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Geriatric Medicine Market projected to expand at a CAGR of 6.9% from 2019 to 2027
Transparency Market Research (TMR) has published a new report titled, ‘Geriatric Medicine Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global geriatric medicine market was valued at US$ 672.0 Bn in 2018 and is projected to expand at a CAGR of 6.9% from 2019 to 2027.
Overview
- Geriatric medicines are a specialty branch of medical science that provides diagnosis and treatment options for the elderly. Most geriatrics are unable to take their medication properly at a scheduled time, due to complex medical and psychological problems. The geriatric population requires special care and attention for the speedy recovery of disease or disorder.
- The global geriatric medicines market is expanding at a significant pace due to increasing government support toward old people for their health, safety, and nursing care. Developed nations already have quality geriatric care management systems in place and developing nations are making high investments in geriatric care.
- North America dominated the global geriatric medicine market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, concentration of global market players, and high awareness about latest therapeutic advancements in the region are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast period
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High Incidence of Chronic Disease and Increase Government Support for Elderly to Drive Market
- Rise in geriatric population coupled with increase in incidence of chronic diseases is expected to propel the demand for geriatric medicines High incidence of unintended pregnancies is likely to drive the market. According to the Centers for Disease Control and Prevention (CDC), stroke claims one fatality every 40 seconds in the U.S. and about 795,000 people become victims of stroke (85% acute ischemic) each year. About 610,000 of these are first or new strokes, and 185,000 are recurrent strokes.
- The Long Term Care Ombudsman Program provides nursing homes, residential care facilities, and assisted living facilities for elderly people in the U.S. Moreover, developing nations, such as India, China, and South Korea, are adopting policies and services for the benefit of elderly people. Therefore, the geriatric medicines market is likely to expand at a significant growth rate from 2019 to 2027.
Analgesic Segment to Dominate Market
- Based on therapeutic category, the global geriatric medicine market has been divided into analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, combination pills, progestin-only pills, anticoagulant, antipsychotic & antidepressant and others.
- The analgesic segment dominated the global geriatric medicine market in 2018 and the trend is projected to continue during the forecast period. Increasing need for pain killers for various chronic conditions, such as arthritis, is projected to boost the segment during the forecast period
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Cardiovascular to be Highly Lucrative Segment
- In terms of condition, the global geriatric medicine market has been classified into cardiovascular, arthritis, diabetes, neurological, cancer, osteoporosis, respiratory and others.
- Rising geriatric population being overweight increases the risk of heart attacks and strokes, which in turn drives the segment
- The generic geriatric medicine are available at low cost drugs with similar bioavailability and bioequivalence as the branded drugs, rising preference for generic drugs among patients will drive cardiovascular segment growth during the forecast period.
North America to Dominate Global Market
- In terms of region, the global geriatric medicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global geriatric medicine market in 2018, followed by Europe.
- North America accounted for major share of the global geriatric medicine market in 2018, high percentage of obese population susceptible to chronic diseases is a major factor driving the geriatric medicines market in North America.
- Moreover, clinical studies and research projects are growing in scope and size, and new initiatives focused on management of geriatric health and population-based research are underway in North America
- The Geriatric medicine market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to rapid economic growth in developing economies such as India, China, Indonesia, Vietnam, South Korea, and the Philippines. Availability of generic medicines at lower prices is fueling market growth.
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Competitive Landscape
- The global geriatric medicine market is fragmented in terms of number of players. Key players in the global market include Pfizer, Inc., Merck & Co., Inc., AstraZeneca, Bristol-Myers Squibb Company, Novartis AG, Sanofi S.A., GlaxoSmithKline plc Eli Lilly and Company, Abbott Laboratories, and Boehringer Ingelheim GmbH among others
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