Global Older Adults Health Supplements Market: Overview

Every human being requires essential nutrients in a set quantity for optimum functioning of the body. This is known as the Recommended Dietary Allowance (RDA) of that nutrient. Older adults frequently require dietary supplements because of poor digestion. This prevents assimilation of healthy materials from food and hence targeted therapy in the form of supplements needs to be given. Poor digestion might result because of age related changes or from a variety of chronic conditions that often affect the geriatric population. 

Healthcare is increasingly under pressure to meet demands for improving quality of life, as per Transparency Market Research. People are not satisfied in accepting the ill effects of old age and hence health supplements are given in increasing doses to people. As global age increases and brings with it a variety of chronic illnesses, the market for older adults health supplements is anticipated to grow from 2020 to 2030. 

Global Older Adults Health Supplements Market: Competitive Landscape

A number of pharmaceutical manufacturers are involved in the production of health supplements for older people. This makes the market scenario fragmented. Some of the key players profiled include:

- Bayer AG

- Pharma Nord Inc.,

- Epax Norway AS

- Validus Pharmaceuticals

- Lexicare Pharma Private Limited

- Biocare Copenhagen A/S

- Bright Food (Group) Co., Ltd

- Otsuka Pharmaceutical Co.,Ltd.

- Healthy Life Pharma Private Limited

- SNU Biocare

- Saipro Biotech Private Limited.

- V.R.Industries Pvt. Ltd

- Nutra Healthcare

Many of these manufacturers are already established players in the pharmaceutical industry. Increasing production for the older adults health supplements market demands acquisition of smaller production facilities and investing in innovations in this market. 

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Global Older Adults Health Supplements Market: Key Trends and Drivers

  • The world population is getting older. Especially in developed countries like the United States, the number of people aged 60 years and above will double till 2060. Increasing age brings with it a variety of chronic illnesses and the World Health Organization estimates that 57% of the world population would be affected by one or more chronic illnesses in the future. Both age and disease affect the absorption of nutrients from food. The market for older adults health supplements should benefit from this in the coming years. 
  • Global arable land is shrinking. This can be attributed to a rising population which is expected to reach 11 billion by the year 2100. Even as half of all habitable land is used for agricultural purposes, a large section of the global population still subsists on less than two meals a day. Administrative issues currently seem more glaring as a cause for this inequality but more emphasis is being given to the sheer increase in mouths to feed. As more pressure is placed on this short span of land, organic and chemical fertilizers are employed at increasing rates to provide unnatural supplementation. The current value of land in terms of agricultural output is less than half that in 1961. This automatically affects the quality of nutrition available from such land. Thus, demand for nutrient supplementation is now more than ever. 

Global Older Adults Health Supplements Market: Regional Analysis

North America and Europe are currently global leaders in the older adults health supplements market. This can be attributed to a robust healthcare infrastructure that supports innovations and solutions to common problems faced by individuals. The rapid acceptance of healthcare solutions by people also gives impetus to this market. 

The Asia Pacific region (APAC) is expected to register the fastest growth in this market owing to the presence of a growing healthcare budget and a demand by people for better care for themselves. Falling in line with western medicine, this region is expected to give a steady boost to the supplements market for elderly in the coming years. 

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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
  • Europe
  • 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.

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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.

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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?

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