Geriatric medicines are a specialty branch of medical science that provides diagnosis and treatment options for the elderly. Most of the geriatrics is unable to take their medication properly at 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 experiencing significant growth 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 forms the fastest-growing population segment globally. This rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. In America, the healthcare cost consists of 95% are for chronic diseases. According to the State of Aging and Health in America 2013 it is estimated that by 2030, health care spending will increase by 25%, largely because the population will be older. However, this estimate does not take into account the higher costs of new technologies and inflation. The increasing prevalence of geriatric diseases, rise in chronic diseases, favorable government initiatives toward geriatrics, and increase in health care infrastructure is likely to boost market growth.
The global geriatric medicines market has been estimated on the basis of therapeutic category and conditions. Based on therapeutic category the market is divided into eight segments on the basis of therapeutic category: analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic & antidepressant and others. Among these segments, analgesics accounted for the largest market share in 2014 in terms of revenue and would continue to dominate the market during the forecast period. Owing to increase in the chronic diseases, favorable government initiatives toward geriatrics and increase in healthcare infrastructure is likely to boost market growth.
On the basis of condition the geriatric medicines market is segmented into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. Cardiovascular holds the largest market share in 2014 in terms of revenue due to better effectively and increased efficiency. The segment is also expected to register the fastest growth during the forecast period. Factors such as rising geriatrics, obesity leading to the rise in risk of heart attacks and strokes support the growth of this segment.
Geographically, geriatric medicines market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America held the largest share of 39.0% of the global geriatric medicine market in terms of revenue in 2014 followed by Europe. Factors like growing prevalence of cardiovascular disease cases and rapidly rising geriatric population are helping in augmenting the market. Asia Pacific was the third largest market for geriatric medicine, and is expected to register the fastest CAGR during the forecast period. Rising prevalence of increased geriatric population, increasing government initiatives, growth in health care infrastructure and expansion of market players in the region would contribute to the market growth.
Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Company Inc., Novartis AG, Pfizer, Inc., and Sanofi S.A are some of the major players operating in the global geriatric medicines market.
This report on the geriatrics medicines market studies the current and future prospects of the global market. Geriatrics is a branch of medicines concerned with clinical, remedial, preventive, and social aspects of illness usually among people over 65 years of age. In response to the needs and demands of an aging population, demand for geriatric medicines has grown rapidly in last few decades. The elderly patients across the globe face an array of ill health conditions which include co-morbid complexities such as falls, cerebral ageing, and syncope among others. According to the Eurostat the number of people aged 65 tears and above is likely to be 141 million by 2050 globally which is approximately 17%-30% increase in specific population group as compared to 2008 geriatric population. An article published by the Indian Express in June 2014 stated that people aged 60 years and above are likely to reach 323 million mark by 2050. In 2010 approximately 45-50% of the prescriptions were provided to people aged 60 and above and one in three patients took at least 5 drugs or more on a daily basis in United States. In last few decades, geriatric medicines have experienced substantial growth due to which it has now become a prominent part of the American medicines. National Institute on Aging aims to improve health and well-being of older Americans through research and identification of new clinical interventions. In general geriatric medicines market can be segmented in three prominent sub classes’ namely therapeutic category, condition, and geography.
This report provides in-depth analysis of the global geriatric medicines market. The stakeholders for this report include companies involved in the research and development, manufacturing and commercialization of geriatric medicines, suppliers, and new entrants planning to invest in this market. For providing a snapshot of this market to the stakeholders, executive summary section is included in this report, which summarizes the market size, trends, and competition for different geriatric medicines in the major five regions.
This research study analyzes the market for geriatric medicine market in terms of revenue (US$ Mn). For the research, 2014 has been considered as the base year, while all forecasts have been provided from 2015 to 2023. The global geriatric medicine market has been broadly segmented on the basis of condition (Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, Respiratory and Others), therapeutic category (Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic, antidepressant and others), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The market overview section of this report analyzes market dynamics such as drivers, restraints, and opportunities that influence the geriatric medicines market in the current and future scenario. Furthermore, the market attractiveness analysis and pipeline analysis has been included in market overview section in order to explain the intensity of competition in the market. Competitive scenario among the market players is analyzed through a heat map of major market players in the competitive landscape section of the report. All these factors will help the market players to decide about the business strategies and plans to be incurred in future for strengthening their position in the global market.
Major drivers that will positively uplift and boost the demand and growth for geriatric medicines market include increasing trend with respect to electric record among physicians which reduces the patient discomfort and helps practitioners having continuous patient monitoring. Apart from this innovations related to multiple chronic disease treatment, increasing collaboration of lay organization and NGOs with professional group will drive the geriatric medicines market in coming years. Some of the major restraints to this market include lack of patient participation in clinical trials leading to development of vaccines or drugs that are not completely studied and safe.
This report also includes recommendations section that will assist new companies in establishing their presence and market players in expanding their market share in the geriatric medicines market. The report concludes with the company profile section which includes company overview, financial overview, product portfolio, business strategies, and recent developments for market players. Some of the prominent players in geriatric medicines market include Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline Plc., Merck & Company Inc., Novartis AG, Pfizer, Inc., Sanofi S.A
The global geriatric medicines market is segmented as follows:
Global Geriatric Medicines Market, by Therapeutic Category
Global Geriatric Medicines Market, by Condition
Global Geriatric Medicines Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of LATAM
- Middle East and Africa
- South Africa
- Rest of MEA