Pune, India -- (SBWIRE) -- 02/23/2018 -- Osteoarthritis is the most common form of arthritis, majorly affecting hands, knees, hips and spine. Some of the symptoms of the disease are joint pain, swelling, and reduced motion in the joints. In osteoarthritis, the cartilage of the joints is damaged which covers the ends of bones in a joint. Geriatric population and over-weighted individuals are at higher risks of osteoarthritis.

The Global Osteoarthritis Market is expected to grow at an approximate CAGR of 6.8% during the forecast period.

Growing geriatric population, rising prevalence of the osteoarthritis and increasing per capita healthcare expenditure will drive the market growth during the forecast period. In 2015, according to the National Institutes of Health, the American geriatric population is expected to nearly double from 48 million in 2015 to 88 million by 2050. However, low per capita income in the developing countries and side effects of the treatment procedures will restrain the market growth during the forecast period.

Key players for global osteoarthritis market

The key players for the global osteoarthritis market are

Abbott (U.S.),
Novartis AG (Europe),
Pfizer Inc. (U.S.),
Eli Lilly and Company. (U.S.),
ABIOGEN PHARMA S.p.A (Europe),
Merck Sharp & Dohme Corp. (U.S.),
TissueGene Inc. (U.S.),
Ampio Pharmaceuticals Inc. (U.S.),
Regeneron (U.S.)

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Regional Analysis

America dominates the global osteoarthritis market owing to a well-developed healthcare sector and huge patient population for osteoarthritis. Apart from this, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion.

Europe is the second largest osteoarthritis market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. Regionally, Europe is divided into Western Europe and Eastern Europe. Western Europe hold the major share of the regional market, which is majorly contributed by Germany, the U.K., and France. However, Eastern Europe is the fastest growing region due the huge opportunities in the untapped market.

Asia Pacific is the fastest growing region in global the market due to the presence of a huge patient population, continuously developing economies like India and China, and presence of huge opportunity in the market. According to Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during the review period to reach USD 280 billion by 2020. Moreover, favourable government policies and increasing healthcare expenditures fuels the market growth within the region.

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