Geriatric Medicines Market
Geriatric Medicines Market (Therapeutic Category - Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic and Antidepressant; Condition - Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global geriatric medicine market for the historical period 2017–2018 and forecast period 2019–2027, rise in chronic diseases, increase in governments and NGOs supports for elderly and technological advancement for medication assistance are projected to drive the global geriatric medicine market during the forecast period
- According to the report, the global geriatric medicine market was valued at US$ 672.0 Bn in 2018 and is anticipated to expand at a CAGR of 6.9% from 2019 to 2027
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Increase in global geriatric population and Surge in Programs by Governments and NGOs to support Elderly Patients: Key Drivers
- Rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. According to the World Health Organization (WHO), people over the age of 65 form the fastest-growing population segment globally. The proportion of the world's population over 60 years is expected to double from about 11% to 22% between 2000 and 2050.
- Stroke is a leading cause of death in the U.S. According to the Centers for Disease Control and Prevention (CDC), stroke claims one fatality every 40 seconds in the U.S. and about 795,000 people become victims of stroke (85% acute ischemic) each year. About 610,000 of these are first or new strokes, and 185,000 are recurrent strokes.
- The global geriatric medicines market is expanding at a significant growth rate due to increasing government support toward old people for their health, safety, and nursing care. The Federal Long Term Care Insurance Program in the U.S. is a favorable policy for the elderly people, which covers almost all the medical care/cost of people in the U.S. Likewise, the Long-Term Care Ombudsman Program provides nursing homes, residential care facilities, and assisted living facilities for elderly people in the U.S.
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Technological Advancement for Medication Assistance Boost Market Growth
- The elderly are presently able to manage their multiple prescription drugs problem owing to recent advances in technology. There are pill boxes with alarms that enable seniors to know what exact pill needs to be taken and when. Several companies are developing and selling smart pill bottles.
- These pill bottles allow connecting their medications to doctors and pharmacies for data on how often patients are taking their medication. They also alert (like a text message or phone call) the elderly about the appropriate time to take their medication, in case they forget. Therefore, technological advancement in medical assistance is likely to drive geriatric medicine market globally
Side Effects in Elderly to Hamper Market
- Elderly people are more sensitive to frequently used drugs such as benzodiazepines, NSAIDs, and opioids. High chances of adverse drug reaction (ADR) and overdose in the elderly can lead to uptake of other form of therapies (herbal medicines, Unani, physiotherapy etc.), which in turn is projected to hamper the geriatric medicines market
Global Geriatric medicine Market: Competitive Landscape
- This report profiles major players in the global geriatric medicine market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global geriatric medicine market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global geriatric medicine market are
- Pfizer, Inc.
- Merck & Co., Inc.
- Bristol-Myers Squibb Company
- Novartis AG
- Sanofi S.A.
- GlaxoSmithKline plc Eli Lilly and Company
- Abbott Laboratories
- Boehringer Ingelheim GmbH
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Global Geriatric medicine Market: Key Developments
Key players in the global geriatric medicine market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global geriatric medicine market. A few expansion strategies adopted by players operating in the global geriatric medicine market are:
- In October 2018, The U.S. Food and Drug Administration approved Dupixent (dupilumab) as an add-on maintenance therapy in patients aged 12 years and older with an eosinophilic phenotype or with oral corticosteroid-dependent asthma
- In June 2017, Eli Lilly and Company received approval from the U.S. FDA for Humalog Junior KwikPen. The prefilled Humalog Junior KwikPen can help make insulin injections easier to incorporate into everyday lives.
- In April 2016, Astellas Pharma Inc. and Amgen Inc. announced the launch of Repatha in Japan. Repatha is a PCSK9 inhibitor to treat patients with familial hypercholesterolemia having a high risk of cardiovascular diseases.
The report on the global geriatric medicine market discussed individual strategies, followed by company profiles of manufacturers of geriatric medicine. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global geriatric medicine market.
TMR’s report on the global geriatric medicine market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global geriatric medicine market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global geriatric medicine market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global geriatric medicine market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global geriatric medicine market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global geriatric medicine market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global geriatric medicine market.
The report delves into the competitive landscape of the global geriatric medicine market. Key players operating in the global geriatric medicine market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global geriatric medicine market that have been profiled in this report.
Key Questions Answered in Global Geriatric Medicine Market Report
- What is the scope of growth of product companies in the global geriatric medicine market?
- What will be the Y-o-Y growth of the global geriatric medicine market between 2019 and 2027?
- What is the influence of changing trends in the global geriatric medicine market?
- Will North America continue to be the most profitable market for geriatric medicine providers?
- Which factors are anticipated to hamper the growth of the global geriatric medicine market during the forecast period?
- Which are the leading companies in the global geriatric medicine market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global geriatric medicine market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global geriatric medicine market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the geriatric medicine market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the geriatric medicine market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global geriatric medicine market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global geriatric medicine market more reliably and accurately.
Regional Segmentation of Geriatric Medicine Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Geriatric Medicine Market – Segmentation
Proton Pump Inhibitor
Antipsychotic and Antidepressant
Middle East & Africa