Geriatric medicines or geriatrics is a medical specialty that focuses on addressing the various health needs of elderly populations, usually consisting of patients aged 65 years and above—preventing, and treating illnesses with an aim to promote their well-being. The discipline also encompasses boosting functional independence despite the presence of chronic diseases. Geriatrics is a fast emerging discipline and the associated strategies are complex, with patients posing considerable challenge to their health management. As a result, the demand for geriatric care is giving rise to several exciting, new paradigms in medical science, constantly causing the market to evolve.
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This is in part driven by a worldwide phenomenon rapidly of aging populations, especially in emerging and established nations, and the rising prevalence of chronic conditions. Plus, the decreased levels of immunity in older adults is a subtle factor for morbidity, making them more vulnerable to infectious agents. Furthermore, the sustained need for emotional care and attention by caregivers, including families, point to the multifaceted dimensions of geriatric medicine.
The growth of the geriatric medicines market is supported by the rising number of drug therapies and a number of clinical and dietary interventions. Incessant research and development activities pertaining to the relative safety and efficacy of therapies and dietary interventions prescribed to older adults will favor the market’s growth. Witnessing exciting prospects in elderly care, the geriatric medicines is projected to reach a worth of US$ 948.0 billion by the end of 2023, clocking a CAGR of 7.3 % in between 2015 and 2023, according to estimates by Transparency Market Research.
Which disease conditions is likely to attract intensive attention in geriatric medicines?
The key diseases under the ambit of geriatric medicine comprise cardiovascular, neurological, cancer, arthritis, osteoporosis, and respiratory. Cardiovascular diseases and conditions have emerged as the most popular of them needing management by care givers and clinicians. The segment accounts for the substantial revenue share in 2017 and is projected to rise at a major CAGR over the assessment period. The presence of several key co-morbid conditions such as obesity and diabetes in elderly populations further increases the burden. The demand for therapeutic interventions to prolong the functional life years in older adults is fueling the growth of the segment.
In several emerging nations, governments are increasingly focused on devising and promoting strategies in geriatric care. Furthermore, an excessive reliance on polypharmacy by older patients causing drug-induced diseases is a notable factor bringing new opportunities in the market. There is an increased focus in developed nations to reduce the economic burden of populations facing orthopedic treatments such as hip fractures. This calls for a robust networking platform and integrated expertise. To this end, the American Geriatrics Society, in collaboration with the John A. Hartford Foundation, private U.S.-based philanthropy on February, 2018 launched a new site, a virtual platform that will give access hospitals to scores of resources and tools, self-directed training modules, and several mentoring opportunities for implementing the AGS CoCare: Ortho model. The program has been helpful in lowering and managing the risk and mortality in patients with hip fractures.
Which regions will give birth to robust lucrative avenues for players to tap into?
Broadly, the various regional markets for geriatric medicines are North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Of these, North America is a potentially attractive market for geriatric medicines and collected the major revenue in 2014. The need for reducing the vast economic burden of several chronic diseases, notably cardiac conditions, affecting older populations makes the North America lucrative. Europe is another prominent market. A burgeoning geriatric population in developed regions is a prominent factor contributing to the demand for geriatric medicines.
Meanwhile, Asia Pacific is set to rise at a dominant pace through the forecast period. The market is likely to witness several promising prospects in the region. This is attributed to substantially rising government initiatives in addressing the multifaceted needs of palliative care and significant strides taken by healthcare infrastructure in key economies of the region.