According to Transparency Market Research’s latest report on the global osteoporosis drugs market for the historical period 2017–2018 and forecast period 2019–2027, rising prevalence of osteoporosis, growing aging population which is more prone to osteoporosis, and introduction of new therapies are projected to drive the global Osteoporosis Drugs market during the forecast period. According to the report, the global osteoporosis drugs market was valued at US$ 11.5 Bn in 2018 and is anticipated to contract at a CAGR of 0.3% from 2019 to 2027.
Osteoporosis is a chronic and life-threatening disease, in which microstructure of bones is altered due to reduction in bone mass and bone density. This condition leads to increased bone fragility and threat of bone cracks and fractures. Thus, osteoporosis is considered life threatening due to severe injury and associated pain. Elevation in threat of bone cracks and introduction of new drug therapy classes are the factors that are fuelling the growth of osteoporosis drugs market.
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Since there is no distinct substitute available to treat osteoporosis (such as, surgery), the drugs therapy is an inevitable part of osteoporosis treatment. Growing aging population leads for higher prevalence of osteoporosis which brings more growth opportunities for osteoporosis drugs market.
Growing Prevalence of Osteoporosis Across Globe is Key Market Driver
Higher incidence & prevalence of osteoporosis across the world is the major driver for the growth of global osteoporosis market. For instance, according to International Osteoporosis Foundation, Osteoporosis causes more than 8.9 million fractures annually, resulting in an osteoporotic fracture every 3 seconds and also it is estimated to affect 200 million women globally.
Moreover growing aging population aged above 50 years are at the greatest risk of developing osteoporosis and related fractures due to hormonal changes. So this rise in aging population also fuelling the growth of global market. Development of novel approaches for the treatment of osteoporosis by new drugs and increase in awareness among people for the early diagnosis & treatment are also some of the major factors for the growth of this market.
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Patent expiry and loss of exclusivity are considered major restraints of the osteoporosis drugs market. As the generic equivalents of branded drugs are manufactured and marketed at 1/10th of the price of the original branded drug, loss of patent exclusivity of a branded drug results in drastic revenue reduction amounting to almost 35% – 40% in the first year.
This low cost of generics results in higher consumption, although, generic drugs are not able to achieve or exceed the overall sales of the branded formulation. On the basis of region, the osteoporosis drugs market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North America to Continue Providing Lucrative Growth Opportunities Over Forecast Period
North America region dominated the global market owing to the presence of large number of osteoporosis patients, world-class medical infrastructure, rising awareness about the disease and its treatment and proper utilization of technologically sound devices for diagnosis purpose.
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However, Asia-Pacific region is considered as the most promising market during the forecast period from 2014 to 2020. The growth is mainly attributed to factors such as steadily increasing incidence rate of osteoporosis, increasing medical expenditure, increased healthcare awareness towards diagnosis and treatment of osteoporosis and dietary habits and lack of nutritious foods.
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