Ottawa, May 10, 2022 (GLOBE NEWSWIRE) -- The global geriatric medicines market was estimated at US$ 835.53 billion in 2021. Manufacturers producing geriatric drugs are also eligible for tax breaks from the government. Incentives and subsidies are the types of benefits available. This aspect is boosting the global market for geriatric drugs. Market participants in the global geriatric medications market are also employing innovative techniques to gain a foothold in the industry. Non-profit groups and market players are working to provide pharmaceuticals and prescriptions to geriatric patients in need. This feature is helping to drive the global geriatric medications market forward.
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Aside from that, prominent market players are pursuing joint ventures, partnerships, product launches, business expansion, mergers, and acquisitions. All of these tactics assist market players in reaching the greatest number of consumers possible.
Regional Snapshot
North America is the largest segment for geriatric medicines market in terms of region. The market for geriatric medicines is expanding as the prevalence of chronic diseases such as cancer and diabetes rises. This trend is likely to continue in the future years, resulting in a higher demand for geriatric-specific treatments, which will drive the North American geriatric medicines market.
Asia-Pacific region is the fastest growing region in the geriatric medicines market.The Asia-Pacific geriatric medicines market is dominated by countries such as India, Japan, and China. The growth of the geriatric medicines market in the area is being fueled by factors such as the introduction of generic medicines, increased disposable income, and the expansion of the healthcare industry.
Scope of the Report
| Report Coverage | Details |
| Market Size in 2021 | USD 835.53 Billion |
| Revenue Forecast by 2028 | USD 1264.62 Billion |
| North America CAGR from 2022 to 2030 | 5.6% from 2022 to 2030 |
| Asia Pacific CAGR | 6.5% from 2022 to 2030 |
Report Highlights
- On the basis of therapeutics, analgesics segment holds the largest market share in the global geriatric medicines market. The rise in the incidence of pain related diseases among the elderly is driving up demand for analgesics. In comparison to the younger population, geriatrics’ bones are quite fragile. The expanding sales of medications over the counter channels as well as sales of prescription drugs are major drivers supporting the expansion of the analgesics segment.
- On the basis of condition, cardiovascular segment holds the largest market share in the global geriatric medicines market. The elderly and those over the age of 65 are more likely to suffer from cardiovascular diseases. Age is a single cause of cardiovascular disease in the senior population while other factors such as diabetes and obesity increase the risk. These factors have been found to have a cardiac risk factor associated with ageing.
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Market Dynamics
Drivers
Growing geriatric population
People over the age of 65 are the extremely fast demographic segment all around the globe, as per the World Health Organization (WHO). Between 2000 and 2050, the share of the global population aged 60 and up is predicted to double rising from roughly 11% to 22%. As a result, growing geriatric population is driving the growth of global geriatric medicines market over the forecast period.
Restraints
Side effects of medicines
Some kind of medicines can have adverse effect on the health of geriatrics. The old people are quite sensitive to medicines and need proper prescription of drugs and medications. Sometimes overdose of drugs and medications can also lead to the death of geriatric. Therefore, healthcare professionals must prescribe medicines in proper amount to the elderly population. Thus, side effects of medicines are restricting the expansion of global geriatric medicines market.
Opportunities
Rising incidences of chronic disorders
The geriatric population suffers from various kind of disorders. The high incidence of cancer and diabetes is seen among old people. In addition, stroke is also major issue faced by geriatrics. In the U.S., one person dies from a stroke every 40 seconds and approximately 795,000 people suffer a stroke each year, with 610,000 of these being first or fresh strokes and 185,000 being recurrent strokes. As a result, rising incidences of chronic disorders are creating growth prospects for geriatric medicines market during the projected period.
Challenges
Late approvals on geriatric medicines
The geriatric medicines go in various stages of trials. The use of medicines is not allowed till it is not approved by the government organizations. The written approval is mandatory for the geriatric medicines. Such approval is done by Food and Drug Administration (FDA). Thus, late approvals on geriatric medicines are a biggest challenge for the development of global geriatric medicines market.
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Recent Developments
- Humalog Junior KwikPen was approved by the U.S. FDA in June 2017. Insulin injections can be made more convenient with the Humalog Junior KwikPen which comes prefilled.
- Dupixent was approved by the FDA in October 2018 and additional maintenance medication for patients aged 12 and above who have an eosinophilic phenotype or who are on oral corticosteroids.
Market Segmentation
By Therapeutics
- Analgesic
- Antihypertensive
- Statins
- Antidiabetic
- PPI
- Anticoagulant
- Antipsychotic
- Others
By Condition
- Cardiovascular
- Arthritis
- Neurological
- Cancer
- Osteoporosis
- Respiratory
- Others
By Distribution Channels
- Hospital Pharmacies
- Online Pharmacies
- Retail Pharmacies
By Route of Administration
- Oral
- Parenteral
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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