Geriatric Medicines Market to Hit USD 1.5 Billion by 2031 | Fact.MR Report

Rockville , Aug. 03, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global geriatric medicines market is expected to exceed US $1.5 Billion by the end of 2031.

Globally, there has been a significant increase in the number of elderly people. The World Health Organization (WHO) comes to the conclusion that the fastest-growing demographic is those over 65. According to predictions, there will be 2 billion older people worldwide by 2050, or 22% of the population.

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The prevalence of chronic diseases like cancer, diabetes, neurological disorders, and respiratory issues has therefore increased. Thus, it is projected that the future prospects for geriatric medicines would be expanded as the global elderly population grows.

More than 46 million older persons live in the U.S., according to Rural Health Information Hub. Additionally, the North American geriatric pharmaceuticals market is predicted to benefit from the growth in lifestyle illnesses including obesity, well-established healthcare infrastructure, surge in senior population, and presence of important industry competitors.

Key Driving Forces Accelerating the Market Growth

• The North American region has been experiencing a significant increase in the aging population, leading to a higher prevalence of age-related health conditions. As the baby boomer generation reaches older ages, the demand for geriatric medicines is expected to rise. Moreover, with aging, the risk of developing chronic diseases such as cardiovascular disorders, diabetes, cancer, and neurodegenerative conditions increases. Geriatric medicines play a vital role in managing and treating these chronic health conditions. Moreover, the US market is expected to witness a CAGR of 5.7% during the forecast period.
• Advancements in medical technology have led to improved diagnostic tools and treatment options for elderly patients. These innovations contribute to better healthcare outcomes and an increased need for geriatric medicines.
• Besides this, the developed healthcare infrastructure in various geographies including North America allows for better access to healthcare services, including pharmaceutical products. This infrastructure supports the growth of the geriatric medicines market by facilitating distribution and patient care.
• Government policies and initiatives that focus on elderly healthcare, subsidized healthcare programs, and enhanced insurance coverage can increase the affordability and accessibility of geriatric medicines, thereby boosting market growth.

Key Companies Profiled in This Report

• AstraZeneca
• Merck & Co, Inc.
• Pfizer, Inc.
• Novartis AG
• Bristol-Myers Squibb Company
• Sanofi S.A.
• GlaxoSmithKline Plc.
• Eli Lilly and Company
• Abbott Laboratories
• Boehringer Ingelheim GmbH

Vital indicators shaping future of the industry.

• The demographic trend of an aging population is a crucial indicator shaping the market. As the number of elderly individuals increases, there will be a growing demand for geriatric medicines to address their specific healthcare needs.
• The prevalence of chronic diseases, such as cardiovascular disorders, diabetes, arthritis, dementia, and respiratory conditions, among the elderly population is a significant indicator driving the demand for geriatric medicines.
• The level of healthcare expenditure and investment in North America directly impacts the accessibility and affordability of geriatric medicines. Higher healthcare spending typically correlates with a more extensive and better-performing geriatric medicines market.
• Advancements in medical technology, pharmaceutical research, and drug delivery systems can influence the development of innovative geriatric medicines and treatments. Moreover, regulatory policies and guidelines governing pharmaceuticals and healthcare can impact the development, approval, and marketing of geriatric medicines.

Challenges Hindering The Market Growth

• Geriatric medicines can often be expensive, and affordability becomes a significant concern, particularly for elderly patients on fixed incomes or with limited healthcare insurance coverage.
• Many elderly patients have multiple chronic conditions, leading to polypharmacy, where they take multiple medications simultaneously. This can complicate medication management, increase the risk of drug interactions, and reduce medication adherence.
• The aging population may be more susceptible to adverse drug reactions due to changes in metabolism and organ function. Addressing drug safety concerns is critical to ensure the well-being of geriatric patients.
  

How competition influences the market

• Intense competition among pharmaceutical companies drives them to invest in research and development to create innovative and effective geriatric medicines. Companies strive to develop new formulations, drug delivery systems, and treatments that offer better therapeutic outcomes for elderly patients.
  • For instance, In August 2021, Pfizer declared that it will acquire Trillion Therapeutics. This acquisition is expected to improvise the treatments for cancer. Pfizer mentioned that the deal is likely to be worth US $2.26 BN.
  • Moreover, Merk & Co. Inc released preliminary findings from the clinical trials of its Molnupiravir COVID-19 drug in October 2021, revealing that all participants treated with the drug experienced a complete recovery.
    

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Key Segments Covered in This Report

• Therapeutic Category
  
  
  • Analgesic
    
    
  • Anti-Hypertensive
  • Statin
  • Anti-Diabetic
  • Proton Pump Inhibitor
  • Anticoagulant
  • Anti-Psychotic
  • Anti-Depressant

• Condition
  
  
  • Cardiovascular Ailments
    
    
  • Arthritis
  • Diabetes
  • Neurological Disorders
  • Cancer
  • Osteoporosis
  • Respiratory Disorders
  • Geriatric Medicines for Other Conditions

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