The costochondritis market is expected to witness tremendous growth owing to the rising prevalence of various cardiovascular diseases, car accidents, and certain respiratory conditions, such as syphilis. It can also be caused due to tuberculosis or virus infections that can cause some inflammation, and rising hypertension cases as well.
Costochondritis is the most common rib inflammatory disease. It is a condition when there is a temporary chest pain. Costochondritis can be caused due to repeated exercise and result in chest pain.
Other key factors such as the change to a sedentary lifestyle and inflammatory heart diseases are contributing towards the growth of the market. According to the guidelines of the Public Health England January 2017, it has been projected that hypertension would be affecting more than 1.5 billion people around the world by 2025. Such an incidence rate of hypertension promotes market growth.
However, factors such as high cost of surgical procedures, expensive treatments, lack of awareness about the treatment, and the side effects associated with medication are expected to hinder the growth of the costochondritis market during the forecast period.
The global costochondritis market is segmented on the basis of diagnosis, treatment, and end-user. The costochondritis market, by diagnosis, is categorized into various tests. The test is sub-segmented into echocardiogram, electrocardiogram, stress tests, cardiac catheterization, chest X-ray, cardiac MRI, and CT scan. On the basis of treatment, the market is segmented into medications, therapy, and surgery.
The medications treatment is further sub-segmented into nonsteroidal anti-inflammatory drugs, narcotics, antidepressants, and anti-seizure drugs. Therapy is sub-segmented into stretching exercises and nerve stimulation. On the basis of end-user, the market is segmented into hospitals and clinics, ambulatory surgical centers, diagnostic centers, research centers, and others.
The Americas is the largest in the market owing to the increasing prevalence of rheumatic heart disorders, increasing tuberculosis cases, and growing healthcare expenditure. According to the Centers for Disease Control and Prevention (CDC), September 2018, 9,272 cases of tuberculosis cases were reported in the US in 2016. Such a high incidence rate of tuberculosis cases drives the market growth in this region.
Europe (UK, Belgium, France, and the Netherlands) is expected to be the second largest costochondritis market during the forecast period. The increasing occurrence of infective endocarditis and hypertensive heart diseases drives the market in this region. According, to the Public Health England January 2017, around 2.1 million population under the age of 45 had high blood pressure (HBP) in England in 2015 and is expected to increase in coming years. Thus, the growing cases of high blood pressure facilitate market growth.
Asia-Pacific was projected to be the fastest growing region for the global costochondritis market in 2017. The market is expected to witness growth owing to the increasing prevalence of smoking in this region. Also, the increase in a number of adults and the geriatric population is expected to boost the market over the forecast period in this region.
The Middle East and Africa accounts for the lowest share due to the low per capita income and lack of availability of well-trained healthcare professionals. However, the rising awareness about respiratory tract infections and cardiac care services both at the hospital level and in the community are expected to support the market in a positive way. In this region, some high-income countries are rising their investments in research and development which is anticipated to contribute to the growth of the market.
Some of the key players in the global costochondritis market are KemPharm, GlaxoSmithKline plc, Biovail Corporation, Aurobindo Pharma, Pfizer Inc., Recro Pharma Inc., LUPIN, Bausch Health Companies Inc., Avenue Therapeutics, and others.