Geriatric Medicines Market
According to Nova one advisor, the global Geriatric Medicines market size was estimated at USD 886.5 billion in 2022 and is projected to hit around USD 1,423.9 billion by 2030, growing at a CAGR of 6.9% during the forecast period 2022 to 2030.
Manufacturers producing geriatric drugs are also eligible for tax breaks from the government. Incentives and subsidies are the types of benefits available. This aspect is boosting the global market for geriatric drugs. Market participants in the global geriatric medications market are also employing innovative techniques to gain a foothold in the industry. Non-profit groups and market players are working to provide pharmaceuticals and prescriptions to geriatric patients in need. This feature is helping to drive the global geriatric medications market forward.
Aside from that, prominent market players are pursuing joint ventures, partnerships, product launches, business expansion, mergers, and acquisitions. All of these tactics assist market players in reaching the greatest number of consumers possible.
Report Scope of the Geriatric Medicines Market
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Report Coverage |
Details |
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Market Size |
USD 1,423.9 Billion by 2030 |
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Growth Rate |
CAGR of 6.9% from 2022 to 2030 |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Therapeutics, Condition, Distribution Channels, Route of Administration and Region, |
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Companies Mentioned |
GlaxoSmithKline PLC, Novartis AG, Pfizer Inc., Sanofi S.A., Bristol-Myers Squibb Company, Boehringer Ingelheim GmbH, Merck & Company Inc., Abbott Laboratories Inc., Eli Lilly & Company, AstraZeneca PLC |
Increase in global geriatric population and Surge in Programs by Governments and NGOs to support Elderly Patients: Key Drivers
Global Geriatric Medicines Market Dynamics
Drivers
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.
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
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
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.
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 Nova one advisor for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Therapeutics Insights
The analgesics segment dominated the geriatric medicines market in 2021. The demand for analgesics is growing due to the surge in number of pain related disorders among old people. The bones of geriatric people are quite weak as compared to young population. The other factors driving the growth of analgesics segment is the growing drugs and medicines sales through over the counter (OTC) platforms and sales of prescription drugs.
The antidiabetic segment is expected to witness strong growth during forecast period. Diabetes affects a large percentage of the elderly. Around 20% of the population is affected by this disease by the age of 75. Diabetes in senior persons has a different metabolic profile than diabetes in younger patients, necessitating a different strategy to treatment. Due to all these factors, the antidiabetic segment is expanding at a rapid pace.
Condition Insights
The cardiovascular segment dominated the geriatric medicines market in 2021. Cardiovascular disorders are more common in the elderly and those over the age of 65. In geriatric population, age is an individual cause of cardiovascular diseases, although other variables such as obesity and diabetes augment these risks. These factors have been shown to adversely affect and worsen cardiac risk factors linked to old age.
The cancer segment is projected to hit remarkable growth from 2022 to 2030. Cancer risk rises rapidly with the age, without a fact. People aged 65 and up account for almost 60% of all cancer cases. In addition, this stage accounts roughly 70% of cancer related mortality. As a result, cancer is an old age disorder. Given the rise in cancer incidence and standard of living among the senior population, a unique approach to the treatment and longevity of geriatric cancer patients is required.
Region Insights
North America dominated the geriatric medicines market in 2021 with a CAGR of 5.9% from 2022 to 2030. The geriatric medicines market is growing due to rising incidence of chronic disorders which include cancer and diabetes. As per the International Diabetes Federation, approximately 48 million adults in North America have diabetes in 2019, with more than half of these patients being over the age of 65. This trend is expected to continue in the coming years, resulting in increased need for geriatric specific treatments, which will drive the geriatric medicines market in the North America region.
Asia-Pacific is expected to develop at the fastest rate 6.5% during the forecast period. The countries such as India, Japan, and China are holds largest share in the Asia-Pacific geriatric medicines market. The factors such as launch of generic medicines, rising disposable income, and expansion of healthcare industry are driving the growth of geriatric medicines market in the region. The growing trend of medical tourism is also creating growth prospects for Asia-Pacific geriatric medicines market.
Some of the prominent players in the Geriatric Medicines Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Geriatric Medicines market
By Therapeutics
By Condition
By Distribution Channels
By Geography
Key Benefits for Stakeholders