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Osteoporosis Drugs Market Overview
Valued at $8,835.4 million in 2015, the global osteoporosis drugs market is expected to reach $11,482.1 million by 2022, with a CAGR of 3.8% during the forecast period (2016–2022). Surging healthcare expenditure, growing prevalence of osteoporosis in women, and increasing investments by market players for developing the drugs for the treatment of osteoporosis are some notable factors for the growth of the market. Besides, growing awareness about the disease and its treatment is also a key driver for the market growth.
Based on drug class, the osteoporosis drugs market is categorized into bisphosphonates, parathyroid hormone therapy, selective estrogen receptor modulator (SERM), rank ligand inhibitor, and calcitonin. Among these, the bisphosphonates category held the largest share in the market in 2015; whereas, the rank ligand inhibitor category is expected to witness the fastest growth during the forecast period.
GLOBAL OSTEOPOROSIS DRUG MARKET BY DRUG TYPE $M (2012–2022)
Based on geography, North America holds the dominant position in the osteoporosis drugs market. Globally, the North American market held the largest share, of 41.8%, in 2015, and is expected to advance at a CAGR of 3.7% during the forecast period. Whereas, in terms of growth, the market is expected to witness the fastest growth in Asia-Pacific (APAC), during the forecast period. Growing geriatric population with osteoporosis and unhealthy lifestyle patterns, which impact the overall bone health of individuals, are the key factors for the growth of the market in APAC.
Osteoporosis Drugs Market Dynamics
Globally, the prevalence of osteoporosis is rising at a striking rate. Further, rapid urbanization also negatively impacts the bone health of individuals. This can be substantiated by the data from the World Health Organization (WHO), which states that more than 50% of the global population currently lives in urban areas, and it is further expected that 70% of the world’s population will live in towns and cities by 2050. This rapid pace of urbanization giving rise to unhealthy lifestyle and eating habits, which are expected to lead to a greater number of people being impacted from this disease, thereby driving the growth of the osteoporosis drugs market.
Further, rising expenditure in the discovery and development of drugs to treat osteoporosis is also a major factor boosting the growth of the osteoporosis drugs market. Rising demand for better osteoporotic care, coupled with increasing awareness about the availability of drugs for treating the disease, is pushing market players to work in the drug development area for this indication. The market players are collaborating with patient organizations, government research organizations, and academic institutes to advance their drug development activities. All these factors are expected to drive the market growth in the coming years.
There has been a remarkable increase in the awareness for osteoporosis among the people across the globe, which is a notable factor prevailing in the osteoporosis drugs market. This awareness is largely a resultant of various initiatives that are being undertaken by government and private associations, through various programs and campaigns. For example, the International Osteoporosis Foundation is an organization working in the field of osteoporosis. Whereas, the National Osteoporosis Awareness and Prevention month celebrated in the month of May, in the U.S., for boosting the awareness about the effects and complications of osteoporosis, by conducting various events like conferences, seminars, and workshops.
The growth of the osteoporosis drugs market is likely to be impeded, due to the side effects and complications associated with osteoporosis drugs. For instance, heartburn, muscle and joint pain, nausea, and ulcers in stomach or esophagus are some complications associated with the bisphosphonates drug class. Other than this, other drug classes also show side effects in patients. Some other complications created due to osteoporosis drugs include bone pain, crippling bone fractures, and bladder infection. Besides, patent expiration of current marketed drugs and limited reimbursement by healthcare payers are also negatively impacting the market growth.
Osteoporosis Drugs Market Competitive Landscape
The intensity of rivalry in the osteoporosis drugs market is high, mainly due to 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 are also trying to improve their position in the market by undergoing mergers and acquisitions.
The global osteoporosis drugs market is marked by the presence of various players, including Eli Lilly and Company, Pfizer Inc., F. Hoffmann-La Roche, Teva Pharmaceutical Industries Ltd., Ltd., GlaxoSmithKline plc, Novartis International AG, Merck & Co. Inc., Amgen Inc., and Radius Health Inc.
Key Questions Answered in the Report