A recent report by Transparency Market Research (TMR) reveals that the global geriatric medicines market holds bountiful opportunities for the established market players, with the number of geriatric population rising at a quick pace. AstraZeneca plc, Novartis AG, and Eli Lilly and Company are some of the leading players in the global market for geriatric medicines.
With a rising number of drug development projects and approvals, the competition between the leading players is expected to intensify over the forecast period, suggest analysts. For instance, in April 2017, a European Medicines Agency gave the green light to a French multinational pharmaceutical firm, SANOFI for its new drug to treat rheumatoid arthritis, one of the most common diseases that affects the elderly populace. Kevzara, the new drug, is being developed by the company in collaboration with Regeneron Pharmaceuticals so as to minimize the symptoms of the disease.
In 2014, the global market for geriatric medicines was pegged at US$504.7 bn. Advancing at a steady CAGR of 7.3% between 2015 and 2023, the global market for geriatric medicines is expected to reach US$ 948 bn by the end of 2023.
Cardiovascular Segment to Spearhead Market by Condition
By therapeutic category, the global market for geriatric medicines was led by analgesics in 2014 with regards to revenue generation. The segment is likely to continue its dominance over the forecast period as well, thanks to the increased incidence of chronic diseases and disorders. By condition, the cardiovascular segment emerged as the leading segment in the global market for geriatric medicines in 2014, owing to high prevalence of obesity and heart attacks among the elderly. Geographically, North America led the global market, accounting for a share of 39% in 2014, driven by the growing incidence of cardiovascular diseases.
Rising Prevalence of Chronic Diseases Drives Growth
The global market for geriatric medicines is slated for considerable growth due to the presence of growing number of government initiatives aimed at promoting the welfare of the aging population across the world. The rapidly growing percentage of geriatric population across the world has been another key growth driver of the global market for geriatric medicines. The findings of the World Health Organization reveal that the percentage of persons above the age of 65 is growing at the fastest rate on a global basis. Because age is a major risk factor increasing the chances of contracting a chronic disease, the alarming growth in chronic disorders has been central to the expansion of the global market for geriatric medicines.
The increasing expenditure in the domain of healthcare has also been promoting the expansion of the global market for geriatric medicines. As the aging people worldwide have been suffering with conditions such as arthritis, cancer, cardiovascular diseases, respiratory disorders, neurological diseases, and osteoporosis, the global market for geriatric medicines is expected to receive a significant boost over the oncoming years.
On the flip side, inadequate number of specialized care centers might surface as a major bottleneck to the growth of the market. However, the market can recover from this restraint due to the vast potential of emerging markets. The developing economies including China, India, Indonesia, Nigeria, Brazil, and Malaysia bear substantial promises for market players, who are targeting the unmet needs of these regions to amplify their profits.
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; Condition - Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, and Respiratory) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Segments of the 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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