AVASCULAR NECROSIS MARKET ANALYSIS

Avascular necrosis or osteonecrosis is the death of bone tissue due to a lack of blood supply. It majorly affects the long bones of the body such as,

• Hip Avascular Necrosis
• Shoulder Avascular Necrosis
• Knee Avascular Necrosis
• Ankle Avascular Necrosis
• Wrist Avascular Necrosis

The common symptoms of avascular necrosis are as follows-

• Early joint pain
• Increased joint pain as bone and joint begins to collapse
• Limited range of motion due to pain

Avascular necrosis is diagnosed with X-rays, magnetic resonance imaging (MRI), computed tomography scan (CT), or by nuclear bone scan.

The global avascular necrosis market is estimated to be valued at US$ 605.0 Mn in 2021 and is expected to exhibit a CAGR of 6.0% over the forecast period (2021-2028).

Global Avascular Necrosis Market - Impact of the Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one such sector, which has been majorly impacted by the pandemic. When a person gets infected with COVID-19, there is an initial phase where the virus replicates and grows in the body. This is followed by inflammation, so steroids are administered to lower this inflammation. Due to prolong and excessive use of steroids, many patients are experiencing problems such as avascular necrosis (AVN).

The use of steroids to treat COVID-19 patients has led to avascular necrosis (AVN) or bone death. According to a news article published by The News Minute, in July 2021, 10-15 avascular necrosis patients have been treated per month in Apollo Hospitals, India. The high number of patients are those who were detected tested positive to coronavirus.

Thus, the impact of COVID-19 will drive the global avascular necrosis market over the forecast period.         

 Figure 1: Global Avascular Necrosis Market Share (%) Analysis, By Drug Type, 2021

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Increasing number of drug approvals from regulatory bodies is a major factor driving the global avascular necrosis market growth over the forecast period

Market players are focusing on gaining drug approvals from regulatory bodies, which is expected to drive the growth of global avascular necrosis market during the forecast period. For instance, in December 2020, Novartis AG, a pharmaceutical company, announced that the European Commission (EC) had approved Leqvio (inclisiran) for the treatment of adults with hypercholesterolemia or mixed dyslipidemia. Leqvio is a first-in-class small interfering RNA (siRNA) providing effective and sustained LDL-C reduction for patients with atherosclerotic cardiovascular disease (ASCVD).  

Increasing number of product launches by the market players is expected to drive the global avascular necrosis market growth during the forecast period

Increasing number of partnerships by key players are expected to boost the market growth of the global avascular necrosis market during the forecast period. For instance, in August 2021, Dr. Reddy’s Laboratories Ltd., a pharmaceutical company announced the re-launch of over-the-counter (OTC) Naproxen Sodium Tablets USP, 220 mg, the store-brand equivalent of Aleve, in the U.S. market, as approved by the U.S. Food and Drug Administration (USFDA).

Global Avascular Necrosis Market – Restraints

Availability of alternative treatment is expected to hinder the growth of the global avascular necrosis market during the forecast period.

For instance, in May 2020, according to American Joint Replacement Registry (AJRR), 1.2 million patients with over 1.7 million hip and knee replacement procedures were registered in the U.S.

Global Avascular Necrosis Market – Regional Analysis

On the basis of region, the global avascular necrosis market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold a dominant position in the global avascular necrosis market, owing to increasing number of inorganic growth strategies by market key players.

For instance, in April 2021, ECI Pharmaceuticals, LLC, a pharmaceutical company announced that it had entered into a distribution agreement with AiPing Pharmaceuticals, Inc., a pharmaceutical company, to manage the sales, marketing, and distribution of Ibuprofen 400 mg, 600 mg, 800 mg tablets, and Folic Acid 1 mg tablets in the U.S.

Figure 2: Global Avascular Necrosis Market Value (US$ Mn), by Region, 2020

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Global Avascular Necrosis Market – Competitive Landscape

Major players operating in the global avascular necrosis market include Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Solara Active Pharma Sciences Limited, Bayer AG, Rochem International Inc., Alkem labs, Dwarkesh Pharmaceuticals Private Limited., Novartis AG, GSK, and Pfizer, Inc.