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.
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.
Global Geriatric Medicines Market: Overview
This report on the global geriatric medicines market analyzes the current and future prospects of the market. The report comprises a comprehensive executive summary, including a market snapshot that provides overall information of various segments. The research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market value in terms of US$ Mn for each segment for the period from 2016 to 2026, considering the macro and micro environmental factors. Growth rates for each segment within the global geriatric medicines market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
A detailed qualitative analysis of factors responsible for driving and restraining expansion of the market and future opportunities has been provided in the market overview section. The report also provides insights into the key trends of the geriatric medicines market. The report includes market attractiveness analysis of the major geographic regions that provides a thorough analysis of the overall competitive scenario in the global geriatric medicines market.
Market value in terms of US$ Mn for the period between 2016 and 2026 along with the compound annual growth rate (CAGR %) from 2018 to 2026 are provided for all the segments, considering 2017 as the base year. The year-on-year growth of the global geriatric medicines market for each segment is also reflected. Additionally, market-related factors such as growing geriatric population, favorable government policies for elderly and developing healthcare infrastructure in emerging countries and historical year-on-year growth have been taken into consideration while estimating the market size.
Global Geriatric Medicines Market: Key Segments
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. In terms of distribution channel, the market has been classified into hospital pharmacies, retail pharmacies, and online pharmacies.
Global Geriatric Medicines Market: Regional Outlook
In terms of region, the global geriatric medicines market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Additionally, the regions have been further segmented into major countries in each of the regions. These include the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Australia & New Zealand, Japan, India, Brazil, GCC, South Africa, and Mexico.
Companies Mentioned in Report
The report also profiles major players in the geriatric medicines market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report 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.
The global geriatric medicines market has been segmented as follows:
Global Geriatric Medicines Market, by Therapeutic Category
- Proton Pump Inhibitor
- Antipsychotic and Antidepressant
Global Geriatric Medicines Market, by Condition
Global Geriatric Medicines Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Geriatric Medicines Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa