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Musculoskeletal Disorders Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Musculoskeletal Disorders Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021
  • 300 pages
  • ID: 6027740
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the musculoskeletal disorders drugs market include F. Hoffmann-La Roche Ltd; GlaxosmithKline Plc; Pfizer Inc; Abbott Laboratories Inc and Daiichi Sankyo Company.

The global musculoskeletal disorders drugs market is expected to grow from $81.08 billion in 2020 to $85.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $100.76 billion in 2025 at a CAGR of 4%.

The musculoskeletal disorders drugs market consists of sales of musculoskeletal disorders drugs and related services by entities (organizations, sole traders and partnerships) that produce musculoskeletal disorders drugs to treat musculoskeletal disorders such as arthritis, osteoporosis, osteomalacia, and other disorders.This industry includes establishments that produce drugs to treat rheumatoid arthritis, muscle relaxants to reduce muscle pain, and other drugs used in treating osteoarthritis, analgesics drugs, immunosuppressive.

Some of the major drugs in the market include Piroxicam Glaxo, Dolonex, Felden, and Piroxicam Pfizer. The musculoskeletal disorders drugs market is segmented into drugs for rheumatoid arthritis; muscle relaxants; and other musculoskeletal disorders drugs.

North America was the largest region in the global musculoskeletal disorders drugs market, accounting for 53% of the market in 2020.Asia Pacific was the second largest region accounting for 28% of the global musculoskeletal disorders drugs market.

Africa was the smallest region in the global musculoskeletal disorders drugs market.

Going forward, the market for muscle relaxants is expected to increase with the rise in combination therapy.Combination therapy involves use of more than one medication or drug to treat a disease.

These combinational therapies reduce the frequency of drug administration. For instance, in May 2019, Galt Pharmaceuticals has submitted a Supplemental Abbreviated New Drug Application to the U.S. Food and Drug Administration for Orphengesic Forte an oral formulation of aspirin, caffeine, and orphenadrine for the treatment of pain caused due to musculoskeletal disorders.

Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to drug approval procedures and other regulatory changes.

For instance, according to a report by Ernst and Young in 2018, Fortune 500 companies are spending $7.8 billion to comply with GDPR regulations. The GDPR regulation is a EU law on data protection and privacy of individuals residing the European Union and the European Economic Area (EEA). It also regulates data anonymization thus maintaining integrity of data dealing with patients and other clinical trial studies. The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts strain to investments relating to new product development, thereby affecting the growth of the musculoskeletal disorders drugs market.

The aging population profile of most countries contributed to the growth of the musculoskeletal disorders drugs market.The increase in patient pool due to rising geriatric population globally, contributed significantly to the growth of the market during the historic period.

According to the Population Reference Bureau, the share of population over the age of 65 in the global population increased from 8% in 2015 to 9% in 2019.The global population aged 65 years or over was 703 million in 2019.

This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. This has led to increased demand for pharmaceuticals products, significantly impacting market growth during this period.

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