Osteonecrosis Treatment Market to Experience Significant Growth from 2018 to 2026
Added: (Thu Jan 10 2019)
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Osteonecrosis, also known as aseptic necrosis, is a condition which occurs due to loss of blood flow to the bone. Bone is a living tissue which requires regular supply of blood. Any disruption to the supply of blood can cause the bone to die, and if the process is not stopped in time, it can lead to eventual collapse of the bone. Degenerative arthritis, particularly of the knees and hips and to a lesser extent of the hands, shoulders, and feet, may be caused due to bone collapse. Osteonecrosis is caused due to serious trauma injuries, excess consumption of alcohol, chronic use of corticosteroid, systemic lupus erythematous, decompression disease, blood disorders such as antiphospholipid antibody syndrome (APS), sickle cell anemia, and HIV infection, among others.
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A prominent factor contributing to the growth of the osteonecrosis treatment market is the rise in consumption of alcohol observed across the globe. In the U.S alone, the number of people consuming alcohol has risen exponentially during the period 2002-03 to 2012-13, according to an independent study conducted by the National Institute on Alcohol Abuse and Alcoholism. The study also finds that the number of female alcohol consumers has more than doubled in the reported time period. Excessive alcohol consumption over a considerable period of time leads to abnormal lipid metabolism, which is a prominent risk factor for alcohol-induced osteonecrosis.
Rise in hip injuries owing to surge in geriatric population is expected to drive the osteonecrosis treatment market during the forecast period. Hip injuries may lead to interruption of flow of blood to the bone, causing trauma-related avascular necrosis. Osteonecrosis may develop in 20% of the people with hip injuries. According to the United Nations’ World Population Ageing report, the number of people above the age of 60 years stood at 962 million in 2017, which is projected to reach 2.1 billion by 2050, globally. Rise in geriatric population is anticipated to increase the number of cases of hip injuries, which in turn, augments the patient population suffering from osteonecrosis. This is likely to drive the demand for medications and therapies used to manage these conditions.
Additionally, ongoing measures undertaken by biotechnology companies aimed at developing novel treatment options for people suffering from osteonecrosis is also expected to drive the growth of the osteonecrosis treatment market. In September 2017, Bone Therapeutics, a biotechnology company engaged in developing cell therapy-based products for bone diseases and orthopedics and Asahi Kasei Corporation, a major chemicals company, entered into an exclusive royalty bearing license agreement for the development and commercialization of PREOB, an autologous bone cell therapy product developed by Bone Therapeutics, in Japan. Such strategic initiatives focused on launch of new and effective treatment options for managing this condition is likely to boost the osteonecrosis treatment market during the forecast period from 2018 to 2026.
The global osteonecrosis treatment market can be segmented based on treatment type, end-user, and region. In terms of treatment type, the market can be classified into non-surgical treatment and surgical treatment. Based on end-user, the osteonecrosis treatment market can be divided into hospitals, ambulatory surgical centers, and orthopedic clinics.
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In terms of region, the global osteonecrosis treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global osteonecrosis treatment market due to launch of new treatment options in the region. The osteonecrosis treatment market in Asia Pacific is projected to grow significantly during the forecast period owing to the increase in geriatric population in the region.
Key players operating in the global osteonecrosis treatment market include Bone Therapeutics SA, Enzo Biochem Inc, Integra LifeSciences Corporation., and K-Stemcell Co Ltd.
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