The primary growth driver of the worldwide osteoarthritis treatment market is the introduction of novel, affordable drugs for the treatment of osteoarthritis. Tanezumab, a medication jointly created by Pfizer and Eli Lily in 2017 for the treatment of osteoarthritis-related chronic lower back pain, is pending FDA approval and is anticipated to benefit several millions of patients. Other factors influencing the growth of the worldwide osteoarthritis treatment market include obesity, an increase in orthopaedic injuries, crystal deposition, old age, joint damage, an increase in pipeline medications, and rising public awareness. There are about 100 different forms of arthritis, with osteoarthritis being the most prevalent variety, according to the Centres for Disease Control and Prevention in 2016. The Arthritis Foundation also states that in 2015, out of the 54.4 million people with arthritis in the U.S., 30.8 million of them had osteoarthritis. The major participants in the worldwide osteoarthritis treatment market have direct growth prospects due to these important statistics.
According to Coherent Market Insights, The market for Treating Osteoarthritis was estimated to be worth USD 7.40 billion in 2021 and is anticipated to expand at a CAGR of 8.5% over the next five years.
Prominent Players in the Osteoarthritis Treatment Industry:
1. Novartis AG
The business was established in March 1996 and has offices in Basel, Switzerland, and Cambridge, Massachusetts, in the US. Novartis provides coverage for all types of medications, including authorization, over-the-counter, immunisations, diagnostics, eyewear, and veterinary care. Through its firms, Novartis engages in a number of direct activities, including managing, advertising, operations, and research.
2. Pfizer Inc.
The firm was stareted in 1849, and Manhattan, New York City, serves as its headquarters. For the medical specialities of immunology, cancer, heart, endocrinology, and neurology, Pfizer discovers and produces drugs and vaccines. Pfizer purchased Amplyx Pharmaceuticals in April 2021, along with the antifungal drug fosmanogepix (APX001The business successfully acquired Biohaven Pharma in October 2022, together with its calcitonin gene-related peptide programmes.
3. Abbott Laboratories
Chicago, Illinois serves as the company's US headquarters. It was founded there in 1888. It offers brand-name generic medications, nutritional goods, medical supplies, and diagnostics. Abbott unveiled its Lingo line of consumer biowearable sensors in January 2022. To optimise food and exercise regimens, Lingo collects a range of biological measurements. In August 2022, the FDA approved Abbott's Proclaim Plus, a multipurpose spinal cord stimulation device for treating chronic pain.
4. Johnson & Johnson Ltd.
The corporate headquarters of Johnson & Johnson, a company that was founded in 1886, are located in New Brunswick, New Jersey. Manufacturers of consumer goods, prescription medications, and medical equipment include Johnson & Johnson. The company announced in November 2021 that it would split into two publicly traded companies, one focusing on consumer items and the other on pharmaceuticals and medical technologies. The company claimed that during the first quarter of April 2021, sales of their Covid-19 vaccine totaled $100 million. Johnson & Johnson paid $16.6 billion to acquire Abiomed Inc. in November 2022.
5. Eli Lily and Co.
The corporation was established in 1876 and has its main offices in Indianapolis, Indiana. Eli Lilly and firm (Lilly), a firm in the healthcare sector, is committed to the development, commercialization, and marketing of medications for use in treating patients. Disarm Therapeutics, which offers state-of-the-art therapies for axonal degeneration, declared that Lilly would buy it in October 2020. According to reports, the corporation would focus on creating medications for autoimmune disorders, diabetes, obesity, and Alzheimer's in 2023.
6. Ampio Pharmaceuticals
The company was founded in 2008 and is based in Colorado, United States. The business acts as a pharmaceutical firm and creates drugs to treat CNS, inflammatory, ocular, kidney, and metabolic problems. A few novel applications for previously approved medications are included in Ampio Pharmaceuticals' product pipeline.
7. Halyard Health
The business was established in 1872 and is located in Georgia, United States. The business offers surgical drapes, gowns, protective clothing, gloves, and sterilisation wrap. The business is dedicated to providing the best personal protection equipment for healthcare workers and does so by manufacturing, procuring, and distributing it.
*Definition: Degenerative arthritis, often known as osteoarthritis, is the most prevalent chronic condition that affects joints, particularly those in the knees, neck, and lower back. The damaged body part becomes stiff and experiences excruciating joint pain as a result of osteoarthritis.
