The Global Geriatric Medicines Market Size is anticipated to reach over USD 1,157.34 billion by 2026 according to a new research published by Polaris Market Research.Geriatric medicines, also called geriatrics is a division of medicines associated with preventive, clinical, remedial, and social aspects of disease generally amongst people that are aged over 65 years or more. In response to the needs of an aging population, demand for geriatric medicines and appropriate cure has developed rapidly during last decades. The proper medical care for the geriatric patients across the range of ill health conditions includes co-morbid complications such as syncope, cerebral aging, and falls among others.
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The global geriatric medicines market is majorly driven by the factor including a rise in geriatric populations. According to the Eurostat, the number of people aged 65 years and above is expected reach 141 million by 2050 globally. In addition, the high market growth is expected on account of the increasing occurrence of numerous target disorders in the geriatric population, the demographic modification, the rising trend in lifestyle-associated risk aspects, and the considerably developed access to economic medicine across the developing and emerging regions. Continuous R&D activities commenced by key players and pharmaceutical companies to provide to the patient demand is expected to gain the significant outcomes during the forecast period. Increasing occurrence of chronic ailments, refining healthcare organization in emerging economies, increasing acceptance of medical tourism, government initiatives as well as support to provide timely care, and increasing number of specialty clinics are some of the other factors driving of the geriatric medicines market. However, difficulties associated with drug compatibility, lack of patient involvement in clinical trials, and side effects associated with the medications are the factors hampering the market growth.
The global Geriatric Medicines Market is segmented on the basis of therapeutic category, therapeutic condition, and geography.
On the basis of therapeutic category, the global geriatric medicines market is segmented into Analgesics, Antihypertensive, Statins, Antidiabetics, Proton Pump Inhibitor, Anticoagulant, Antipsychotic, and Antidepressant. Pain as an indication is associated with old age and the middle age population unveils the high occurrence rate of pain related syndromes. Based on current trends and the demand for proper therapy, the market is anticipated to witness high growth for therapeutic conditions during the forecast period. On the basis of therapeutic conditions, the global geriatric medicines market is segmented into Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, and Respiratory. In 2017, the cardiovascular disease is estimated to be the dominating segment primarily due to the high proliferation of several cardiac disorders such as coronary artery disease, stroke, and hypertension.
North America is estimated to dominate the global Geriatric Medicines Market. The existence of developed healthcare facilities, favorable reimbursement policies, and the easy availability of important as well as life-saving medicine has significantly enhanced the average life expectancy rates in North America. Moreover, the number of people that are over 65 to 70 years suffering several target ailments is increasing continually which is further anticipated to boost the geriatric medicines market during the forecast period.
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Some major key players in global Geriatric Medicines Market include GlaxoSmith Kline Plc, Boehringer Inge lheim GmbH, Novartis AG, Bristol-Myers Squibb Company, Pfizer, Inc., Eli Lilly and Company, Abbott Laboratories Inc., AstraZeneca plc, Merck & Company Inc., and Sanofi S.A. among others.
How does the report examine the growth drivers and restraints of the Geriatric Medicines Market ?
- The factors resulting in the expansion of the Geriatric Medicines Market are elaborated in the report after thorough primary and secondary research.
- Analytical strategies focused on gain indicators affecting the growth of the Geriatric Medicines Market are presented in graphical formats.
- The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Geriatric Medicines Market growth.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Geriatric Medicines Market growth and Geriatric Medicines Market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of Geriatric Medicines Market in various geographical regions.
- The competitive landscape analysis on the Geriatric Medicines Market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Geriatric Medicines Market , underlining the growth rate and opportunities offered in the business.
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