According to a global Osteoarthritis Market report, published by Sheer Analytics and Insights, The Global Osteoarthritis Market was valued at $250 billion in 2020. Growing at a high CAGR of 12.7% between 2021 and 2031, it is estimated to reach $930 billion by 2031.
Asia-Pacific region is anticipated to be the most lucrative destination for osteoarthritis surgical treatment in terms of market share. The revenue generation from this region is expected to increase at a CAGR of 17.6% over the forecast period. Europe and North America are other attractive regions in terms of market share. However, the revenue in these regions is expected to increase at competitive CAGRs of 9.6% and 10.7% in the global osteoarthritis market. Revenue generation of osteoarthritis treatment in the Latin America, Middle East, and Africa (LAMEA) region is estimated to be valued at $26.69 Bn by the end of 2021. It is expected to increase at a CAGR of 16.1% over the forecast period. The report covers a detailed analysis of the osteoarthritis treatment arena on a permanent and temporary basis.
Obesity is one of the most common reasons cause osteoarthritis in most people worldwide. The other reasons for osteoarthritis are the increasing geriatric population, busy lifestyle, injury due to high physical stress in sports, fieldwork, and weight training. According to OECD, U.S. has an obese population of more than 36% in 2021 and is ranked 12th in the health index. While globally, around 12.6% population is obese, and around 32% of them are suffering from osteoarthritis problems. Osteoarthritis is primarily found in women more than men. Medical tourism has encouraged the treatment of osteoarthritis. As per Sheer Analytics, it has been found that the average treatment cost for any replacement is six times higher in developed nations. It is estimated that in developed countries, osteoarthritis cost is between USD 20000 to 50000, while in developing regions, its cost is around USD 3000-6000. Therefore, countries like China and India have shown a significant surge in treatment of such types of patients via medical tourism. The increase in osteoarthritis patients also encouraged the healthcare industry to do significant research and development and increase the pace of osteoarthritis research and developments.
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This growth is restricted by the number of hospitals and specialistic clinics operating in developing regions. While developed regions have all advanced facilities, the number of orthopedic surgeons in these countries is too restricted. Due to lack of confidence and monetary constraints, around 80% of the people suffering from osteoarthritis are not going for replacement surgeries. The other factor limiting the treatment of Osteoarthritis is the limited availability of medicines specifically for osteoarthritis treatment. Due to the higher cost of these medicines, patients take these medicines for a temporary period and leave medicines due to their higher cost, especially in developing regions.
According to our study, key players in the Global Osteoarthritis Market include Abbott Laboratories, Anika Therapeutics, Inc., Bayer AG, Bioventus LLC, Eli Lilly and Company, Ferring Pharmaceuticals, Fidia Farmaceutici SPA, Flexion Therapeutics, GlaxoSmithKline PLC (GSK), Horizon Therapeutics Plc., Johnson & Johnson, Novartis International AG, Novo Nordisk A/S, Pfizer Inc., Pharmed Ltd, Sanofi S.A., and Zimmer Biomet Holding Inc
The Global Osteoarthritis Market Has Been Segmented into:
Global Osteoarthritis Market: By Type
Global Osteoarthritis Market: By Treatment
Global Osteoarthritis Market: By Diagnosis
Global Osteoarthritis Market: By Operative Areas
Global Osteoarthritis Market: By Region
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