Rapid changes such as the launch of new biologic therapies and novel drugs, increasing number of patients, and advancements in imaging techniques to facilitate drug development will drive the osteoarthritis market to $10.5bn in value by 2024, says a report by GlobalData.
Titled ‘OpportunityAnalyzer: Osteoarthritis – Opportunity Analysis and Forecasts to 2024’, the report estimates the osteoarthritis market to witness a compound annual growth rate (CAGR) of 17.8% over the forecast period. The seven major markets considered for the forecast are the US, France, Germany, Italy, Spain, the UK, and Japan.
The report expects that new biologic therapies targeting the disease will be launched at a substantial premium to small-molecule therapies, unlike the inexpensive generic drugs being used for decades.
Furthermore, available therapies target only the disease symptoms, while the need for biologic and disease-modifying therapies such as Invossa, a cell-based, disease-modifying osteoarthritis drug remains unmet, says Claire Herman, MPH, Global Director of Therapy Analysis and Epidemiology at GlobalData.
“Despite this, the osteoarthritis pipeline is rapidly evolving thanks to improved understanding of the disease’s pathophysiology and recent biomarker development.
"Current research and development (R&D) strategies in osteoarthritis are characterised by a trend towards developing new analgesics with novel mechanisms of action (MOAs), and drugs with disease-modifying effects, reflecting the market’s demand for such therapies," explains Herman.
Herman sees a substantial opportunity for pharmaceutical companies by supporting the efforts of academic institutions in identifying new disease targets and biomarkers, and in-licensing pipeline products with novel MOAs and disease-modifying potential.