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The North America osteoporosis treatment market size was USD 5.18 billion in 2019. The impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the market will exhibit a lower growth of 2.3% in 2020 compared to the average year-on-year growth during 2016-2019. The market is expected to grow from USD 5.30 billion in 2020 to USD 8.29 billion in 2027 at a CAGR of 6.6% during the 2020-2027 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Osteoporosis is a medical condition that arises when the bone synthesis is interrupted and results in a fracture if it remained untreated. Due to this condition, bones become brittle and lose their strength and density. Low bone density is common in the elderly population, and especially in women. For instance, according to the U.S. Census Bureau report, the population above 65 years of age in the U.S. increased by more than 13.7 million in the last decade. The increasing aging population is leading to a growing prevalence of osteoporosis. This has influenced several market players in the industry to develop a cost-effective and efficient treatment for patients.
The increasing awareness regarding innovative therapies such as hormone therapy for osteoporosis treatment is set to influence the demand for advanced and novel therapeutics, thereby propelling the growth of the market during the forecast period.
Reduced Number of Elective Procedures amid COVID-19 to Restrain Market Growth
The outbreak of the COVID-19 pandemic has had an overall negative effect on the market. The growing number of COVID-19 cases has led to a decline in the diagnosis and treatment of osteoporosis in North America. The postponement of elective procedures, travel restrictions in the U.S. and Canada, and other regulatory parameters resulted in a significant decline in the diagnosis of new cases, especially from March to June 2020. According to the Commonwealth Fund article, outpatient visits were severely impacted by COVID-19. A 30-40% decline in the number of outpatients was registered in the first three months of 2020 in the U.S.
The decline in physical visits to outpatient departments was counter-balanced by increasing telemedicine and virtual consultations during H1 2020. Moreover, the growing preference towards online channels by the patient population to procure drugs has reduced the overall negative impact of the novel coronavirus on the osteoporosis treatment market in North America.
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Increasing Product Approvals and Growing Adoption of Advanced Therapies to Propel Growth
Established clinical studies demonstrating the efficiency of new drugs for osteoporosis treatment are leading to the U.S. FDA approvals for these products. This is expected to drive the adoption and demand for these drugs during the forecast period. For instance, in April 2019, the U.S. Food and Drug Administration approved Evenity (romosozumab-aqqg) to treat osteoporosis in postmenopausal women at high risk of bone fracture. Factors such as the development of advanced therapies and product approvals are anticipated to provide favorable conditions for the market's growth in North America.
Increasing Prevalence of Osteoporosis to Drive Demand for Therapeutic Solutions
In recent years, there has been a significant rise in osteoporosis cases in the U.S. and Canada. One of the major factors responsible for this is the rising geriatric population, which has led to the increasing number of osteoporosis cases among the general population. It is observed that the risk of osteoporosis among the aged population is more than the general population.
The increasing number of patients is anticipated to increase the demand for effective treatment. Thus, boosting growth in the North America osteoporosis treatment market during the forecast period. Simultaneously, the introduction of technologically advanced therapies by key players is expected to upsurge the demand for new drugs.
Adverse Effects Associated with Osteoporosis Drugs to Hamper Market Growth
Although there have been significant developments in the treatment of the disease and the introduction of innovative therapies, certain factors are limiting their adoption. One of them is the side effects and risks associated with osteoporosis treatment. Hot flashes, diarrhea, vomiting, leg cramps, and other medical complications hamper the market growth. Also, limited reimbursement policies and high costs associated with the treatment are other factors restraining the market growth.
Moreover, the introduction of alternative therapies for managing osteoporosis by other market players is also likely to restrain market growth in the near future.
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RANK ligand (RANKL) Inhibitor to Hold Dominant Market Share
Based on the drug class, the market is segmented into Bisphosphonate, Hormone Replacement Therapy, Selective Estrogen Receptor Modulator (SERMs), RANK ligand (RANKL) Inhibitor, and Others.
The RANK ligand inhibitor segment held the dominating share in 2019 due to the rising prevalence of osteoporosis and the growing adoption of RANK ligand (RANKL) inhibitors to manage osteoporosis in the U.S.
The hormone replacement therapy segment is likely to showcase considerable growth attributed to the increasing adoption of hormone replacement therapy and recent product launches related to the therapy.
Parenteral Segment to Grow at a Significant Pace
Based on the route of administration, the market is segmented into oral and parenteral.
The parenteral segment accounted for the largest market share in 2019 and is expected to show prominent growth during the forecast period. This is attributable to the increasing R&D by market players leading to the introduction of new drugs and clinically proven efficiency of the parenteral drugs in treating osteoporosis.
The oral segment accounted for a comparatively lower share in the market. However, the increasing patient population in the U.S, the rising adoption of bisphosphonate drugs in the management of osteoporosis, and the affordability of oral drugs compared to parental therapeutics are some of the factors that are expected to provide favorable conditions for the growth of the segment.
Online Store Segment to Experience Fastest Growth
Based on the distribution channel, the market is segmented into hospital pharmacies, retail pharmacies & stores, and online pharmacies.
The hospital pharmacies segment dominated the market in 2019. The increasing hospital inpatient admissions for osteoporosis treatment is accountable for surging demand for new and innovative drugs from hospital pharmacies, which is one of the major factors for the growth of this segment.
The online pharmacies segment is anticipated to be one of the fastest-growing factors, such as the increasing number of e-commerce giants entering this space in the U.S. The growing number of new online pharmacies, coupled with the recent travel restrictions and lockdown imposed by the government due to COVID-19, is likely to favor the segmental growth.
The U.S. market stood at USD 4.98 billion in 2019. The growing awareness regarding the availability of osteoporosis treatment, the increasing prevalence of osteoporosis, and the presence of major players in the country are expected to drive the North America osteoporosis treatment market growth.
According to the Centers for Disease Control and Prevention (CDC), it is estimated that about 5.1% of the male population above 65 years of age in the U.S. suffer from osteoporosis of the femur and neck. Also, over 10 million people in the U.S. above 50 years of age have osteoporosis of the hip.
These figures are projected to rise during the next decade owing to the sedentary lifestyle and other factors. Moreover, this is projected to lead to a higher demand for novel drugs in osteoporosis treatment in the U.S. during the forecast period.
Canada is anticipated to hold a significant market share during the forecast period. This growth is attributable to the rising prevalence of osteoporosis, the growing healthcare sector, and the increasing government initiatives to control osteoporosis.
For instance, Canada's government has initiated the establishment of the Canadian Drug Agency that oversees the development of a new national formulary of prescribed drugs and provides additional support for Canadians with rare diseases.
Key Companies Focus on Enhancing Their Product Portfolios to Compete in the Market for Gaining Market Share
The market is extremely competitive and includes major players such as Eli Lilly and Company, Amgen Inc., F. Hoffmann-La Roche Ltd., and GlaxoSmithKline plc. They possess a robust portfolio of innovative drugs, including Bisphosphonate, hormone replacement therapy, and selective estrogen receptor modulator (SERMs). Additionally, they have a strong domestic presence in the U.S. Through various collaborations, acquisitions, and new product launches, these companies are gradually strengthening their regional market positions.
In the current competitive landscape of the market, other players such as AbbVie Inc., Novartis AG, Sanofi, Pfizer Inc., and Merck & Co., Inc., are continuously focusing on the development of advanced products for osteoporosis treatment and emphasizing the introduction of innovative products to establish their foothold in the market.
An Infographic Representation of North America Osteoporosis Treatment Market
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The market research report provides detailed market analysis and focuses on key aspects such as leading companies, product type, and distribution channel. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the growth over recent years.
Value (USD billion)
By Drug Class
By Route of Administration
By Distribution Channel
Fortune Business Insights says that the market stood at USD 5.18 billion in 2019 and is projected to reach USD 8.29 billion by 2027.
In 2019, the market stood at USD 5.18 billion.
The market will exhibit steady growth at a CAGR of 6.6% during the forecast period (2020-2027).
By the drug class type, the RANK ligand (RANKL) inhibitor segment will lead the market.
The increasing prevalence of osteoporosis and the adoption of innovative therapies in North America are the key factors that are likely to drive the demand for the treatment drugs.
Eli Lilly and Company, Amgen Inc., and GlaxoSmithKline plc are the top players in the market.
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