According to market research study, "Osteoarthritis Therapeutics Market by Anatomy (Knee, Hand), Drug Type (NSAIDs, Analgesics, Corticosteroids), Route of Administration (Parenteral), Distribution Channel (Hospital Pharmacies),Purchasing Pattern (Prescription Drugs)-Global Forecast to 2025", The Global Osteoarthritis Therapeutics Market is projected to reach USD 11.0 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 8.7% from 2020 to 2025. The growth of this market is driven by significant adoption of pain medications, increasing prevalence of osteoarthritis, growing population susceptible to osteoarthritis, and rising number of sports injuries.
The presence of a large geriatric and target patient population and the improving healthcare infrastructure in several APAC countries are expected to offer growth opportunities in the market during the forecast period.
It should also be noted that the WHO, in one of its guidelines for the management of severe acute respiratory infection in patients with coronavirus, suggested avoiding systemic corticosteroids.
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The adoption of pain medications for the management of pain associated with osteoarthritis is expected to remain high over the coming decade, which is anticipated to propel the growth of the market during the study period.
The large share of this market segment can be attributed to the rising incidence of osteoarthritis, rising geriatric population, and increasing obesity rates in several European countries, coupled with the rising number of injuries due to sports and road accidents.
“Hospital pharmacies segment commanded the largest share of the osteoarthritis therapeutics market in 2020.”
Based on the distribution channel, the osteoarthritis therapeutics is segmented into hospital pharmacies, online pharmacies, and retail pharmacies. In 2019, hospital pharmacies accounted for the largest share of this market because of the high volume of patients visiting hospitals for osteoarthritis treatments and the wide range of osteoarthritis therapeutics available in these pharmacies. Reimbursements can also be claimed easily on hospital pharmacy purchases, which is another important draw.