Rising Number of Chronic Diseases among Geriatric to Expand Global Geriatric Medicines Market
Published On : Dec 24, 2018 | Category : Pharmaceutical
Globally, the population above 65 years has increased largely and mostly in the developed regions. The elderly people do suffer from various chronic disorders including cardiovascular disorder, cancer, rheumatoid arthritis, and neurological disorders. Increasing prevalence of these disorders has to the growth of geriatric medicines. As the people are dependent on polypharmacy, the chances of getting affected by side-effects increases due to high intake of diverse medicines. Moreover, low immunity and high blood pressure has also increases the chances of various diseases thus, fueling the demand in the geriatric medicines market.
To give a complete insight into the global geriatric medicines market, Transparency Market Research has come up with recent report. According to the report, the market is expected to progress at a 6.1% CAGR over the projected tenure from 2018 and 2026. During this period, the market is likely to earn US$ 1,080.6 bn by 2026, progressing from US$630.2 bn earned in 2017.
Rising Number of Aged Population to Expand Geriatric Medicines Market
As per the data given by the World Health Organization (WHO), the population above the age of 65 has grown largely in the past few years. The data presented by the Canadian Institute of Health Information, people in this age group accounts of 17% of the total population. The aged population is mostly seen in developed regions. The population above 65yeras is more susceptible to get affected by various diseases including blood pressure, chronic diseases, and other similar diseases. Moreover, senior citizens accounts of 50% of public drug program spending and 40% of the total spending on prescribed drugs. According to this data and the factors mentioned above, the global geriatric medicines market is anticipated to grow at a high rate in the near future.
Moreover, increasing initiatives by government, favorable reimbursement policies, and increasing incidence of chronic diseases among geriatric population are some of the other factors benefitting this market’s growth.
High Sales of Geriatric Medicines in Developed Regions to Boost Market Performance
Developed regions are the ones where geriatric population is comparatively high than developing regions. Countries like The U.S, France, Germany, Japan, and other developed countries have a skewed population. Here the number of senior citizen is high than younger population. This factor is one of the most crucial driver in the geriatric medicines market. Therefore, the demand for geriatric medicines is high in these regions. In addition, increasing awareness about advanced healthcare technologies and ability to afford these services has also benefitted the global geriatric medicines market.
On the other hand, China and India are also expected to offer lucrative growth opportunities for this market. The demand for geriatric medicines is significantly high in China due to their one-child policies that existed for more than three decades. However, this policy has changed but still the population of senior citizen is high in the country. This factor has boosted the demand for geriatric medicines and benefited the market’s growth.