Global Geriatric Medicine Market: Analyst’s Remarks
This past century since the end of the Second World War in 1945 is believed to be the most peaceful time in humanity, and populations have prospered. As a result, as we come close to the end of the century since the war – geriatrics have proliferated. According to latest 2017 estimations by the United Nations, there will be 1.4 billion people aged over 60 years in the World by 2030. Without proper care, an aging body invariably loses immunity and geriatrics are highly prone to neurological, cardiovascular, and respiratory diseases, among others. Geriatric medicines are a specialty branch of medical science that provides customized diagnostics and treatment options for the elderly, and the market for the same is flourishing. This business intelligence report has projected that the demand in the global geriatric medicine market will propagate at a formidable CAGR of 7.27% during the forecast period of 2017 to 2023. In terms of revenue, opportunities in the global geriatric medicine market is estimated to translate into US$ 948,005.3 mn by the end of 2023, swelling up substantially from the market’s evaluated worth of US$ 622,175.8 mn as of 2017.
Apart from apparent aging population, the global geriatric medicine market is gaining impetus from increased focus of various pioneering pharmaceutical companies to derive drug formulations specifically for the new pool of patients. A number of governments are taking initiatives to promote geriatric care and specialty clinics are mushrooming. All these, and quite a few more, drivers will ensure a healthy future for the geriatric medicine market. However, the lack of awareness in the rural parts of the world and side effects of geriatric medicines are a few restraints that need to be overcome before the market attains its true potential.
Analgesic and Antihypertensive Key Therapeutic Category Segments
On the basis of therapeutic category, the market for geriatric medicine has been segmented into anti-diabetic, antihypertensive, analgesic, proton pump inhibitor (PPI), statins, antidepressant, antipsychotic, and others. Among these, analgesic and antihypertensive have been identified as the two segments of geriatric medicine market that are showing greatest promise. While the analgesic therapies are evaluated to produce a demand worth of US$202,399.1 mn by 2023, the demand for the antihypertensive segment is projected to expand at an above-average CAGR of 8.0% during the aforementioned forecast period. Analgesics are a category of drugs that relieve pain selectively without blocking the conduction of nerve impulses, and it does not affect the consciousness of the subject. Increasing number of arthritis cases across the world is expected to drive the demand for analgesic geriatric medicines, which are considered to be the first-line of treatment for the joint disease.
On the other hand, antihypertensive are a class of drugs that are used to treat hypertension (high blood pressure). Antihypertensive therapy prevents complications of high blood pressure such as stroke and myocardial infarction. Restless lifestyle of the urban populations and increased life expectancy are some of the key drivers of the market for antihypertensive medicines for geriatrics, which will be nearing a valuation of 193,867.1 mn by 2023. During the study for this report, satins and PPI emerged as the next two lucrative therapeutic category segments of the geriatric medicine market, promising to generate a revenue of US$157,368.9 mn and 125,136.7 mn respectively by the end of 2023.
CVDs and Arthritis Profitable Medical Condition Segments
The report also bifurcates the geriatric medicine market based on medical condition, into neurological, respiratory, osteoporosis, cancer, arthritis, cardiovascular, and others. Cardiovascular and arthritis segments are the two segments that are constituting for the most prominent chunk of demand. The two medical conditions will generate more than two-third of the total demand in the global geriatric medicine market. This report provides calculated and estimated lucrativeness of each of these market segments in terms of US dollar million.
North America Producing Maximum Demand for Geriatric Medicines
Geographically, North America and Europe are the fattest regions in terms of revenue for the players in the global geriatric medicine market, although the analyst of the report has strongly highlighted the growing potential of Asia Pacific. By 2023, the North America geriatric medicine market is estimated to be worth US$360,242.0 mn, gaining traction from high prevalence of chronic diseases, favorable government initiatives for the elderly, and presence of several pioneering companies of this market. On the other hand, China and India account for 19 and 18 percent of the world’s population respectively, according to the United Nations. Healthcare infrastructure is improving in urban parts of these two emerging economies and government support is there to be availed too. The Asia Pacific geriatric medicine market is projected to be worth US$207,139.2 mn by the end of 2023.
Global Geriatric Medicine Market: Overview
This report on the global geriatric medicine market is a comprehensive assessment of how the demand has progressed in the recent past and where it is headed in the near future. Developed by experienced and professional research analyst, the report aspires to serve as a credible business tool for its targeted audiences such as pharmaceutical companies, drug research and development institutes, suppliers and distributors of pharmaceuticals, and government agencies.
This report provides in-depth analysis of the global geriatric medicines market. The stakeholders for this report include companies involved in the research and development, manufacturing and commercialization of geriatric medicines, suppliers, and new entrants planning to invest in this market. For providing a snapshot of this market to the stakeholders, executive summary section is included in this report, which summarizes the market size, trends, and competition for different geriatric medicines in the major five regions.
Global Geriatric Medicine Market: Key Research Aspects
This research study analyzes the market for geriatric medicine market in terms of revenue (US$ Mn). For the research, 2016 has been considered as the base year, while all forecasts have been provided from 2017 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.
Global Geriatric Medicine Market: Competitive Landscape
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.
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