The geriatric medicine market is likely to reach $1080 mn in evaluation by 2026. The market is expected to grow at a robust CAGR of 6.1% during 2017-2026 to reach $1080 mn in evaluation. The large elderly population across the world in Europe, North America, and even in countries like China is expected to drive significant growth for the market in the near future. Moreover, rising programs to cater to the elderly are expected to drive significant opportunities for players in the geriatric medicines market.
Moreover, rise in several chronic illnesses like cancer and sensitive nature of physical conditions among the elderly are expected to result in considerable growth of government aid programs like Medicaid. Recent debates on healthcare in the US also promise to significant expand programs like Medicaid to cover every patient. Currently, there are over 100 million population in the US, which cannot benefit from all forms of healthcare due to lack of private insurance. However, new programs will likely drive new opportunities for growth for players in the geriatric medicines market.
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Analgesics, OTC, and Generics to Drive Major Growth Opportunities
Conventionally, over the counter medicines, and analgesiscs have contributed significantly to the growth of the geriatric medicines market. Additionally, the rising demand for OTC medicines for pain relief, significant growth for the generics in recent years are expected to remain major opportunities in the market. The opioid crisis in the US is a major example of rising demand for pain management solutions, despite several excesses in the current scenario. Additionally, the expansion of geriatric medicines market in new emerging countries like India, China, thanks to the expanding coverage for a large variety of population are expected to drive significant opportunities for players in the geriatric medicines market in the near future. growing alternatives to current medicines, and growing varieties of generics making way for affordable treatment are also expected to create significant opportunities for new players in the geriatric medicine market.
New Innovations Are likely to Create Significant Opportunities
Due to high medical risks associated with the elderly, and significant allocation of resources towards their medical care, various medical research has also remained focussed on meeting their core needs. Among these, diseases like Alzheimer’s, various forms of cancers, and diabetes have gained significant attention. This has resulted in significant discoveries like therapeutic treatments for chronic illnesses like cancers. Moreover, various technological resources like IoT technology and 3D printing will likely drive more opportunities for the care of the elderly in the near future. The rising demand for 24/7 access to docors, and increased important of digitalization in program reimbursement like MediCaid will also benefit growth of the geriatric medicines market in the near future.
For the study, the collagen market has been segmented as follows:
- Drug Delivery Systems
- Collagen Shields
- Collagen Sponges
- Sustained Drug Delivery Products
- Transdermal patches
- Tissue Engineering
- Skin Replacement
- Bone Substitutes
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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