Global Geriatric Medicines Market – Snapshot
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.
There has been an unprecedented growth in the global geriatric population. According to the World Health Organization (WHO), people over the age of 65 form the fastest-growing population segment globally. This rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. According to Canadian Institute of Health Information, the geriatric population accounts for 17% of the total population in Canada. Senior citizens (those age 65 and older) are estimated to account for roughly 40% of all spending on prescribed drugs and 55% of public drug program spending. The geriatric population is rising faster than any other population in Canada, increasing by an average of 3.9% per year from 2011 to 2016 (compared with 0.6% for non-seniors).
The global geriatric medicines market was valued at US$ 630,225.2 Mn in 2017 and is anticipated to reach US$ 1,080,696.6 Mn by 2026, expanding at a CAGR of 6.1% from 2018 to 2026. Increasing prevalence of chronic diseases in the geriatric population, favorable reimbursement scenario, and increasing government initiatives toward geriatrics can be attributed to the expansion of geriatric medicines market during the forecast period.
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The global geriatric medicines market has been segmented based on therapeutic category, condition, distribution channel, and region. In terms of therapeutic category, the geriatric medicine market has been divided into analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic & antidepressant, and others. In terms of condition, the market has been segregated into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. The cardiovascular segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 6.4% during the forecast period. Factors such as high uptake of alcohol and cigarettes and rising obesity in individuals leading to cardiovascular diseases boost the segment.
In terms of region, North America accounts for a leading share of the global geriatric medicines market, in terms of revenue, followed by Europe. Dominance of North America in the global geriatric medicines market can be attributed to the rise in geriatric population, concentration of global market players, well-developed health care infrastructure, and high awareness about latest therapeutic advancements in the region. Moreover, strong research and development activities in the region promoting the development of new therapies have contributed to the significant market share held by the region in the global geriatric medicines.
The geriatric medicines market in Asia Pacific is expected to expand at a significant pace due to developing healthcare infrastructure and increasing government support for elderly people. Other regions, such as Middle East & Africa and Latin America, are expected to be prospective markets for geriatric medicines in the near future due to the high rate of adoption of advanced therapeutics coupled with the rapid expansion of the health care industry in these regions.
Prominent players operating in the global geriatric medicines 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.