Osteoarthritis pain: Key market research findings
- High unmet medical needs in the market
- Formation of strategic alliances between companies for development of drugs
- Key vendors in the market are Abbott Laboratories, Johnson & Johnson, Novartis, and Pfizer.
Technavio’s market research analysts estimate the global osteoarthritis pain market to grow at a CAGR of over 8% between 2016 and 2020. The large number of unmet needs in the market due to the chronic nature of osteoarthritis and the absence of curative therapies is the primary driver for the market. The requirement of an improved anti-inflammatory molecule for the effective treatment of osteoarthritis pain calls for increased investments in research and development for the cultivation of new drugs. The absence of effective and safe long-term treatment options in the market is opening up numerous opportunities for pharmaceutical companies. At present, the Americas dominate the global osteoarthritis pain market by accounting for almost 45% of the overall market share. The launch of new drugs such as Ampion and Tanezumab, the approval of MONOVISC, and expanded access to medical care due to healthcare reforms are some of the factors that are likely to drive the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the osteoarthritis pain segments by dosage form.
“The latest trend in the osteoarthritis pain market across the globe is the emergence of novel drugs. For example, Cardax, a development stage life sciences company, is developing astaxanthin therapies in an attempt to fulfil large unmet medical needs in the market. Besides, companies are also forming strategic alliances, in terms of licensing and collaboration, to help co-develop and commercialize drugs in different regions. Such co-development agreements between companies enable the use of technical expertise from both companies,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the solid dosage form segment dominated the global osteoarthritis pain market by accounting for around 66% of the overall market share. The solid dosage form primarily consists of tablets, capsules, powders, or pills. This segment of the market is showcasing considerable growth owing to characteristics such as stability, palatability, dose flexibility, convenience, and ease of administration, and ease of shipping and handling. Some examples of the solid dosage form drugs for osteoarthritis pain include tofacitinib, ibuprofen, naproxen, and acetaminophen.
The key vendors in the global osteoarthritis pain market include Abbott Laboratories, Johnson & Johnson, Novartis, and Pfizer. The market is highly competitive with the presence of numerous small and large suppliers. The significant unmet needs of the market have led to the entry of several new players who have immense growth opportunities in the market. Vendors are forming strategic alliances to manufacture and promote their drugs and increase their market reach globally. Drugs with high safety and efficacy profile will dominate the market in the coming years.
A more detailed analysis is available in the Technavio report, Global Osteoarthritis Pain Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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