Osteoarthritis Market Research Report, By Type, Diagnosis (Imaging, Joint Fluid Analysis) By Treatment (Medication, Surgery, Therapy) By End Users (Hospitals, Medical Institutes) - Forecast till 2023
Pune, India -- (SBWIRE) -- 02/15/2018 -- The Worldwide Osteoarthritis Market is required to develop at an estimated CAGR of 6.8% amid the figure time frame.
Osteoarthritis is the most widely recognized type of joint pain, significantly influencing hands, knees, hips and spine. A portion of the manifestations of the illness are joint agony, swelling, and decreased movement in the joints. In osteoarthritis, the ligament of the joints is harmed which covers the finishes of bones in a joint. Geriatric populace and over-weighted people are at higher dangers of osteoarthritis.
Developing geriatric populace, rising commonness of the osteoarthritis and expanding per capita medicinal services consumption will drive the market development amid the figure time frame. In 2015, as indicated by the National Institutes of Health, the American geriatric populace is relied upon to about twofold from 48 million of every 2015 to 88 million by 2050. Be that as it may, low per capita salary in the creating nations and reactions of the treatment techniques will limit the market development amid the gauge time frame.
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.
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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.
The key players for the global osteoarthritis market are
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.),
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