Published: Apr, 2017
A recent study by Transparency Market Research (TMR) finds that the global geriatric medicine market is highly fruitful and equally competitive with plenty of fodder for a large number of prominent participants. With aging World population and prevalence of several age-related diseases, several players with financial might are making their presence felt in respective regions as well as globally. The report rates Bristol-Myers Squibb Company, AstraZeneca plc., GlaxoSmithKline Plc., Abbott Laboratories, Inc., Merck & Company Inc., Boehringer Ingelheim GmbH, Eli Lilly and Company, Pfizer, Inc., Sanofi S.A, and Novartis AG as some of the key companies in the global geriatric medicines market.
According to the projections provided by the TMR report, the global geriatric medicine market will reach a valuation of US$948.0 bn by the end of 2023, increasing at a healthy CAGR of 7.3% during the forecast period of 2015 to 2023, significantly up from its estimated US$504.7 bn worth in 2014. The dynamics of the market has a welcoming, although competitive platform for the leading players to venture into the high growth areas and serve to a large amount of unmet needs across different regions.
Asia Pacific Offers Vast Untapped Opportunities
Based on therapeutic category, the report segments the global geriatric medicines market into Antihypertensive, Antidiabetic, Analgesic, Anticoagulant, Antipsychotic, Statins, and PPI. Out of these, analgesic segment had the maximum demand and is expected to remain most fruitful throughout the forecast period. The report observes that nearly 60% to 75% of people aged over 65 years frequently suffer from musculoskeletal pain, osteoarthritic back pain, chronic joint pain, and peripheral neuropathic pain, and thereby escalating the demand for geriatric medicine. The prominence of this segment is also a result of favorable government initiatives for elderly people, rising number of chronic diseases, and increasing disposable income among the urban population.
Based on condition, the report bifurcates the market into cardiovascular, neurological, osteoporosis, arthritis, cancer, respiratory, and others, and rates cardiovascular geriatric medicines the most profitable segment. As per the National Heart, Lung, and Blood Institute, cardiovascular operations have increased by 28% from 2000 to 2012, and the number continues to mount.
Geographically, the report studies the opportunities available for the players in geriatric medicines market in the regions of North America including the U.S., Europe, Asia Pacific including China and Japan, Latin America including Brazil, and the Middle East and Africa. Among these, North America currently serves most of the demand for geriatric medicines, accounting for 39% of the demand in 2014. Escalating geriatric population and prevalence of cardiovascular disease are aiding the prosperity of geriatric medicines market in this region. Asia Pacific, on other hand, is another lucrative region that players can venture into, owing to the presence of vast population and improving healthcare infrastructure.
Escalating Number of Target Consumers Augur Well for Future
As the per the estimations by the National Institute of Aging (NIA), the population of people aged over 65 years will be 1.5 billion 2050, a number that will represent 16% of the world’s population. This escalating number of targeted consumers is the primary driver in the global geriatric medicines market. In addition to that, technological advancements have paved way for more accurate diagnostic methods and more efficient medicines, which is another factor favoring the market for geriatric medicines. Improving healthcare infrastructure in several emerging economies and increasing disposable income among the urban population is also expected to favor the growth rate of the market.
The information presented in this review is based on a Transparency Market Research report, titled, “Geriatric Medicines Market: (Therapeutic Category: Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic and antidepressant and Others; Conditions: Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, Respiratory and Others, Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023”
Key Segments of the Global Geriatric Medicines Market
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
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