The World Health Organization (WHO) predicts that the global geriatric population (65 and above) constitute the maximum share of world population. By 2050, the number of elderly people shall reach 2 billion, a 22% increase since the beginning of the 21st century. Naturally, there is an uptick in the prevalence of chronic ailments among people. This has also stimulated the growth of the geriatric healthcare industry.
Based on the abovementioned trends, the global geriatric medicines market is anticipated to expand positively at a CAGR of 6.0% during the forecast period (2020-2026). Increased government support for elderly healthcare and technological advancements in medical assistance are other important drivers behind the growth of the geriatric medicines market.
Key Takeaways of Global Geriatric Medicines Market Study:
By therapeutics, analgesic drugs are projected to dominate the global geriatric medicines market, growing at a CAGR of 6.0% and capturing greater than two-fifth market share. Usage of painkillers such as Ibuprofen and Diclofenac to address chronic conditions such as arthritis are anticipated to drive the segment’s growth.
The antihypertensive segment is anticipated to catch up, registering a CAGR of 6.5%. Increased prevalence of hypertension owing to changing lifestyles is a key growth determinant for this segment.
By condition, the cardiovascular segment shall retain market hegemony over the forecast period. Projections indicate a market share exceeding two-fifths of the global geriatric medicines market. Increasing incidences of cardiac arrests and strokes among the geriatric population is anticipated to boost market prospects.
By distribution channel, hospitals are anticipated to account for the maximum market share, capturing more than half of the global geriatric medicines market. Expanding base of hospitals and surge in the number of hospital visits for treatment of various chronic diseases are poised to steer growth.
North America shall retain market leadership throughout the forecast period. The region is anticipated to expand at a CAGR of 5.9%, capturing nearly 2/5th of the global geriatric medicines market. Rising cases of diseases such as obesity, presence of key market players, emerging clinical studies and research projects are anticipated to boost the region’s growth.
Asia-Pacific shows lucrative growth prospects. Rising prevalence of diseases due to a large population base and investment in health infrastructure shall also drive the region’s growth. Asia-Pacific is poised to expand at a CAGR of 6.7%, capturing 1/5th of the global geriatric medicines market.
Global Geriatric Medicines Market Segmentation
Fact.MR has studied the global geriatric medicines market with detailed segmentation on the basis of therapeutic category, condition, distribution channel and region.
AnalgesicAnti-hypertensiveStatinsAnti-diabeticProton Pump InhibitorAnti-coagulantAnti-psychotic and Anti-depressant
Product Development for Pipeline Drugs and Collaborations to be Key Growth Catalysts
The global geriatric medicines market comprises of the following prominent market players: AstraZeneca, Merck & Co, Inc., Pfizer, Inc., Novartis AG, Bristol-Myers Squibb Company, Sanofi S.A., GlaxoSmithKline Plc., Eli Lilly and Company, Abbott Laboratories and Boehringer Ingelheim GmbH. Most of these companies concentrate on establishing a strong market presence through launch of new products, acquisitions & agreements and partnerships with local businesses.
Another important player, Merck & Co., announced in 2017 the launch of RENFLEXIS, a biosimilar of the Remicade medicine, to treat conditions such as Crohn’s Disease, Ulcerative Colitis and Rheumatoid Arthritis. Its existing product portfolio includes drugs such as Invanz for primary care and women’s health, Primaxin for Hospitals & Specialty Clinics and Cancidas for Oncology ailments.
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