Global geriatric medicines market size is predicted to amass more than USD 1157.34 billion by 2026, according to the latest research available at Market Study Report LLC, report provides complete overview of geriatric medicines Market considering all the major industry trends, market dynamics and competitive scenario.
Geriatric medicine or geriatrics is a field of medicine linked with remedial, clinical, preventive, and social facets of the disease usually amongst individuals aged 65 years or more. Over the past few decades, the demand for geriatric medicines and optimal cure has surged rapidly due to the burgeoning medical needs of the elderly population. The optimal medical care for aged patients across an array of illnesses includes co-morbid problems such as cerebral aging, syncope, falls, etc.
According to the report, the global geriatric medicines market is primarily propelled by a number of factors including the escalating geriatric population. As per the Eurostat, the number of individuals over 65 years of age is predicted to reach 141 million by the year 2050, worldwide. The industry is also anticipated to receive momentum from the increasing prevalence of several target conditions in the geriatric population, lifestyle-linked risk factors, the demographic alteration, and the increased availability of affordable drugs across emerging and developing regions.
The report further states that consistent R&D activities undertaken by market majors and pharmaceutical firms to meet patient demands are anticipated to gain substantial results during the estimation period. Rising occurrence of chronic illnesses, developing healthcare infrastructure in emerging economies, and the growing pervasiveness of medical tourism will also favor industry growth. The increasing support to offer timely care, favorable government initiatives, and surging count of specialty clinics are a few other factors that are responsible for pushing the product demand.
However, certain problems linked with medication compatibility, the dearth of patient contribution in clinical trials, and the side effects accompanying the medications are projected to impede market growth, cites the report.
Based on therapeutic category, the report bifurcates the market into proton pump inhibitor, analgesics, statins, antihypertensive, antidiabetics, antipsychotic, anticoagulant, and antidepressant. On the basis of prevailing trends and the demand for appropriate therapy, the market is projected to witness high growth for therapeutic conditions over the forecast timeframe. In terms of therapeutic conditions, the market is divided into cardiovascular, neurological, arthritis, osteoporosis, respiratory, and cancer.
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Highlighting the key findings of the report:
- In 2017, the cardiovascular disease was projected to be the leading segment mainly because of the high penetration of various cardiac disorders such as stroke, hypertension, and coronary artery disease.
- In terms of regional penetration, North America is projected to be the dominant geography in the global geriatric medicines market.
- Life expectancy rates in NA have surged substantially owing to improved healthcare facilities, supportive reimbursement policies, and the easy access to crucial as well as life-saving drugs.
- In NA, the number of individuals aged above 65-70 years living with target illnesses is rising continuously, and would add momentum to product demand over the forecast timeframe.
Key players profiled in the global geriatric medicines market include Boehringer Ingelheim GmbH, GlaxoSmithKline Plc, Novartis AG, Pfizer, Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, AstraZeneca plc, Abbott Laboratories Inc., Sanofi S.A., and Merck & Company Inc. among others.
The report provides an exhaustive analysis of the geriatric medicines market in terms of market drivers, challenges, opportunities, and forces. The in-depth analysis of the regional landscape, competitive spectrum, therapeutic category estimates and forecasts, and industry trends has also been included in the report.