Osteoarthritis Assistive Devices Market Highly Favorable to the Growth Rate by 2019 to 2027
Osteoarthritis Assistive Devices Market Introduction
Osteoarthritis (OA) is a type of degenerative joint disorder and the most common type of arthritis. Osteoarthritis largely affects middle-aged and elderly people. Presently, there is no cure for osteoarthritis. There are also several areas where information related to osteoarthritis is still lacking such as pathophysiology, epidemiology, environmental factors, and genetic factors. According to the Arthritis Foundation, 91 million people in the U.S. had osteoarthritis in 2017. Nearly 1 in every 3 people in the U.S. aged between 18 and 64 has arthritis. Osteoarthritis is the most common arthritis condition and is a major cause of impaired mobility and disability among people.
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Currently available treatment options are insufficient, as these primarily focus on symptom relief and pain mitigation. No drugs are available that can cure, reverse, or halt disease progression. A large number of patients are unable to find relief through the currently available medicines and continue to suffer in pain. Therefore, demand for innovative treatment options for osteoarthritis is high. Osteoarthritis assistive devices help patients in easy mobility.
Osteoarthritis Assistive Devices Market – Competitive Landscape
Key players operating in the global osteoarthritis assistive devices market include Invacare Corporation, Betterlife Healthcare Ltd., Ossenberg GmbH, GF Health Products, Inc., Honda Motor Co. Ltd., Karma Healthcare Ltd., Besco Medical Co. Ltd., Homecare Product, Inc., Permobil, Inc., and Sunrise Medical LLC. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are likely to boost the growth of the global osteoarthritis assistive devices market during the forecast period.
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Invacare Supply Group was formed in 1885 and was acquired by a group of investors in 1979. In the same year, Cleveland-based Technicare, a medical device manufacturer sold its wheelchair segment to this company which is now known as Invacare. The company is engaged in manufacturing and distribution of home and long term care equipment that include wheelchairs and patient aids. The company operates in four business segments, namely, lifestyle products, mobility and seating, respiratory therapy and continuing care.
Sunrise Medical LLC
Founded in 1983, Sunrise Medical is engaged in the manufacture and sale of home healthcare products. These products include wheelchairs, medical beds, and mobility scooters and customized seating and positioning systems. The company manufacture these home healthcare products at multiple locations including Germany, U.S., Mexico, U.K., China and Spain. The products are marketed under Sopur, Quickie, Sterling, Breezy, Zippie and jAY brands.
Osteoarthritis Assistive Devices Market Dynamics
The global osteoarthritis market is expected to be driven by various factors such as increase in the prevalence of osteoarthritis, increase in geriatric population, and rise in incidence of obese population. Moreover, surge in technological innovations and investment by public and private sectors for the advancement of health care are projected to boost the market during the forecast period. Obesity is considered a risk factor for osteoarthritis, especially knee osteoarthritis. According to the World Health Organization, obesity has nearly tripled since 1975, globally. In 2016, more than 650 million adults and 41 million children, under 5 years of age, were obese. However, high cost of these devices and less awareness among population are expected to restrain the global osteoarthritis assistive devices market in the next few years. Also, the presence of large numbers of manufacturers and fragmented market is expected to decrease the profit margins. Government funding in emerging countries is likely to create lucrative opportunities in the market during the forecast period.
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Rise in Prevalence Osteoarthritis Driving the Demand for Osteoarthritis Assistive Devices
Osteoarthritis is one of the most common joint disorder worldwide. The global osteoarthritis assistive devices market is driven by rise in prevalence of osteoarthritis, especially in the geriatric population. According to the Arthritis Foundation, 130 million individuals around the globe will be affected by osteoarthritis by the year 2050. According to the Centers for Disease Control and Prevention, nearly half of the population aged 65 and above reported doctor diagnosed arthritis during 2013–2015. This percentage was as low as 7.1% in the population aged between 18 and 44. In addition, Increase in the prevalence of osteoarthritis depends on various factors such as obesity, joint injury, joint deformity, age, and others.
Increase in Geriatric Population Driving the Demand for Osteoarthritis Assistive Devices
Age is the major factor for increasing the incidence of osteoarthritis disease. As the age increases the bone density decreases and hence there is high chance for joint injury. Geriatric population are likely to continue to contribute to the growing prevalence of OA, placing a major burden on individuals, health systems, and social care systems across the world. According to the Administration for Community Living, the geriatric population (65 years or older) in the U.S. stood at 46.2 million in 2014. With the progression of age, cartilages become prone to strain and fatigue due to less water content. This leads to arthritis and other complications which require knee replacement procedures. Furthermore, other connective tissues such as ligaments attached to the bones become less flexible and more constrained. These factors are expected to drive demand for osteoarthritis assistive devices among the geriatric population.
Fragmented Market Affecting Profit Margins is expected to Restraint the Market for Osteoarthritis Assistive Devices
The market for osteoarthritis assistive devices is highly fragmented owing to the presence of large numbers of local and international players. Increase in the number of local manufacturers has resulted in competitive pricing scenario, thereby affecting profit margins of the companies. This is likely to restrain the market during the forecast period.
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