Global Geriatric Medicine Market size was estimated to be US$ 677.5 million in 2019 and is growing at a CAGR of 6.7% during 2021 – 2028. Geriatric medicines, also called as geriatrics, is a branch of medicines related with preventive, healing, clinical and social parts of illness for the most part among individuals that are matured more than 65 years or more. Without appropriate consideration, a maturing body perpetually loses invulnerability and geriatrics are exceedingly inclined to neurological, cardiovascular, and respiratory sicknesses, among others. Geriatric drugs are a forte part of therapeutic science that gives modified diagnostics and treatment choices for the elderly, and the market for the equivalent is thriving.
Geriatric Medicine Market Dynamics
The primary factor attributing to the growth of the geriatric medicine market is a sudden rise in the elderly population across the globe, mainly in developed and emerging economies. In addition, the rising cases of chronic disorders such as cancers, diabetes, and arthritis among the geriatrics attributes for the growth of the market. The number of people over the age of 65 increases from 9 % in 2019 to more than 16 % of the total world’s population by 2050. Thus, the increase in volume of the patient results in a higher demand for the market growth over the forecast period.
North America dominates the global geriatric medicine market at present and the trend is expected to grow due to highly structured health care industry, growth of global market players, and high awareness of the latest therapeutic. Asia Pacific is expected to be a highly lucrative market for retinal disorders.
High Incidence of Chronic Disease and Increase Government Support for Elderly to Drive Market
Increasing geriatric population along with increase in cases of chronic diseases is expected to propel the demand for geriatric medicines. High cases of unintended pregnancies is likely to drive the market. Stroke claims one fatality every 40 seconds in the U.S. and about 795,000 people become victims of stroke (85% acute ischemic) every year and of which 610,000 of these are first or new strokes, and 185,000 are recurrent strokes.
Analgesic Segment to Dominate Market
The analgesic segment dominated the global geriatric medicine market in 2018. Increased need of painkillers for various chronic conditions, such as arthritis, is projected to boost the segment during the forecast period.
Geriatric medicines market is segmented on the basis of indication, drug class, route of administration end-users and distribution channel. On the basis of indication, the global geriatric medicines market is segmented into cardiovascular, arthritis, diabetes, neurological, cancer, osteoporosis, respiratory and others. Based on drug class, the global geriatric medicines market is segmented into analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic, and antidepressant and others. Moreover, route of administration segment is categorized into oral, parenteral and others. By end-users, it is segmented into hospitals, home care, specialty clinics and others. Furthermore, on the basis of distribution channel, the global geriatric medicines market has been bifurcated into hospital pharmacy, online pharmacy and retail pharmacy.
The prominent players covered in the global geriatric medicines market are Pfizer Inc, Otsuka Pharmaceutical Co., Ltd, AstraZeneca, Bristol-Myers Squibb Company, Allergan, Dr. Reddy's Laboratories Ltd, Pfizer Inc, Endo International plc, Teva Pharmaceutical Industries Ltd, Sun Pharmaceutical Industries Ltd, Mylan N.V., Novartis AG, Lupin, Cipla Inc, Aurobindo Pharma, Torrent Pharmaceuticals Ltd, Sanofi, Merck & Co., Inc, Apotex Inc, Mayne Pharma Group Limited and others.
Segmentation and Scope of Geriatric Medicine Market
The Geriatric Medicine Market is segmented as follows:
The global geriatric medicine market is fragmented in terms of number of players. Key players in the global market include: