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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