Global Geriatric Medicines Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Geriatric Medicines Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global geriatric medicines market report has been segmented on the basis of therapeutic category, condition, distribution channel, and region.
Global Geriatric Medicines Market: Overview
Geriatric medicine the branch of medicine that is deals with all the aspects of health and illness in older adults and accounts for largest share medical specialty. Drug dosage in the elderly people requires an important understanding of the age-dependent changes. A geriatrician is a medical expert who understand and treats medical conditions. The common geriatric disorders are CVS, respiratory, CNS, musculoskeletal, GIT, etc.
Global Geriatric Medicines Market: Dynamics
Growing number of elderly population are major factor driving growth of the global Geriatric Medicines market. According to World Health Organization (WHO) between 2000 and 2050, the proportion of the world's population over 60 years will double from about 11% to 22%. In addition, increasing incidence of chronic diseases and increasing demand for effective therapy is another factor fueling growth of the global market.
Furthermore, rapidly developing medical infrastructure, government initiatives, rising health care per person expenditure are also factors expected to drive revenue growth of the global market. The government across the globe are formulating ad implementing various National Programme for the Health Care for the Elderly populace, in order to offer accessible, affordable, high-quality long-term, comprehensive, and dedicated care services to an ageing population.
However, complication associated with age of the population is one of the factor expected to hamper growth of the global market.
Global Geriatric Medicines Market: Segment Analysis
On the basis of therapeutic category, antihypertensive segment is expected to dominates the global market in terms of revenue and anticipated maintain its position in the near future. This can be primarily attributed to rising incidences of hypertension among elderly populace. On the basis of condition, cardiovascular segment is expected to register highest CAGR over the forecast period. On the basis of distribution channel, online pharmacies are expected to register high revenue growth on the next ten years, owing to increasing usage of smart phones especially in developing economies.
Global Geriatric Medicines Market: Trends
Government are funding various R&D activities in order to conduct clinical trials for development of effective treatment procedure. In addition, Government are coming up with different reimbursement policies which are beneficial for ageing population for managing the cost of treatment. These are some of the trends witnessed in the market.
Global Geriatric Medicines Market: Regional Analysis
Currently, market in North America accounts for major share in terms of revenue and is expected to lucrative growth over the forecast period. Growing number of people above 65 age coupled with rising incidences of age related disorder and diseases are the factors expected to drive the growth of the target market in countries in the region. According to U.S. Census Bureau’s 2017 National Population Projections, by 2035 the geriatric people above 65-year population is expected to reach to 78.0 million. Asia Pacific market in anticipated to witness fastest growth in terms of revenue over the forecast period. In terms of revenue growth, market such as Latin America, Europe, and Middle East and Africa are expected to register average growth over the forecast period in the global market.
Global Geriatric Medicines Market Segmentation:
Segmentation by therapeutic category:
- Proton Pump Inhibitor
- Antipsychotic and Antidepressant
- Others (include, anticholinergics, gastrointestinal, etc.)
Segmentation by condition:
- Others (include, Parkinson's disease, palliative care, etc.)
Segmentation by distribution channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- Pfizer, Inc.
- Merck & Co., Inc.
- AstraZeneca plc
- Bristol-Myers Squibb Company
- Novartis AG
- Sanofi S.A
- GlaxoSmithKline plc
- Eli Lilly and Company
- Abbott Laboratories
- Boehringer Ingelheim GmbH
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