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Osteoarthritis Treatment Market Segmented By Drugs and Assistive Devices Treatment in Knee Osteoarthritis, Spine Osteoarthritis Foot and Ankle Osteoarthritis, Shoulder Osteoarthritis, Hand Osteoarthritis Disease
According to the World Health Organization, around 10% to 15% of all adults aged over 60 have some degree of osteoarthritis, with high prevalence among women than men. According to the UN, by 2050, people aged over 60 will account for more than 20% of the world population. Of this 20%, a conservative estimate of 15% will have symptomatic osteoarthritis, and one-third of this population will be severely disabled.
Consequently by 2050, 130 million people will suffer from osteoarthritis globally. Osteoarthritis accounts for more than 50% of the entire musculoskeletal diseases. According to the Global Burden of Disease 2010 study, Osteoarthritis is 11th highest contributor to global disability. In this regard, governments and NGOs are working hand in hand for improving healthcare services and also spreading awareness regarding this disease, especially among women.
Owing to the growing lifestyle changes, increasing number of obesity cases, and an extensive rise in the geriatric population, cases of osteoarthritis are increasing in North America. As a result, the adoption of treatment and drugs is also increasing in the region. The availability of better treatment options, high awareness among the people, government reimbursement policies, and the willingness to take up treatment is expected to add up to the growth of the osteoarthritis treatment market in the region.
In terms of the business opportunities, the U.S., Europe, and Asia Pacific are lucrative markets for osteoarthritis treatment and drugs due to high prevalence of the disease. Alternative and complementary medicines are of great interest to the patient population affected by osteoarthritis. In the U.S., alternative medicine segments are growing at a higher pace and have high potential for substantial research. Due to advancements in technology, osteoarthritis management becomes more focused towards effective treatment and this is expected to fuel the growth of the global osteoarthritis treatment market in the long run.
The UK accounts for a large share in the Europe osteoarthritis treatment market due to higher adoption and treatment among the patient population. The Europe osteoarthritis treatment market is primarily driven by changing government policies and this is expected to encourage drugs manufacturers to develop effective treatment options.
Changing healthcare policies to manage osteoarthritis effectively is expected to fuel revenue growth of the osteoarthritis treatment market. According to the Arthritis Research UK, one third of the people aged 45 years and above in the UK seek treatment for osteoarthritis.
The application of biomarkers in drug development in the region is further expected to bode well for the growth of the market in the region in the long run. Biomarkers are quantifiable characteristics of the biological process used for diagnosis of particular disease conditions. Till date, clinical symptoms are required to diagnose osteoarthritis.
Due to the rapid advancement of technology in the healthcare sector, manufacturers are concentrating on quantifying biomarkers and encompassing an array of biomarkers for enhancing product development in clinical trials. Biomarkers are employed to provide global measures for addressing the osteoarthritis disease burden and potentially to discriminate between mono and poly articular osteoarthritis.