Global Avascular Necrosis Market, by Drug Type (Non-steroidal anti-inflammatory drugs (Ibuprofen, and Naproxen Sodium), Osteoporosis drugs, Cholesterol-lowering drugs, Blood Thinners, and Others), by Route of Administration (Oral, Injectable), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 605.0 million in 2021 and is expected to exhibit a CAGR of 6.0% during the forecast period (2021-2028).
Key players in the market are focusing on launching new drugs in order to expand their product portfolio, which is expected to drive the growth of the global avascular necrosis market during the forecast period. For instance, in August 2019, Gedeon Richter Plc., a pharmaceutical company, announced that it had launched its biosimilar teriparatide, Terrosa in Europe. Terrosa is indicated for the treatment of osteoporosis in postmenopausal women and men at increased risk of fracture and treatment of osteoporosis associated with sustained systemic glucocorticoid therapy in women and men at increased risk for fracture.
Market players are focused on adopting strategies such as acquisitions in order to expand its product portfolio, which is expected to drive the growth of the market over the forecast period. For instance, in January 2020, Novartis AG announced that it had completed acquisition of The Medicines Company, a pharmaceutical company. The Medicines Company has submitted the New Drug Application (NDA) for inclisiran, a low-density lipoprotein cholesterol (LDL-C) drug to the U.S. FDA in December 2019. Thus, this acquisition will expand the product portfolio of Novartis AG.
Global Avascular Necrosis Market - Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus (COVID-19) pandemic is expected to drive the growth of the global avascular necrosis market over the forecast period.
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 263 million cases and 5.2 million deaths due to coronavirus (COVID-19) were reported up till December 03, 2021 across the globe.
Thus, the COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Furthermore, in May 2020, government of India announced relief for daily wage workers and construction workers for an amount of US$ 13.3 per person for all states and union territories.
Browse 39 Market Data Tables and 22 Figures spread through 260 Pages and in-depth TOC on Global Avascular Necrosis Market, by Drug Type (Non-steroidal anti-inflammatory drugs (Ibuprofen, and Naproxen Sodium), Osteoporosis drugs, Cholesterol-lowering drugs, Blood Thinners, and Others), by Route of Administration (Oral, Injectable), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The increasing number of product launches is expected to drive the growth of global avascular necrosis market. For instance, in August 2020, Cadila Pharmaceuticals, a pharmaceutical company announced that the company had launched NuPTH, an osteoporosis biosimilar of Forteo in India. The Forteo biosimilar is used for the treatment of osteoporosis and in patients with increased risk of fracture.
Increasing number of inorganic growth strategies such as distribution by key market players is expected to drive the growth of global avascular necrosis market. For instance, in February 2013, Hikma Pharmaceuticals PLC., announced the signing of a licensing and distribution agreement with EffRx Pharmaceuticals SA, a pharmaceutical company, for Binosto, an osteoporosis medication, for the Middle East and North Africa region. Binosto is the first and only buffered solution for the treatment of osteoporosis, delivering fracture-risk reduction and offering the potential to improve adherence to therapy.
Key Takeaways of the Global Avascular Necrosis Market:
- The global avascular necrosis market is expected to exhibit a CAGR of 6.0% over the forecast period (2021-2028), owing to increase in number of drug approvals from regulatory bodies. For instance, in December 2019, The U.S. Food and Drug Administration approved the use of Vascepa (icosapent ethyl) as an adjunctive (secondary) therapy to reduce the risk of cardiovascular events among adults with elevated triglyceride levels (a type of fat in the blood) of 150 milligrams per deciliter or higher.
- Increasing number of drug approvals from regulatory bodies is expected to drive the growth of the global avascular necrosis market over the forecast period. For instance, in August 2015, Amgen Inc., a biotechnology company, announced that the U.S. Food and Drug Administration (FDA) had approved a new cholesterol-lowering medication, Repatha (evolocumab) Injection. Cholesterol-lowering drugs will lower the amount of fat and cholesterol in the body which leads to avascular necrosis.
- Some of the major players operating in the global avascular necrosis market include Teva Pharmaceuticals 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.
