Global Osteoarthritis Drugs Market, by Drug Class (Analgesics, Nonsteroidal Anti-Inflammatory Drugs, Corticosteroids, Hyaluronic Acid, and Phase III Drugs), by Route of Administration (Oral, Parenteral and Topical), by Disease Type (Ankle Osteoarthritis, Hip Osteoarthritis, Knee Osteoarthritis, Shoulder Osteoarthritis, and Others (Spinal Osteoarthritis and Cervical Osteoarthritis)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 8,592.2 million in 2022 and is expected to exhibit a CAGR of 8.2% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Global Osteoarthritis Drugs Market - Impact of Coronavirus (COVID-19) Pandemic
The Coronavirus (COVID-19) pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one of the sectors, which has been majorly impacted by the COVID-19 pandemic. The lockdown in various countries due to the COVID-19 pandemic has created an economic burden on the private healthcare sectors.
On January 23, 2022, according to National Center for Biotechnology Information, a report was published on COVID-19 in Joint Ageing and Osteoarthritis: Current Status and Perspectives, which reported that the systemic inflammation and the overstimulation of the immune response will contribute to endothelial and adipose tissue dysfunction, and neuronal sensitization. This can be the trigger for OA (osteoarthritis)-like changes in COVID-19 patients. Immunomodulatory therapy, including corticosteroids, tocilizumab, and (hydroxy) chloroquine, can modify the immune response to a SARS-CoV-2 infection. Corticosteroids are typically used to control the severity of the infection. Whereas the usage of corticosteroids should be well controlled.
Thus, impact of the Coronavirus (COVID-19) pandemic is expected to drive the growth of the global osteoarthritis drugs market during the pandemic.
Increasing approval by the U.S. FDA (Food and Drug Administration) for the development of novel drugs in osteoarthritis market is expected to drive the growth of global osteoarthritis market over the forecast period. For instance, in April 2021, Ampio Pharmaceuticals, a biopharmaceutical company focused on the advancement of immunology-based therapies for prevalent inflammatory conditions, announced that it had received a positive response from the U.S. Food and Drug Administration (FDA) on its plans for its AP-013 Phase III trial for the intra-articular injection of Ampion, its novel anti-inflammatory, for patients suffering from severe osteoarthritis of the knee (OAK). The AP-013 study was being conducted under a Special Protocol Assessment (SPA) which provides a documented and structured framework for communication and gaining agreement with the FDA to support a commercial Biologics Licensing Application.
Moreover in September 2021, Novartis, a global healthcare company, announced that the U.S. Food and Drug Administration (FDA) has granted fast track designation for LNA043 for the treatment for osteoarthritis of the knee. Fast track designation facilitates the development and expedites the review of drugs to treat serious conditions and fill unmet medical needs. LNA043 is being developed as a potential first in class disease modifying treatment for osteoarthritis (OA). LNA043 is an ANGPTL3 agonist that targets damaged cartilage and modulates several pathways involved in cartilage regeneration. In treatment with intra-articular injections of LNA043 resulted in regeneration of damaged cartilage in patients with femoral articular cartilage lesions.
Increasing number of organic growth strategies such as agreement between the market players is expected to boost the global osteoarthritis drugs market growth over the forecast period. For instance, in April 2021, Biosplice Therapeutics, Inc., a clinical-stage biotechnology company, therapeutics based on alternative pre-mRNA splicing for major diseases, and Samil Pharmaceutical Co. Ltd., a pharmaceutical company based in the Republic of Korea, announced the execution of a licensing agreement which grants Samil, the right to develop and exclusively commercialize lorecivivint (SM04690) for the treatment of knee osteoarthritis (OA) in the Republic of Korea. Lorecivivint, the drug therapy to offer substantial improvement in pain and function as well as structural benefit.
Browse 33 Market Data Tables and 25 Figures spread through 231 Pages and in-depth TOC on ‘Osteoarthritis Drugs Market’- Global Forecast to 2030, by Drug Class (Analgesics, Nonsteroidal Anti-Inflammatory Drugs, Corticosteroids, Hyaluronic Acid, and Phase III Dugs), by Route of Administration (Oral, Parenteral and Topical), by Disease Type (Ankle Osteoarthritis, Hip Osteoarthritis, Knee Osteoarthritis, Shoulder Osteoarthritis, and Others(Spinal Osteoarthritis and Cervical Osteoarthritis)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2030"
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Increasing focus of market players to launch products for symptomatic treatment of osteoarthritis is also expected to boost the market growth over the forecast period. For instance, in January 2019, Bioventus, a global orthobiologic solutions company, launched DUROLANE, its single-injection joint-fluid osteoarthritis (OA) treatment, in distribution partnership with Athrotech, a surgical healthcare supply company, in Malaysia. DUROLANE is an injection for joint fluid osteoarthritis, which is indicated in mild to moderate knee osteoarthritis. OA involves the breakdown, or degeneration, of cartilage and the synovial fluid that cushions and lubricates joint tissues. It’s estimated that up to 20% of the adult population of Malaysia suffers from osteoarthritis.
Key Takeaways of the Global Osteoarthritis Drugs Market: