Osteoarthritis Drugs Market Analysis

Osteoarthritis Drugs Market Analysis

Based on the drug type, the global market is classified into viscosupplementation agents, nonsteroidal anti-inflammatory drugs, analgesics, corticosteroids, and other drug types. The viscosupplementation agents drug type segment dominated the market with revenue of USD 3 billion in 2023.
 

• These agents are made of hyaluronic acid and provide lubrication and cushioning to the affected joints, lowering pain and increasing mobility. Also, they offer a minimally invasive therapeutic alternative to individuals with mild to moderate osteoarthritis who have not responded well to conventional treatments. According to the article published by NCBI in July 2021, viscosupplementation with hyaluronic acid injections effectively decreases pain and improves functionality, hence delaying surgery. Thus, availability of such varying evidence, viscosupplementation alternatives have a safe profile and demonstrated efficacy, contributing significantly to OA symptom management, thereby augmenting the market growth.
   

Based on route of administration, the osteoarthritis drugs market is classified into oral, parenteral, topical. The parenteral segment held highest market share of 41.5% in 2023.
 

• The segmental growth is attributable to the factors such as better pharmacokinetics and pharmacodynamics, efficacy for certain therapies, and ease of administration.
   
• Also, parenteral administration routes offer a viable solution for delivering osteoarthritis drugs to elderly patients who may have difficulty swallowing pills or have gastrointestinal issues. Thus, the growing aging population presents a significant demographic driver for the demand for parenteral administration routes in osteoarthritis treatment.
   

Based on anatomy, the osteoarthritis drugs industry is classified into ankle osteoarthritis, hip osteoarthritis, knee osteoarthritis, shoulder osteoarthritis, and other anatomies. The knee osteoarthritis segment is expected to hold the highest revenue throughout the forecast period.
 

• The increased awareness of knee osteoarthritis, rising prevalence of knee osteoarthritis, and the growing elderly population are all key factors driving the segmental growth.
   
• According to a PubMed Central article published in June 2022, knee osteoarthritis (OA) is a degenerative joint condition and one of the leading causes of knee joint replacements in the U.S. Thus, it enhances the demand for therapeutic drugs for treatment, thereby propelling the market growth forward.
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Based on medication, the osteoarthritis drugs market is classified into prescription and over-the-counter (OTC) drugs. The over-the-counter segment held highest share of 56.7% in 2023.
 

• The growth of the over-the-counter (OTC) segment in the market is driven by several factors including the broad availability of OTC medications without the need for prescriptions, rising patients' inclination towards convenient self-care alternatives.
   
• Also, cost-effectiveness in comparison to prescription drugs, increased awareness and education regarding osteoarthritis treatments, escalating healthcare expenditures, and a shift towards patient empowerment and self-management of health conditions are few of the other factors that contribute to the substantial expansion of the OTC segment in the market.
   

Based on distribution channel, the market is classified into hospital pharmacies, retail pharmacies, and online pharmacy. The hospital pharmacies segment held the highest CAGR of 7.2% over forecast period.
 

• Hospital pharmacists along with orthopedissc professionals are taking on expanded roles in providing medication therapy management services to osteoarthritis patients. This may include medication counseling, adherence monitoring, dosage adjustments, and therapeutic interventions to optimize treatment outcomes and minimize adverse effects, thereby enhancing patient care and satisfaction.
   

In 2023, North America secured a substantial market share of 41.1% in 2023 and is expected to dominate throughout the forecast period.
 

• The factors such as the increasing prevalence of osteoarthritis, supportive government policies, and product launches in the region is expected to contribute significantly to the market's growth over the projection period.
   
• Moreover, the aging population in North America is growing, leading to a higher prevalence of osteoarthritis diseases. This demographic trend along with presence of key players in the market is driving the product demand, thereby supplementing the regional market growth.