The global hip osteoarthritis pain drug market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The common symptoms of hip osteoarthritis include pain around groin area of the hip (area between the upper thigh and lower abdomen). Generally, this pain starts gradually and gets worsen over time if not treated on time. The major factors attributable to the growth of the hip osteoarthritis pain drug market include the rising prevalence of hip osteoarthritis due to aging, excess weight gain, and in some cases, due to genetic causes. It majorly affects the articular cartilage which results in changes to synovium, ligaments, capsules, and subchondral bone. According to the World Health Organization (WHO), hip osteoarthritis stands in top 15 contributors of global disability. Additionally, it is mainly diagnosed in people of age above 65, where 50% of the cases are symptomatic. In addition, as per the survey conducted by the Centers for Disease Control and Prevention (CDC), lifetime risk has been associated with hip osteoarthritis which is 18.5% for men, and 28.6% for women.
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Some key players operating in the market include Teva Pharmaceutical Industries Ltd., Pfizer Inc., and Bayer AG, among others. These market players are continuously focusing on introducing new drug drugs catering to cure the pain of hip or knee joints. For instance, in May 2020, Novartis introduced a new drug named as interleukin-1 inhibitor canakinumab, which will relatively reduce the overall of the cost associated with hip or knee replacement and will also decrease osteoarthritis symptoms. The drug has been published by Annals of Internal Medicine later in November 2020 stating the advantages of the drugs.
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Market Coverage
Segment Covered-
- By Type
- By Distribution Channel
Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: Teva Pharmaceutical Industries Ltd., Pfizer Inc., and Bayer AG, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Hip Osteoarthritis Pain Drug Market Report by Segment
By Type
- Oral
- Injection
- Others
By Distribution Channel
- Online
- Offline
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