Global Geriatric Medicines Market – Industry Trends and Forecast to 2029

Geriatric Medicines Market Analysis and Size

During the forecast period, the market for geriatric medications is anticipated to expand significantly. The expansion of this market can be attributed to emerging markets and significant investments in R&D. The growth of geriatric medicines market is enhanced by the growing cases of orthopedics diseases such as osteoporosis and arthritis, the vulnerable aging population and the rise in research and development activities conducted by many pharmaceutical companies. COVID-19 also had a major impact on the market growth.

Data Bridge Market Research analyses a growth rate in the global geriatric medicines market in the forecast period 2022-2029. The expected CAGR of global geriatric medicines market is tend to be around 6.50% in the mentioned forecast period. The market was valued at USD 1.20 billion in 2021, and it would grow upto USD 2.0 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

The geriatric population suffers conditions like high cholesterol levels, high blood sugar levels, low immunity levels which contribute significantly to the rising prevalence of target diseases such as hypertension, coronary heart disease, stroke, diabetes, neurological disorders, and others. Geriatric medicine, also called geriatrics, is the study of medicine that specifically focuses on the diagnosis, treatment, promotion, or disabilities and prevention of disease in the older patient. 

Geriatric Medicines Market Scope and Segmentation

Global Geriatric Medicines Market Dynamics

Drivers

• Increase in Elderly Population

According to the World Health Organization (WHO), people over the age of 65 are the fastest demographic segment in the world. Between 2000 and 2050, the proportion of the world's population over the age of 60  is expected to double, increasing from about 11% to 22%. As a result, the growing elderly population is driving the growth of the global geriatric medicines market during the forecast period.

• Technological Advancements

Older people can now manage multiple prescription drug problems with recent technological advances. A pill box with an alarm allows older people to know exactly when and which pills to take. Several companies develop and sell smart pill bottles. These bottles allow you to connect your medicine to your doctor or pharmacy and get data on how often your patients take your medicine. It also warns the elderly about the appropriate time to take medicine if they miss a dose. Therefore, advances in medical technology have the potential to drive the geriatric medicines market around the world.

Opportunities

• Rising  Incidence of Chronic Disorders

The elderly population suffers from various types of disabilities. Older people have a higher incidence of cancer and diabetes. In addition, stroke is a major problem for geriatrics. In the United States, every 40 seconds one person dies of a stroke, about 795,000  suffer a stroke each year, of which 610,000 have initial or recurrent strokes and 185,000 have recurrent strokes. As a result, the rise in the incidence of chronic diseases during the prediction interval has created a growth outlook for the geriatric medicines market.

Restraints/Challenges

• Side Effects of Medicines

Some types of medicines can adversely affect the health of the elderly. Older people are very sensitive to medicines and need proper prescription of medicines and medicines. Overdose of medicines and medicines can also lead to death from geriatrics. Therefore, medical professionals need to prescribe the right amount of medicine for the elderly. Therefore,  the  side effects of drugs limit the expansion of the global geriatric medicines market.

• High Cost

The huge expenditure of these medicines surely hamper the market growth.

This global geriatric medicines market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global geriatric medicines market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Geriatric Medicines Market Scope

The global geriatric medicines market is segmented on the basis of drug class, indication, route of administration, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Indication

• Cardiovascular
• Arthritis
• Diabetes
• Neurological
• Cancer
• Osteoporosis
• Respiratory
• Others

Drug Class

• Analgesic
• Antihypertensive
• Statins
• Antidiabetic
• Proton Pump Inhibitor
• Anticoagulant
• Antipsychotic
• Antidepressant
• Others

Route of Administration

• Oral
• Parenteral
• Others

End-Users

• Hospitals
• Homecare
• Speciality Centres
• Others

Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

Geriatric Medicines Market Regional Analysis/Insights

The global geriatric medicines market is analysed and market size insights and trends are provided by drug class, indication, route of administration, distribution channel and end-user as referenced above.

The major countries covered in the global geriatric medicines market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market throughout the forecasted period owing to the high prevalence of chronic illness and increase in number of FDA approval drugs.

Asia-Pacific market will grow during forcast period of 2022 to 2029 due to the developing healthcare facilities, large number of generic manufacturer and rise in government initiatives and specialist communities.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Geriatric Medicines Market Share Analysis

The global geriatric medicines market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global geriatric medicines market  

Key players operating in the global geriatric medicines market include:

• Pfizer Inc (U.S.)
• Otsuka Pharmaceutical Co., Ltd (Japan)
• AstraZeneca (U.K.)
• Bristol-Myers Squibb Company (U.S.)
• Allergan,Inc (Ireland)
• Dr. Reddy's Laboratories Ltd (India)
• Endo International plc (Ireland)
• Teva Pharmaceutical Industries Ltd (Israel)
• Sun Pharmaceutical Industries Ltd (India)
• Mylan N.V. (U.S.)
• Novartis AG (Switzerland)
• Lupin (India)
• Cipla Inc (India)
• Aurobindo Pharma (India)
• Torrent Pharmaceuticals Ltd (India)
• Sanofi (France)
• Merck & Co., Inc (U.S.)
• Apotex Inc (Canada)

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