Osteoporosis Drugs Market Review
The global osteoporosis drugs market was valued at an $8,835.4 million in 2015, and is expected to grow at a CAGR of 3.8% during 2016 – 2022, to reach $11,482.1 million by 2022. The market will be growing at a significant rate due to increasing healthcare expenditure and increasing awareness of osteoporotic care. In addition, increasing prevalence of osteoporosis in post-menopausal women, and increasing research and development(R&D) investment in drug discovery and development will also be driving the growth of the osteoporosis drugs industry.
GLOBAL OSTEOPOROSIS DRUG MARKET BY DRUG TYPE $M (2012–2022)
In terms of drug type, the osteoporosis drugs market has been segmented into bisphosphonates, parathyroid hormone therapy, SERM, rank ligand inhibitor, calcitonin, and others. The bisphosphonates segment accounted for the major share in the global osteoporosis drug market in 2015, and rank ligand inhibitors is expected to witness the highest growth during 2016-2022.
Taking into account the geographical landscape, North America was globally the largest market for osteoporosis drug in 2015 and accounted for 41.8% share of the market. The North American osteoporosis drugs market was valued at $3,694.8 million in 2015, and is expected to grow at a CAGR of 3.7% during the period 2016–2022. In addition, during the forecast period, the Asia-Pacific region is expected to be the fastest growing region. The incidences of osteoporosis in Asia-Pacific are increasing due to the growing geriatric population, rapid urbanization affecting bone health, and changing lifestyles.
Osteoporosis Drugs Market Overview
The increasing awareness of osteoporosis care is the major trend witnessed in the osteoporosis drugs market. Several government and private associations are focused towards increasing awareness about osteoporosis through various campaigns and programs. For instance, the International Osteoporosis Foundation is an organization dedicated to bone health and osteoporosis awareness. Nestlé partnered with the International Osteoporosis Foundation to create awareness regarding the preventive steps for osteoporosis. Also, in the U.S., May is celebrated as National Osteoporosis Awareness and Prevention month, while in Canada, November is celebrated as the osteoporosis awareness month. The main objective of this initiative is to boost awareness about the effects and complications of osteoporosis through various conferences, seminars, and workshops. In addition, events are organized and the local and national media, including newspapers and internet publications, are employed to spread awareness about the disease.
The osteoporosis drugs market is driven by increasing prevalence of osteoporosis and rapid urbanization affecting bone health. Urbanization has significantly changed lifestyle and environment. According to World Health Organization (WHO), more than 50% of the world’s population lives in urban areas. It is expected that by 2050, 70% of the world’s population will live in towns and cities. The rapid urbanization and associated lifestyle poses a threat to the life of individuals, thereby driving the growth of the osteoporosis drugs industry. Also, the increasing prevalence of osteoporosis in post-menopausal women, increasing healthcare expenditure and growing geriatric population is driving the growth of the market.
Investments in the discovery and development of drugs to treat osteoporosis have increased due to the increasing prevalence of osteoporosis, increasing awareness of osteoporotic care, and requirement of better treatment options for osteoporosis. Various pharmaceutical companies are focusing on the development of new and more effective products. Companies are collaborating with academia, government researchers and patient organizations to improve the drug discovery and development process, which requires a lot of capital and time. Thus, increasing research & development (R&D) in drug discovery and development is driving the growth of the osteoporosis drugs market.
Risks and complications associated with osteoporosis drugs administration depend on the health status of the patient and the degree of severity of the disease. Some of the severe complications and side effects associated with bisphosphonates medication include heartburn, muscle and joint pain, nausea and ulcers in the stomach or esophagus. In addition, patients may also suffer from other complications of medications such as SERMs, parathyroid hormone, and denosumab. Some of the complications include leg cramps, bladder infection, muscle pain, high calcium in blood, bone pain and crippling bone fractures. Therefore, risks and complications associated with the long-term use of osteoporosis drugs would hinder the growth of the market. Also, patent expiration of osteoporosis drugs and limited healthcare reimbursement act as hindrances in the growth of the osteoporosis drugs market.
Osteoporosis Drugs Market Competitive Landscape
The intensity of rivalry in the osteoporosis drugs market is high because of the low degree of product differentiation offered by existing players. Osteoporosis drugs manufacturing companies are trying to develop highly efficient drugs for the comprehensive treatment of osteoporosis. The companies in the market for osteoporosis drugs are also trying to improve their position in the market by undergoing mergers and acquisitions. For instance, in March 2016, Teva Pharmaceutical Industries, Ltd. completed the acquisition of Representaciones e Investigaciones Médicas, S.A. de C.V. (Rimsa), a pharmaceutical manufacturing and distribution company in Mexico, in Latin America and Europe, to improve its presence in emerging markets.
Some of the key companies operating in the osteoporosis drugs market include Eli Lilly and Company, Pfizer Inc., F. Hoffmann-La Roche, Teva Pharmaceutical Industries, Ltd., GlaxoSmithKline plc, Novartis International AG, Merck & Co. Inc., Amgen Inc, and Radius Health, Inc.