A recent market report by Transparency Market Research has pegged the global geriatric medicine market to reach US$948 bn by 2023. According to the report the market was valued at US$504.7 bn in 2014. The report is titled “Geriatric Medicines Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” and it projects the market to expand at a CAGR of 7.3% between 2015 and 2023.
Geriatric medicines are concerned with administering specialist medical care for elderly people. These medicines mainly deal with the diagnosis, treatment, remedial, prevention, and social aspects relating to illnesses of older people, mainly patients who are 65 years or older. The rising incidence of diseases such as cancer, neurological disorders, cardiovascular disorders, and rheumatoid arthritis has been the prime driver of the global geriatric medicine market. The market is also gaining impetus from the increasing use of multiple medicines that may cause adverse side effects.
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The global geriatric medicine market has been exhibiting growth at an impressive rate. Apart from the increasing geriatric population, rising prevalence of chronic ailments, and the increasing investments in the national healthcare systems, particularly in developing nations, will boost the global geriatric medicines market. Despite witnessing positive growth worldwide, the lack of hospitals and specialized care centers is likely to hamper the market’s growth to an extent.
The report compiles exhaustive information relating to the factors influencing the market’s trajectory. For the purpose of the study, the market has been classified based on various parameters. By therapeutic category, the report has segmented the global geriatric medicines market into antihypertensive, antidiabetic, statins, proton pump inhibitor, antipsychotic, anticoagulant, and others. Of these, the analgesic segment held the largest share in the market in 2014. The segment is also projected to continue dominating the market through the forecast period.
As per the findings covered in the report, approximately 60% to 70% of people aged 65 years or above complain of some form of persistent pain or other. The most common pain complaints among older people include musculoskeletal pain, osteoarthritic pain, chronic joint pain, and peripheral pain. The demand from the analgesic segment is therefore spurred due to the increasing incidence of such chronic pains, coupled with favorable government initiatives promoting effective healthcare.
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In terms of conditions, the global geriatric medicines market has been segmented into arthritis, cardiovascular disorders, neurological ailments, respiratory disorders, osteoporosis, and others. Of these, the cardiovascular segment accounted for the largest share in the market in 2014. The report presents insights into various factors fuelling demand from the aforementioned segments.
Regionally, the report has classified the global geriatric medicines market into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Among these regions, North America accounted for the dominant share of 39% in the market in 2014, trailed by Europe. However, Asia Pacific, during the forecast period, is expected to exhibit the fastest CAGR. The rising prevalence of chronic ailments and increasing geriatric population in the region, coupled with increasing expenditure on healthcare infrastructure in most developing nations will aid the expansion of the geriatric medicines market in Asia Pacific.
To present an in-depth study on the vendor landscape, the report also profiles companies such as Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, Inc., Bristol-Myers Squibb Company, GlaxoSmithKline plc, Eli Lilly and Company, Merck & Company Inc., Pfizer, Inc., Novartis AG, and others.