Some of the prominent players operating in the global geriatric medicines market are Sanofi S.A., Pfizer, Inc., Novartis International AG, Merck & Company Inc., GlaxoSmithKline plc, Eli Lilly and Company, Bristol-Myers Squibb Company, C.H. Boehringer Sohn AG & Ko. KG, Abbott Laboratories, Inc., and AstraZeneca plc. Several players are capitalizing on emerging opportunities in a number of developing nations as the governments are making substantial investments in providing geriatric medicine and palliative care, observes Transparency Market Research (TMR).
The global market for geriatric medicines stood at US$ 504.7 bn in 2014 and is projected to expand at a CAGR of 7.3 % during 2015–2023. Rising at this pace, the opportunities in the market is anticipated to reach US$ 948.0 bn by the end of 2023.
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Asia Pacific to Provide Lucrative Growth Avenues in Coming Years
Regionally, the global geriatric medicines market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, the Asia Pacific market is expected to rise at the substantial CAGR over the forecast period. The growth of the regional market is expected to be fueled by the increasing prevalence of medical conditions and diseases affecting the aged people and substantial government initiatives in providing quality geriatric care through care units.
Based on the disease condition, the geriatric medicines market is segmented into arthritis, cardiovascular, neurological, osteoporosis, respiratory, and cancer. Among these, the cardiovascular segment held the major revenue share in 2014 and is projected to rise at the fastest CAGR over the forecast period. The dominance of the segment is attributed to the rising prominence of cardiovascular conditions affecting the elderly people needing geriatric care and the mounting concerns related to cardiac attacks.
Governments’ Push for Quality Geriatric Care Bodes Well for Market
The global geriatric medicines market is primarily driven the general rise in the elderly populations in various regions, particularly in developing and developed nations. The growing prevalence of adults aged over 65 years that are affected by a variety of chronic conditions and the rising incidence of diseases such as neurological disorders, cancer, rheumatoid arthritis, and cardiovascular disorder are the key factors boosting the geriatric medicines market. A large number of aged people reliant on polypharmacy are prone to the side-effects due to the interactions of the different medications. This has propelled the demand for geriatric care, thereby catalyzing the geriatric medicines market.
The increasing prevalence medication-related problems among older adults and the pressing need for palliative care are the seminal factors boosting the geriatric market. Furthermore, in recent years, the concerted efforts by governments in providing quality geriatric care in a number of emerging countries and the significant investments made by them in opening geriatric care units have accentuated the market. The rising prevalence of aged people suffering from different chronic conditions has fueled the demand for analgesics among the elderly population, thereby stimulating the uptake of geriatric medicines. The increasing prevalence of various cardiovascular conditions has triggered the incidence of heart attacks, thereby fueling the demand for geriatric medicines.
However, the lack of awareness about the availability of geriatric care among elderly patients in emerging nations is a crucial factor likely to impede the market to an extent. On the other hand, constant advances in healthcare infrastructure in several nations in developing and developed regions is expected to open up exciting opportunities for market players.