North America Osteoporosis Treatment Market
North America Osteoporosis Treatment Market to Cross USD 10.25 Billion by 2028
Published | 10 August 2022
North America Osteoporosis Treatment Market is growing at a high CAGR because of the increasing incidence of osteoporosis because of the low bone density and the increasing number of therapeutic drug approvals..
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the North America osteoporosis treatment market was worth USD 6.27 billion in the year 2021. The market is projected to grow at a CAGR of 7.5% from 2022-2028 (forecast period), earning revenues of around USD 10.25 billion by the end of 2028. The market is growing on account of high cases of osteoporosis cases because of the bone loss and increased susceptibility to fracture characterize osteoporosis, which develops as bone density decreases over time. This typically occurs in middle life or later and females are three to four times more likely to be affected than males. An estimated 1.66 million hip fractures occur annually worldwide due to osteoporosis, according to the World Health Organization (WHO).
There will be a Worldwide Market Shift, with North America in the Forefront
Geographically, the worldwide osteoporosis medications market is broken down into the following regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2018, the market for pharmaceuticals to treat osteoporosis was dominated by North America due to the region's higher prevalence of the disease, the rapid approval of new therapies to treat the condition, and the high rate at which the disease is diagnosed. Osteoporosis and decreased bone mass, for example, are currently anticipated to represent a major public health issue for almost 44 million U.S. women and men aged 50 and older, according to the International Osteoporosis Foundation.
Spreading Osteoporosis to Accelerate Market Development
According to U.S. Department of Health and Human Services, osteoporosis of the hip affects over 10 million Americans aged 50 and up. Demand for osteoporosis treatment in the North American osteoporosis treatment market is predicted to rise due to the rising incidence of the condition, which causes bone deformation and fragility. The expansion of the North American osteoporosis treatment market is predicted to be aided by the increasing number of unique therapeutic solutions approved by the U.S. Food and Drugs Administration for the treatment of osteoporosis. Increase in both the global geriatric population and the prevalence of sedentary lifestyles also contribute to the expansion of the osteoporosis medications market.
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Drugs for Osteoporosis have Undesirable Side Effects, which can restrict the Market Growth
Significant advances in the treatment of the condition and the introduction of breakthrough medicines have been made, but their widespread implementation is hampered by a number of issues. The risks and adverse effects of osteoporosis treatment are one of them. Symptoms such as hot flashes, nausea, vomiting, and cramping in the legs slow the market. Further limiting the market's expansion are the high prices of treatment and the restricted nature of reimbursement policies. In addition, the advent of new therapies for osteoporosis management by competing market players is expected to slow the market in the coming years.
North America Osteoporosis Treatment Market - By Distribution Channel
On the basis of distribution channel, North America osteoporosis treatment market has been segmented into hospital pharmacies, retail pharmacies, online channel, and others, where hospital pharmacies segment accounted for largest share in 2021. The increasing interest of patients in hospital pharmacy expansion, among other things, is driving this industry forward. Additionally, the retail pharmacies segment is forecast to grow positively as a result, primarily, due to an uptick in collaboration with orthopedic clinics for the treatment of osteoporosis and a rise in women's health centers for the upkeep of women's health. As a result of the convenience of buying medications online and the manufacturers' emphasis on expanding their distribution network, alternative channels of distribution like online pharmacies are expected to contribute to the industry's expansion. Given the expansion of hospital pharmacies, rising demand for osteoporosis medication is likely.
In terms of country, North America osteoporosis treatment market has been categorized into the U.S., and Canada, where U.S. accounted for dominant share in 2021. This was attributed to the existence of well-established competitors in the North American osteoporosis treatment market, such as AbbVie Inc., Pfizer Inc., Amgen Inc., and other leading players. Between 2022 and 2028, the Canadian market is forecast to expand significantly on the back of the rising incidence of osteoporosis and the government's initiatives to raise awareness of the disease and its therapeutic treatment options.
Impact of COVID-19 on North America Osteoporosis Treatment Market
As a result of the widespread impact of the COVID-19 pandemic, medical facilities and systems have shifted their attention to providing care for those infected with the virus. However, many scheduled appointments for osteoporosis therapy and other elective medical procedures have been postponed or cancelled.
As large companies team up with medium and small ones to expand their product ranges and boost sales, competition in the North American market is heating up. In addition to organic growth strategies like collaboration, product launches, and mergers and acquisitions, inorganic growth strategies are also being employed by other large corporations in the North American market, which bodes well for its continued expansion. Major companies in the North America osteoporosis treatment market, including Amgen Inc., F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC (GSK), Merck & Co., Inc., Novartis AG Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceuticals Industries Ltd., Allergan PLC, Eli Lilly and Company, and other prominent players, are increasing their R&D spending to create innovative new products and maintain their competitive edge.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the North America osteoporosis treatment market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the North America osteoporosis treatment market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- North America Osteoporosis Treatment Market, By Drug Class (Bisphosphonate, Hormone Replacement Therapy, Selective Estrogen Receptor Modulator, Rank Ligand Inhibitor and Others), By Route of Administration (Oral, Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies and Others), By Country (U.S. and Canada), Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: August 2022
North America osteoporosis treatment market is growing owing to demand which is being fueled in North America by the rising incidence of osteoporosis and the increasing number of therapeutic drug approvals.
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