Every three seconds, one person in the world suffers from an osteoporotic fracture, says the International Osteoporosis Foundation. The disease - characterized by fragility and porousness of bones - affects an estimated 200 million women globally. These numbers stand testimony to the fact that osteoporosis is a serious burden on healthcare systems worldwide, and will continue to remain so as the number of aged people rises in the coming years. Studies have evidenced that post-menopausal women (because of their low estrogen levels) are more susceptible to osteoporosis. All of these patients form the target consumer groups for the osteoporosis drugs market, which is expanding at a healthy rate globally.
The global osteoporosis drugs market is pegged to grow to US$14,786.7 Mn by 2022, rising upon its 2015 value of US$11,226.1 Mn at a 4.0% CAGR during this period. The osteoporosis drugs market is composed of therapies and treatments for patient suffering from both primary and secondary osteoporosis. Because the onset of osteoporosis is accelerated by lifestyle choices such as excessive alcohol consumption, this factor will also act as a driver for the global osteoporosis drugs market.
China and India Pace Ahead as Fastest Growing Markets for Osteoporosis Drugs
While North America stands as the undisputed leader in the global osteoporosis drugs market, the future clearly belongs to the Asia Pacific region, thanks to the strong growth in countries such as China and India. Factors that have enabled North America to stay firm in its position as the leading regional market for osteoporosis drugs are - a sharp focus on R&D for drug development and discovery, a high geriatric population base, and the high prevalence of lifestyle-associated diseases resulting from a lifestyle that’s characterized by less physical activity.
In the coming years, with a robust growth rate, China and India are likely to show exponential expansion in the global osteoporosis drugs market because of the sheer numbers of patients suffering from osteoporosis here. Patients here are willing to invest more time and money on healthcare expenses and this will have a positive implication on the Asia Pacific osteoporosis drugs market. To top this trend, patients are becoming more aware of osteoporosis and are taking measures to prevent it from affecting their lifestyle.
To Ensure Sustained Growth, Pharmaceutical Companies Need to Address Undesirable Effects of Osteoporosis Drugs
While osteoporosis drugs work by inhibiting the symptoms associated with the disease, they also have certain side effects that companies need to address. For instance, reports in the media linking Fosamax, an osteoporosis drug, to esophageal cancer and cardiovascular problems have dented the overall reputability of osteoporosis drugs.
With cases and reports such as this coming to the fore, it becomes important for companies in the osteoporosis drugs market to develop molecules that have minimal side effects. Moreover, with several patients also opting for nondrug alternatives, the growth of the global osteoporosis drugs market could be restrained to some extent.
The other key restraint faced by this market in the near future will be the expiration of several patented drugs. This will erode the profitability of leading companies, and the advent of generics will bring certain new companies into the limelight.
Leading companies in the global osteoporosis drugs market are Amgen, Inc., Novartis AG, Eli Lilly and Company, Hoffman-La Roche, and Pfizer, Inc.
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