The Global Geriatric Medicines Market Size is anticipated to reach over USD 1,157.34 billion by 2026 according to a new research published by Polaris Market Research.
Geriatric medicines, also called geriatrics is a division of
medicines associated with preventive, clinical, remedial, and social aspects of
disease generally amongst people that are aged over 65 years or more. In response
to the needs of an aging population, demand for geriatric medicines and
appropriate cure has developed rapidly during last decades. The proper medical
care for the geriatric patients across the range of ill health conditions
includes co-morbid complications such as syncope, cerebral aging, and falls
among others.
The global geriatric medicines market is majorly driven by the
factor including a rise in geriatric populations. According to the Eurostat,
the number of people aged 65 years and above is expected reach 141 million by
2050 globally. In addition, the high market growth is expected on account of
the increasing occurrence of numerous target disorders in the geriatric
population, the demographic modification, the rising trend in lifestyle-associated
risk aspects, and the considerably developed access to economic medicine across
the developing and emerging regions.
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Continuous R&D activities commenced by key players and
pharmaceutical companies to provide to the patient demand is expected to gain
the significant outcomes during the forecast period. Increasing occurrence of
chronic ailments, refining healthcare organization in emerging economies,
increasing acceptance of medical tourism, government initiatives as well as
support to provide timely care, and increasing number of specialty clinics are
some of the other factors driving of the geriatric medicines market. However,
difficulties associated with drug compatibility, lack of patient involvement in
clinical trials, and side effects associated with the medications are the
factors hampering the market growth.
The global Geriatric Medicines Market is segmented on the basis of
therapeutic category, therapeutic condition, and geography. On the basis of
therapeutic category, the global geriatric medicines market is segmented into
Analgesics, Antihypertensive, Statins, Antidiabetics, Proton Pump Inhibitor,
Anticoagulant, Antipsychotic, and Antidepressant. Pain as an indication is
associated with old age and the middle age population unveils the high
occurrence rate of pain related syndromes. Based on current trends and the
demand for proper therapy, the market is anticipated to witness high growth for
therapeutic conditions during the forecast period. On the basis of therapeutic
conditions, the global geriatric medicines market is segmented into
Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, and Respiratory.
In 2017, the cardiovascular disease is estimated to be the dominating segment
primarily due to the high proliferation of several cardiac disorders such as
coronary artery disease, stroke, and hypertension.
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North America is estimated to dominate the global Geriatric
Medicines Market. The existence of developed healthcare facilities, favorable
reimbursement policies, and the easy availability of important as well as
life-saving medicine has significantly enhanced the average life expectancy
rates in North America. Moreover, the number of people that are over 65 to 70
years suffering several target ailments is increasing continually which is
further anticipated to boost the geriatric medicines market during the forecast
period.
Some major key players in global Geriatric Medicines Market
include GlaxoSmithKline Plc, BoehringerIngelheim GmbH, Novartis AG,
Bristol-Myers Squibb Company, Pfizer, Inc., Eli Lilly and Company, Abbott
Laboratories Inc., AstraZeneca plc, Merck & Company Inc., and Sanofi S.A.
among others.
