Global Osteoarthritis Therapeutics Market 2019-2023 | 8% CAGR Projection Over the Next Five Years | TechnavioThe Associated Press
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global osteoarthritis therapeutics market 2019-2023 is expected to post a CAGR of close to 17% during the forecast period, according to the latest market research report by Technavio.
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The global osteoarthritis therapeutics market will post a CAGR of close to 17% during the period 2019-2023 (Graphic: Business Wire)
Magnetic resonance imaging (MRI) is used to visualize articular cartilage and other intra-articular structures that are vital for the functional integrity of joints in patients in osteoarthritis. Also, the use of biomarkers is gaining popularity that help predicts which patient subset responds to NSAIDs. More research is being conducted on imaging biomarkers based on radiographic features. Such improved diagnostic modalities will drive the global osteoarthritis therapeutics market during the forecast period.
This market research report on the global osteoarthritis therapeutics market 2019-2023 also provides an analysis of the most critical trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the expanding R&D as one of the key emerging trends in the global osteoarthritis therapeutics market.
Global osteoarthritis therapeutics market: Expanding research and development
The rise in R&D activities has resulted in the identification of promising drug targets. Disease-modifying drugs are currently tested in preclinical and clinical trials to target interleukin1-beta (IL1-beta) and tumor necrosis factor-alpha (TNF-alpha). These two play an important role in cartilage breakdown in osteoarthritis. This is why there is a high potential in developing analgesic drugs which target most of the pathways selectively. This growing trend is expected to fuel the growth of the global osteoarthritis therapeutics market.
“The NHS in the UK is providing funding for innovative treatment options like stem cell therapy to repair damaged knee cartilages in patients with osteoarthritis. Recently, South Korea’s Ministry of Food and Drug Safety approved the INVOSSA (TissueGene) gene therapy drug for the treatment of knee osteoarthritis. The drug helps reduce symptoms associated with osteoarthritis. Many such innovative drugs for the treatment of osteoarthritis will contribute to the growth of the market,” says an analyst at Technavio.
Global osteoarthritis therapeutics market: Segmentation analysis
This market research report segments the global osteoarthritis therapeutics market by product (analgesics and NSAIDs, corticosteroids, viscosupplements, and others), type (ankle osteoarthritis, hip osteoarthritis, knee osteoarthritis, shoulder osteoarthritis, and others), and geography (Asia, Europe, North America, and ROW).
The North Americas led the market in 2018 with a market share of nearly 32%, followed by Europe, Asia, and ROW respectively. The dominance of North America can be attributed to the increasing incidences of osteoarthritis in countries such as the US due to the rapidly growing geriatric population.
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