Increasing Osteoporosis Incidence Driving Osteoporosis Drugs Market
A number of factors, such as the surging prevalence of osteoporosis in females, growing awareness about the disease and its treatment, rising investments by market players for the development of drugs, and increasing expenditure on healthcare, are projected to boost the growth of the osteoporosis drugs market at a CAGR of 3.8% in the forecast period (2016–2022). At this growth rate, the market size is expected to reach $11,482.1 million by 2022 from $8,835.4 million in 2015.
Browse detailed report - Osteoporosis Drugs Market Revenue Estimation and Growth Forecast
The key trend being observed in the market is the rising awareness among people across the world about osteoporosis. The awareness is mainly increasing due to the initiatives being taken by government and private organizations, such as seminars, conferences, workshops, campaigns, and programs. For instance, an association working in the field of osteoporosis in the U.S., the National Osteoporosis Foundation, observes May as the National Osteoporosis Month, to improve the awareness about the complications, effects, and treatment of this disease.
Another key factor driving the demand for osteoporosis drugs is the surging healthcare expenditure across the globe. The expenditure on research and development (R&D) is increasing for better osteoporotic treatment and care. Moreover, the growing awareness about the drugs for treating the indication is pushing the players operating in the market to collaborate with government research organizations, healthcare facilities, and academic institutes, for improving their R&D activities in this area. These factors are projected to boost the growth of the market during the forecast period.
Geographically, the Asia-Pacific (APAC) osteoporosis drugs market is projected to record the fastest growth during the forecast period. This can be attributed to the surging geriatric population, unhealthy lifestyle, and increasing incidence of osteoporosis in the region. Since the declining bone density is a direct result of aging, the elderly are the largest demographic group afflicted with this disease. On the other hand, North America accounted for the largest market share in 2015, and the region is expected to lead the market in the coming years as well.
Thus, the increasing prevalence of osteoporosis and the surging healthcare expenditure across the globe are expected to propel the growth of the market during the forecast period.