Global Geriatric Drugs and Disease Management Market: Overview
Geriatrics is a fast emerging medical specialty that deals with the diagnosis, treatment, and prevention of diseases in the elderly population, with the key aim to promote their well-being. The population usually consists of patients aged 60 years and above. The domain of geriatric drugs and disease management is rapidly emerging given the variety of specialized medical needs older adults have and their rapid rising population. The growing number of drug-disease interactions arising out of the prominent practice of pharmacotherapy in elderly population has led the medical specialty to play an increasingly vital role in elderly care world over.
The needs of the older adults population is ever-evolving and span multiple aspects. The clinical area include the need for ensuring functional dependence to help them fuller lives despite the presence of chronic diseases. The various disciplines of the diseases management in elderly are nutritional care, socialization programs, home care services, and sleep management. With the geriatric population rising at swift pace in emerging and developed economies, the horizon of the global geriatric drugs and disease management is expanding at an attractive pace over the forecast period of 2016–2024. The market dynamics in increasingly being governed by the prevailing regulatory framework and healthcare provisions in various nations.
The report offers evidence-based insights into the various clinical trends, key technological advances, and the governmental regulations and assesses the impact they make over the forecast period.
Global Geriatric Drugs and Disease Management Market: Trends and Opportunities
The rising prevalence of a wide spectrum of chronic among elderly populations has propelled the demand for geriatric drugs and disease management across the globe. The rising incidence of neurodegenerative diseases in older adults and the morbidity these bring on the population is fueling the market growth. The widely prevalent trend of polypharmacy which consists of elderly population taking multiple drugs or medications more than what is required is supporting the rapid expansion of the market. The growing adoption of systematic approach in managing drug therapy in geriatric augurs well for the market. The formulation of effective disease management strategies tuned to patient’s specific goals is a notable factor that favorably impacts the growth of the market. The growing incidence of metabolic disorders and ailments such as diabetes and hypertension is also boosting the growth of the geriatric drugs and disease management market.
The market is immensely benefitting from medical device manufacturers’ efforts in introducing advanced monitoring equipment. Recent advancement in novel drug delivery technologies is catalyzing the expansion of the market. Substantial advances are being made in the area of novel drug delivery technologies, which has a considerable impact on elderly population. Innovations in surgical techniques have led to the reduction of hospitalization time and helped with the swift expansion of the market.
Global Geriatric Drugs and Disease Management Market: Regional Outlook
World over, several emerging and developed countries are expected to present substantial lucrative avenues in the market. Of all the regions, North America and Europe are expected to rise at an attractive pace given the appetite of novel therapies the regional healthcare systems. The presence of favorable reimbursement scenario in these regions is supporting the attractive expansion of the market. Meanwhile, Emerging economies such as those in the Asia Pacific are also anticipated to witness substantial demand for geriatric drugs and disease management. This is attributed mainly by high discretionary spending made by elderly population for the upkeep of their health.
Companies mentioned in the report
The report presents a critical assessment of the prevailing and emerging competitive dynamics. It offers a detailed profiling of various companies, their recent innovative product launches, and the key strategies adopted by them to get a firm foothold in the market. Some of the prominent players operating in the market are Geriatric & Medical Companies, Inc., Senior Care Centers of America, Inc., GGNSC Holdings LLC, and UAS Laboratories.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.