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.
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High Incidence and prevalence of osteoporosis coupled with growth in geriatric population: Key Driver
Rising prevalence of osteoporosis is considered an important driver of the market, as more patients would increase demand for the drugs. Moreover, due to absence of any substantial substitute, such as surgery, demand for osteoporosis drugs is increasing constantly.
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.
Furthermore, rising geriatric population is considered an important factor for growth of the market in coming years. Individuals above 50 years of age are at the greatest risk of developing osteoporosis and related fractures due to hormonal changes.
The number of people aged 65 years and above is projected to increase from 524 million in 2010 to approximately 1.5 billion in 2050. This high proportion of geriatric population is more prone to osteoporosis.
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Patent expiry of blockbuster drugs and dynamic changes in pricing due to generics restrain market growth
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.
Global Osteoporosis Drugs Market: North America Dominated the global market
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 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.
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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Global Osteoporosis Drugs Market: Competitive Landscape
This report profiles major players in the global osteoporosis drugs market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global osteoporosis drugs market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global Osteoporosis Drugs market are
- Eli Lilly and Company
- Pfizer, Inc.
- Amgen, Inc.
- Merck & Co., Inc.
- Radius Health, Inc.
- Novartis AG
- Teva Pharmaceutical Industries Ltd.
- Novo Nordisk A/S
- Hoffmann-La Roche Ltd.
- UCB S.A.
- Mylan N.V.
- Apotex Inc.
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