europe was the largest market for share, followed by North America. The rising incidence of osteoarthritis, rising geriatric population, and the increasing obesity rates in several European countries are the major factors driving the growth of the market in Europe.
The prominent players operating in this 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), Novartis (Switzerland), Bioventus (US) Zimmer Biomet Holdings, Inc.(US), Flexion Therapeutics (US) and Fidia Farmaceutici s.p.a. (Italy).
Sanofi (France) is one of the leading players in the market in 2018. The company boasts of a broad product portfolio across the globe. Over the years, the company has maintained its leading position in the market.