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Bone Degeneration Therapeutics Market - Forecast(2024 - 2030)
Bone Degeneration Therapeutics Market Overview
Bone Degeneration Therapeutics Market Size is estimated to reach $12.4 billion by 2027 and is poised to grow at a CAGR of 8.7% over the forecast period of 2022-2027. Degenerative joint and bone disease or osteoarthritis is a chronic process of wear and tear on the joint that progresses with time. According to data from the Global Burden of Disease research 2019, osteoarthritis (OA) is still common around the world and is predicted to rise as populations age and obesity rates increases. The drugs like acetaminophen, corticosteroid injections such as dexamethasone, hydrocortisone, methylprednisolone and prednisone, estrogen therapy, platelet-rich plasma therapy, viscosupplementation and others are mostly used drugs and therapies in bone degeneration diseases. Furthermore, the use of oral estrogen in estrogen therapy was discovered to be associated with a lower incidence of radiographic hip osteoarthritis in older Caucasian women in the Caring Medical Study in 2021, which is boosting market growth. The growing incidence of bone degenerative diseases and the high rate of disabilities owing to such diseases drive the growth of the Bone Degeneration Therapeutics Market over the forecast period 2022-2027.
Bone Degeneration Therapeutics Market Report Coverage
The report: “Bone Degeneration Therapeutics Market Forecast
(2022-2027)" by Industry ARC, covers an in-depth analysis of the following
segments in the Bone Degeneration Therapeutics Market.
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021, owing to the better diagnostic techniques and treatments available in this region and the surging growth of the Bone Degeneration Therapeutics Market Size.
- The Bone Degeneration Therapeutics Market is predicted to increase owing to the growing incidence of bone fractures and injuries fuelling the growth of the Bone Degeneration Therapeutics Market.
- However, the high burden of bone degenerative diseases and loss of working years may limit the Bone Degeneration Therapeutics Industry's growth over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Bone Degeneration Therapeutics Market Report.
Bone Degeneration Therapeutics Market Segment Analysis - by Drug
Bone Degeneration Therapeutics Market based on drugs can be further segmented into Cortisone or steroids, Hyaluronic acid, Acetaminophen and Platelet-Rich Plasma. The Platelet – Rich Plasma segment held a dominant market share in the year 2021. According to a research paper published in September 2021 at the National Center for Biotechnology Information, the success rate of platelet-rich plasma therapy for the treatment of knee osteoarthritis is approximately 60% and the effectiveness depends on the severity of knee osteoarthritis. Such promising application of Platelet-rich plasma therapy in bone degeneration disease drives the growth of the Bone Degeneration Therapeutics Market Share. However, Cortisone or steroids is estimated to grow with the fastest CAGR of 9.8% over the forecast period 2022-2027. According to Hopkins Medicine Organisation, corticosteroid injections can treat a variety of skeletal, muscular and spinal conditions. Dexamethasone, hydrocortisone, methylprednisolone and prednisone are FDA-approved corticosteroid injections used to reduce pain and inflammation. Such properties of corticosteroid injections and their demand for various bone injuries and diseases fuel the growth of the Bone Degeneration Therapeutics Market Share over the forecast period 2022-2027.
Bone Degeneration Therapeutics Market Segment Analysis - by Diagnostics
Bone Degeneration Therapeutics Market based on diagnostics can be further segmented into Physical Examination, X-ray, Computerised Tomography (CT) scan, Ultrasound, Arthroscopy, Joint Fluid Analysis, Blood Tests and Magnetic Resonance Imaging (MRI) Scan. The X-ray segment held a dominant market share in the year 2021. This is owing to the wide use of X-rays using low levels of radiation to visualize bones and to map cartilage loss, bone damage and bone spurs. Also, X-ray is used as the first line of diagnosis for various bone diseases. X-ray guides in orthopedic surgery such as spine repair or fusion, joint replacement and fracture reductions. Such use of x-ray and the preference of most radiologists drive the growth of the Bone Degeneration Therapeutics Market Share. However, arthroscopy is estimated to grow with the fastest CAGR of 9.0% over the forecast period 2022-2027. According to a research paper published in National Center for Biotechnology Information in 2022, in ‘Arthroscopic Case Volumes Among Orthopaedic Surgery Residents and Orthopaedic Sports Medicine Fellows’ - fellows reported 286% more arthroscopic cases in one year of fellowship than residents reported in five years of residency (554 cases vs. 193 cases), also performed 770% more arthroscopic hip procedures than residents (57 cases vs. 7 cases). Such high scope for arthroscopy drives the growth of the Bone Degeneration Therapeutics Market Share over the forecast period 2022-2027.
Bone Degeneration Therapeutics Market Segment Analysis - by Geography
North America held a dominant market share of 37% in the year 2021. This is the result of the growing prevalence of bone degeneration diseases owing to the rising prevalence of obesity and other various reasons. According to the Centers for Disease Control and Prevention (CDC), osteoarthritis affects around 32.5 million adults in the U.S. each year. Furthermore, the Asia-Pacific is estimated to grow with the fastest CAGR over the forecast period 2022-2027. According to the research paper published in Nature in May 2022, with the growth and aging of the world’s population, it is estimated that the prevalence of OA increases from 26.6% to 29.5% in every type of joint (13.8% to 15.7% for the knee joint and 5.8% to 6.9% for the hip joint) among the middle-aged population by 2032. The growing percentage of the aging population in this country and the raise of various bone degeneration diseases fuel demand for estrogen therapy, viscosupplementation technique, corticosteroid injections, drugs like acetaminophen and others which propels the growth of the Bone Degeneration Therapeutics Market Size in this region over the forecast period 2022-2027.
Bone Degeneration Therapeutics Market Drivers
Increasing Aging Population Drive Market Growth.
Bone disease is a common problem in the elderly population.
According to the research paper published in ScienceDirect in September
2021, 19.71% of older adults had bone and joint disease, which was higher among
women (22.79%) than men (16.25%). In India, the population over 60 years of age
and above is projected to increase to 198 million (13%) in 2030 from
approximately 8.6% in 2020. Such a growing aging population increases the risk
of various bone diseases such as osteoarthritis, osteoporosis, spondylosis and
others which hikes the demand for disease diagnosis and treatments that fuel the growth of the Bone Degeneration Therapeutics Industry over the forecast period
2022-2027.
Growing Cases of Accidents and Injuries Drive Bone Degeneration Therapeutics Market Growth.
The growing cases of accidents and injuries are the most prevalent
causes of bone injuries, disabilities and death. According to the ‘Bone Health
2022’ report published in the Taylor & Francis Online in January 2022, worldwide,
osteoporosis causes more than 8.9 million fractures annually, resulting in an
osteoporotic fracture every 30 seconds. Also, worldwide, one in three women
after the age of 50 is predicted to experience an osteoporotic fracture. Furthermore,
as per International Osteoporosis Foundation (IOF), nearly 75% of hip, spine
and distal forearm fractures occur among patients 65 years old or over. According
to World Health Organisation (WHO), Each year, there are 37.3 million falls
that are serious enough to need medical attention. Such growing incidence of
accidents, injuries and resulting bone diseases propel the growth of the Bone
Degeneration Therapeutics Industry over the forecast period 2022-2027.
Bone Degeneration Therapeutics Market Challenge
Lack
of Skillful Manpower in the Healthcare Industry is Hampering Market Growth
The global shortage of healthcare
workers is one of the most challenging concerns of the healthcare industry. The
World Health Organisation (WHO), predicted the shortage to more than double
from 7 million in 2016 to 18 million by 2030. By 2050, there will be 1.5
billion persons over the age of 65, more than doubling from roughly 700 million
in 2021. Such a growing aging population and increasing prevalence of chronic
diseases require more skillful care workers. According to a survey conducted by
Forbes and published in April 2022, about 475 U.S., healthcare workers plan to
leave their position by 2025. Such low availability of skillful healthcare
workers may limit Bone Degeneration Therapeutic Industry growth over the forecast period
2022-2027.
Bone Degeneration Therapeutics Industry Outlook
Product launches, mergers and acquisitions, joint ventures and
geographical expansions are key strategies adopted by players in the Bone
Degeneration Therapeutics Market. The top 10 companies in the Bone Degeneration
Therapeutics Market are:
- Amgen Inc.
- Calzada Limited
- CTI Biopharma Corp.
- Fate Therapeutics Inc.
- Se-cure Pharmaceuticals Ltd.
- Juventus Therapeutics Inc.
- Kaken Pharmaceutical Co. Ltd.
- Regenexx
- Maxx Medical Pvt. Ltd.
- Smith & Nephew
Recent Developments
- In June 2022, Fate Therapeutics, Inc a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for patients with cancer, announced that it has expanded its off-the-shelf, iPSC-derived, cell-based cancer immunotherapy collaboration with ONO Pharmaceutical Co., Ltd. in order to include the development of chimeric antigen receptor (CAR) NK cell collaboration candidates.
- In August 2021, CTI Biopharma Corporation and DRI Healthcare Trust announced a $135 million funding transaction for CTI, with $50 million in secured loan and $60 million to purchase a tiered royalty on pacrinitib sales following product approval by the US Food and Drug Administration (FDA). CTI utilizes the money made from the deals to pay for the commercialization of pacritinib for the treatment of people with severe thrombocytopenia caused by myelofibrosis.
- In October 2019, Amgen announced that it has successfully completed its previously announced acquisition of Teneobio, Inc. Amgen has acquired all outstanding equity of Teneobio in exchange for a $900 million upfront cash payment and $1.6 billion in cash for former equity holders.
Relevant Titles
Report Code: HCR 0698
Report Code: HCR 0929
Report Code: HCR 0044
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