Geriatric Medicine Market Outlook 2031:
The global geriatric medicine market size was valued at USD 1.12 Billion in 2022 and is projected to reach USD 2.06 Billion by 2031, expanding at a CAGR of 7% during the forecast period 2023 - 2031, attributed to a sharp increase in the geriatric population primarily in the countries with emerging and developed economies. The further growth of the market is attributed to decreasing immunity levels in the geriatric population.
Geriatric medicine is the branch of medicine that specially deals with and focuses on the healthcare of the elderly population who are above the age of 65 years. The main aim of geriatric medicine is to promote health among the elderly population by preventing as well as treating diseases and disabilities.
Geriatric medicines are very different from adult medicines as geriatric medicines focus on the needs of the elderly population that are unique in themselves. The elderly population base needs specific attention when it comes to their medications as this group of the population are expected to be suffering from numerous medical disorders and diseases.
In 2012, the United Nations published some estimation according to which the global geriatric population was evaluated to be around 809.4 million and estimated to reach about 1.13 billion by 2022 and around 2 billion by 2050.
The data by United Nations on World Population Prospects for the year 2019 also suggested that the geriatric population in 2019 was 9% which were further expected to reach 16% by 2050. The number of people above the age of 80 years is expected to become thrice times the present population that is from 146 million to 426 million by 2050.
Geriatric Medicine Market Trends, Drivers, Restraints, and Opportunities
- Wide prevalence of chronic conditions that include neurological disorders, hypertension, coronary heart diseases, stroke, diabetes, and others is anticipated to fuel the market growth.
- Limited availability of products to be used by the geriatric population and increasing affordability of products are expected to propel the market growth during the forecast period.
- Growing availability of advanced healthcare systems is estimated to drive the market expansion in the coming years.
- Absence of awareness and proper care of the geriatric patients along with the high cost for the treatment & medicines are key challenges that can restrain the market growth.
- Increasing initiatives by various governments in order to enhance awareness and compensation policies that are well developed are projected to create lucrative opportunities for the market growth.
Scope of Geriatric Medicine Market Report
The report on the global geriatric medicines market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Geriatric Medicines Market – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Therapeutic Categories (Antidepressant, Anticoagulant, Analgesics, Antipsychotic, Antidiabetics, Antihypertensives, Proton Pump Inhibitors, and Statins) and Therapeutic Conditions (Cancer, Cardiovascular, Neurological, Osteoporosis, Arthritis, and Respiratory)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Sanofi S.A.; Boehringer Ingelheim GmbH; Bristol-Myers Squibb Co.; Eli Lilly and Co; Pfizer, Inc.; Abbott Laboratories Inc.; AstraZeneca PLC.; Novartis AG; Merck & Company Inc.; and GlaxoSmithKline PLC.
Geriatric Medicine Market Segment Insights
Analgesics segment is anticipated to dominate the market
On the basis of therapeutic categories, the global geriatric medicines market is divided into antidepressant, anticoagulant, analgesics, antipsychotic, antidiabetics, antihypertensives, proton pump inhibitors, and statins. The analgesics segment held a large share of the market in 2019 and is anticipated to dominate the market during the forecast period attributed to an increase in over-the-counter sales and pain management prescription sales.
Frequent occurrence of pain syndromes is one of the symptoms that is associated with the geriatric population. On the other hand, the antidiabetic segment is estimated to grow at a significant rate during the projected period owing to an increase in the burden of diabetes disease among the geriatric population due to risk factors related to lifestyle.
Cancer segment is expected to expand at a fast pace
Based on therapeutic conditions, the market is segmented into cancer, cardiovascular, neurological, osteoporosis, arthritis, and respiratory. The cardiovascular segment is projected to account for a large revenue share of the market during the forecast period owing to an increase in the number of several cardiac diseases that include stroke, hypertension, and others.
However, the cancer segment is expected to expand at a fast pace in the coming years attributed to an increase in the number of genetic mutations and a decline in immunity levels of patients.
Asia Pacific market is estimated to register a high CAGR
In terms of regions, the global geriatric medicine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major revenue share of the market in 2019 and is anticipated to account for a considerable market share during the projected period owing to the existence of a high geriatric population base in the region.
The growth of the market is further accelerated due to the availability of reimbursement policies that are well developed and the presence of advanced healthcare facilities. On the other hand, the market of Asia Pacific is estimated to register a high CAGR during the forecast period attributed to the launch of various generic & patent drugs, an increase in the improvement of the healthcare facilities, and rising healthcare expenditures both for the private & public sectors in the region.
The global geriatric medicines market has been segmented on the basis of
- Proton Pump Inhibitors
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Sanofi S.A.
- Boehringer Ingelheim GmbH
- Bristol-Myers Squibb Co.
- Eli Lilly and Co.
- Pfizer, Inc.
- Abbott Laboratories Inc.
- AstraZeneca PLC.
- Novartis AG
- Merck & Company Inc.
- GlaxoSmithKline PLC.
Key players competing in the global geriatric medicine market are Sanofi S.A.; Boehringer Ingelheim GmbH; Bristol-Myers Squibb Co.; Eli Lilly and Co; Pfizer, Inc.; Abbott Laboratories Inc., AstraZeneca PLC.; Novartis AG; Merck & Company Inc.; and GlaxoSmithKline PLC.
Many of these players have adopted business strategies such as the launch of new products, the advancement of technologies, partnerships, mergers, and production capacity expansion in order to increase their geographical expansion, consumer base, and market position globally.