The Osteoporosis Treatment Market is Estimated To Witness High Growth Owing To Growing Geriatric Population
The Osteoporosis Treatment Market is estimated to be valued at US$ 14.54 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Osteoporosis treatment aims to prevent fractures, reduce pain and improve quality of life. Drugs such as bisphosphonates, estrogen therapy and parathyroid hormone are commonly used for treatment. Drug therapy combined with calcium and vitamin D supplements are effective in reducing fracture risk. Physical activity and lifestyle changes also play an important role.
Market key trends:
The osteoporosis treatment market growth is driven by the rapidly growing geriatric population globally. As age is one of the major risk factors for osteoporosis, the rise in average life expectancy is expected to boost disease prevalence rates. According to the United Nations, the population aged 60 years and older numbered 962 million in 2017. It is projected to grow to reach nearly 2.1 billion by 2050. Additionally, growing awareness about osteoporosis treatment options like bisphosphonates and monoclonal antibody therapies are gaining popularity for long-term management of the disease, thereby supporting market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the osteoporosis treatment market requires high R&D investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as osteoporosis treatment options are already available from major pharma companies.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw material and active pharmaceutical ingredients are available from various sources.
Threat of new substitutes: The threat of new substitutes is low due to lack of substitutes for osteoporosis treatment.
Competitive rivalry: Competitive rivalry is high among major players to gain more market share.
SWOT Analysis
Strength: Strong product pipeline and various late stage clinical trials provide future growth opportunities.
Weakness: Patent expiries of blockbuster drugs pose revenue loss threat. High R&D costs negatively impacts profit margins.
Opportunity: Rising geriatric population susceptible to osteoporosis drives market growth. Favorable reimbursement policies boost product adoption.
Threats: Stringent regulations for drug approval delay market entry. Side effects associated with treatments hamper product uptake.
Key Takeaways
The Global Osteoporosis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing geriatric population susceptible to osteoporosis globally. The market size for 2023 is US$ 14.54 Bn.
Regional analysis
North America dominates the global market and is expected to maintain its lead over the forecast period. This is attributed to growing elderly demographic, availability of advanced treatment options, and supportive reimbursement landscape in the region. Asia Pacific exhibits the fastest growth supported by rising healthcare expenditure, growing medical tourism, and increasing patient awareness in the region.
Key players
Key players operating in the osteoporosis treatment market are Teva Pharmaceutical Industries Ltd., DAIICHI SANKYO COMPANY, LIMITED, Amgen Inc., Dr. Reddy€TMs Laboratories Ltd., Viatris Inc., Ligand Pharmaceuticals Incorporated, Eli Lilly and Company, Asahi Kasei Corporation, F. Hoffmann-La Roche Ltd, EffRx Pharmaceuticals SA, Novartis AG, Merck & Co., Inc., GSK plc., and Pfizer Inc.
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